SIFMA Comments to FINRA on Requiring Hyperlinks to BrokerCheck on the Internet
SIFMA provided comments to FINRA on a proposed change toFINRA Rule 2267 (Investor Education and Protection) that would require FINRA member firms to "include a prominent description of and link to FINRA BrokerCheck, as prescribed by FINRA," on firm "websites, social media pages and any comparable Internet presence". The proposed amendment would require the same descriptions and links to be included on websites, social media pages and any comparable Internet presence "relating to a member's investment banking or securities business maintained by or on behalf of any person associated with a member." SIFMA believes the proposal should not be approved by the SEC. The objections raised by SIMFA include that:
- the member firms do not control all of the websites from which they would be required to assure the presence of links;
- implementation of the rule would be expensive; and
- the FINRA rule proposal does not contain protections against automated data mining.
Click hereto view letter in full (links externally to SIFMA website).