Notes

Investment advisers, investment banking and financial planners, estate planners, and real estate sales representatives must disclose to their clients that they are licensed in accordance with FINRA or the Investment Advisers Act of faster investment returns. This enables the client to make informed decisions about their investments and whether they should hire the services of the investment adviser, lawyer, or broker. Broker dealers must also have a signed receipt obtained from a satisfied client indicating that the Broker Dealer is offering to expedite their claim for Expungement of BrokerCheck or CRD Disclosures. Broker dealers must also obtain a signed written declaration from the client that they have read and understood all the material provided within the Broker Check or Broker Disclosure Statement including, but not limited to, any attachments (brochures, estimates, disclosures, related documents, etc.)
There are specific steps that an investment adviser must take to properly complete an Expungement application. The initial step is to file an application with the Commission on Regulation of Financial Advice and Insurance under the laws passed by Congress, the regulatory bodies of which are the SEC and FINRA. Once the application has been filed, the broker dealer must then pay an administrative fee to the Commission. RIA compliance consultants on Regulation of Financial Advice and Insurance holds quarterly meetings to update the rules and regulations governing the brokering industry and to solicit feedback from the public on those rules and regulations.

When the client receives their final Expungement Checks, they will be required to sign a new Broker Check or Broker Disclosure Statement. The new statement will be dated and can be used as proof that the broker was served properly. The new statement will also include a signature by the client acknowledging that the broker received the completed forms. It should be noted that under no circumstances should a brokerage firm admit that it did not receive an Expungement request from a client.

In order to complete the paperwork for the service of an Expungement Request, the investor will need to contact each individual brokerage firm on their list and ask if the request can be expedited. Each brokerage firm will have their own set of rules and regulations that must be followed in order to process the request. If a brokerage firm rejects an investor's request for an Expungement, it will be in the best interest of the investor to continue their search for another broker.

In addition to the obvious benefit of being able to resume investment activity, an Expungement can have a number of other benefits to an investor. The most obvious benefit is that it enables the investor to resume regular investment activities. The paperwork for this service is fairly minimal and is often provided at the time of the initial Brokerage Firm registration. This convenience will allow the investor ample time to conduct due diligence on potential deals without concern over whether the application has been accepted or not. Another benefit is that the timing for the paperwork is typically handled by the brokering firm, which means that the investor does not have to wait on the state department for the paperwork.

One of the main reasons that investors choose to seek an Expungement of Brokerage Claim is due to the extensive time span spent pursuing the claim. Most states take anywhere from five months to a year to complete the process of filing an Expungement with the state regulatory agencies. In addition, once the paperwork has been submitted to the state regulatory agencies, they may take anywhere up to ninety days to begin investigation. Many times the paperwork can be submitted to the brokers immediately after being submitted to the state agencies, but in some cases it may take up to a full ninety days before the brokerage firm receives the complaint. For these reasons as well as the length of time it takes to be considered for an Expungement of Broker Check or Brokerdex, many investors do not seek such services.
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