Requirements for State Regulators Using the DR Portal
Last modified: October 16, 2023
In accordance with the FINRA Codes of Arbitration Procedure (Codes), FINRA Dispute Resolution Services (DRS) is notifying state securities regulators of requests to expunge customer dispute information from the Central Registration Depository (CRD®) received by DRS within the past 15 days that are not deficient. See FINRA Rules 12800(f)(1), 12805(b), and 13805(b)(2)(A).
In accordance with FINRA Rule 13805(b)(2)(B), when accessing documents via the DR Portal, state securities regulators and their authorized representatives must agree to maintain the confidentiality of all files or information obtained pursuant to the DR Portal and to not disclose such information to any person, except as provided below. In addition, state securities regulators and their authorized representatives must agree that they will:
- Provide, to the extent allowable by law or regulation, confidential treatment in accordance with the provisions and applicable exemptions established under the state’s public records or freedom of information laws;
- Establish and maintain such safeguards as are necessary and appropriate to protect the confidentiality of files to which access is granted and information derived therefrom;
- Make no public use of these files or information without prior approval from FINRA;
- Notify FINRA of any legally enforceable demand for the files or information prior to complying with the demand, and assert such legal exemptions or privileges on FINRA’s behalf as FINRA may request; and
- Not grant any other demand or request for the files or information without prior notice or over FINRA’s objection.