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On June 14, 2018, FINRA announced details of a multi-phased
effort to overhaul its registration and disclosure programs, including the
Central Registration Depository (CRD). FINRA operates the CRD for the U.S.
securities industry and its regulators and it provides the backbone of
These changes are being made in response to feedback FINRA
received through various channels during its ongoing organizational improvement
initiative. FINRA is working closely with member firms throughout the
multi-year project and will continue to solicit their input and feedback to
ensure the enhanced systems are meeting the industry’s needs.
The first phase of the transformation will include a new
WebCRD interface that highlights important information or activities requiring
immediate attention of firms, branches and individuals.
Longer-term, FINRA plans to revamp the process for
completing required submissions, including by allowing efficient, paperless
information updates without requiring full form submissions, expanding the
ability for firms to delegate work and collaborate with registered staff,
introducing e-signature functionality, and developing capabilities for bulk
transactions, including filings that impact many individuals and firms. In
addition, FINRA also plans to include as part of the system transformation
customized reporting options for users.
The transformation aims to increase the utility and
efficiency of the registration and disclosure process for firms, investors and
regulators, as well as to reduce compliance costs for firms. According to FINRA
President and CEO Robert W. Cook, “[t]he transformation will allow FINRA to
develop systems that help firms effectively maintain compliance programs and
reduce compliance costs, while continuing to operate and enhance BrokerCheck as
an essential tool for investors.”