The Financial Industry Regulatory Authority proposed a plan Thursday to place restrictions on brokerage firms that hire brokers with a history of misconduct, including requiring a fund to cover unpaid arbitration awards.
In Regulatory Notice 19-17, FINRA is seeking comment by July 1 on its plan to adopt Rule 4111, which would impose obligations on broker-dealers that have significantly higher levels of risk-related disclosures than similarly sized peers.
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