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Guidelines for the BrokerCheck Dispute Process

The BrokerCheck dispute process, as defined in FINRA Rule 8312(e), allows eligible individuals and FINRA firms to dispute or update the accuracy of information that is disclosed in their own BrokerCheck reports.

On this page you will find information on eligibility, the BrokerCheck Dispute Form and instructions on how to submit a dispute.

Who Can Submit a Dispute?

Any current or former FINRA firm and its current or former registered persons for whom a BrokerCheck report is available (an eligible party) may submit a dispute. An authorized individual may submit a dispute on behalf of a current FINRA firm.

With respect to former FINRA firms, only individuals who formerly served as one of the following can submit a dispute:

  • Chief Executive Officer (CEO),
  • Chief Financial Officer (CFO),
  • Chief Operating Officer (COO),
  • Chief Legal Officer (CLO),
  • Chief Compliance Officer (CCO), or
  • a person with similar status or function, as identified on Schedule A of Form BD at the time the former FINRA firm’s registration with FINRA ceased.

What Disputes are Eligible for Investigation?

To be eligible for investigation, the dispute must pertain to factual information and not subjective or interpretive information. In addition, certain disputes, even if they involve factual information, will be deemed ineligible for investigation. These include, but are not limited to, disputes that:

  • involve information previously disputed under this process that does not contain any new or additional evidence;
  • are submitted by an ineligible party;
  • do not challenge the accuracy of information contained in a BrokerCheck report, but only provide an explanation;
  • constitute a collateral attack on, or otherwise challenge, the allegations underlying a previously reported matter such as a regulatory action, customer complaint, arbitration, civil litigation or termination;
  • consist of a general statement contesting information in a BrokerCheck report with no accompanying supporting evidence; and
  • involve disputes regarding information contained in the Central Registration Depository (CRD®) that is not disclosed through BrokerCheck.

How Do You Submit a Dispute?

Please email your dispute using the contact information below. Be sure to include the following:

An electronic signature is not available for this form; however, the form is “fillable,” so you may type the necessary information directly into the displayed fields. We recommend the following steps to complete and submit the form:

  1. Save the form to your device/computer before entering information on the form since you need to print, sign and date it.
  2. Complete the form.
  3. Print, sign and date the hardcopy form.
  4. After completing, scan and attach as a PDF along with other documentation to your email.

Please email your dispute form and documentation to: [email protected].

What Happens Next?

FINRA will review the dispute and determine whether it is eligible for investigation. If FINRA determines that a dispute is not eligible for investigation, it will notify the individual or entity in writing of the decision and the reason(s) underlying the decision.

During the Investigation

If FINRA determines that a dispute is eligible for investigation, FINRA will add a notation to the eligible party’s BrokerCheck report stating that the matter is under dispute. If the documentation is sufficient to change the information, FINRA will make the appropriate change.

If the documentation is not sufficient, FINRA, in certain cases, will contact the entity that reported the disputed information (the reporting entity) to CRD and request verification that the information is accurate in content and presentation. FINRA will defer to the reporting entity about whether the disputed information is accurate. If the reporting entity acknowledges that the information is not accurate, FINRA will change the information, as appropriate, based on the information provided by the reporting entity. If the reporting entity confirms that the information being disputed is accurate in content and presentation, or the reporting entity no longer exists or is otherwise unable to verify the accuracy of the information, FINRA will not change the information.

After the Investigation

Once the investigation is concluded, FINRA will notify the eligible party in writing that the investigation resulted in a determination that:

  1. the information has been updated, modified or deleted;
  2. the information is accurate in content and no changes have been made; or
  3. the accuracy of the information could not be verified and no changes have been made.

In addition, FINRA will remove the dispute notation from the eligible party’s BrokerCheck report.

Questions?

Contact the Gateway Call Center at (301) 590-6500.