SIFMA Submits Comments to FINRA Regarding Revised Proposal to Require a Hyperlink to BrokerCheck

SIFMA submitted comments to FINRA in response to a proposed rule change to amend FINRA Rule 2210 to require a hyperlink to BrokerCheck in online retail communications that are produced by a FINRA member firm.

SIFMA stated that the proposed rule's imposition of mandatory content and linking requirements on third-party sites not controlled by member firms continues to raise necessity and feasibility concerns. Specifically, SIFMA voiced concerns with issues that included:

• space constraints and BrokerCheck link placement within third-party social media sites, since member firms do not control the content, appearance or features of third-party social media internet platforms;
• certain types of advertising; and
• directory listings.

SIFMA also made a number of suggestions, including that the proposal should expressly permit "buffer screens" to indicate to viewers that they are being transferred to a website not maintained, controlled or endorsed by the member firm.

See: SIFMA Comment Letter. Related news: FINRA Issues Notice Regarding Revised Proposal to Require a Hyperlink to BrokerCheck in Online Retail Communications with the Public (Regulatory Notice 14-19) (April 30, 2014).