SEC Issues New FAQ on Reporting Disciplinary History on Form CRS

Steven Lofchie Commentary by Steven Lofchie

The SEC staff updated its FAQ for Form CRS to make explicit that a firm must answer "yes" or "no" to the question of whether the firm or its employees has a legal or disciplinary history. SEC Chair Jay Clayton, along with Dalia Blass, Director of Investment Management, and Brett Redfearn, Director of Trading Markets, issued a joint statement touting the value of Form CRS to investors and, more specifically, the value of the disclosure of a firm's disciplinary history.

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