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Wall Street Watchdog seeks broker recruiting bonus disclosure

(Reuters) Wall Street self imposed watchdog is pushing ahead with a possible rule that would bring more transparency to the incentives offered to brokers who make a move to uk canada goose a new firm.

The Wall Street sign is seen near the New York Stock Exchange, November Canada Goose sale 19, 2012. Securities and Exchange Commission.

The bonus canada goose black friday sale disclosure rule would require securities brokerages to provide details to clients uk canada goose outlet about compensation offered to brokers who make a move.

The rule proposal, which FINRA plans to publish for the public to review and comment, would require disclosure of any compensation of $50,000 or more offered cheap canada goose uk to brokers canada goose clearance sale who are brought Canada Goose Coats On Sale over, according to a note published to FINRA site on Friday following the Board meeting.

should have as much information as they can get about any person they doing business with, said San Diego based securities attorney Erwin Shustak, who said the next step in moving https://www.canadagooseoutletcanada.ca canada goose uk black friday forward with the proposal is educating the investing public about the disclosures.

is great, but canada goose uk shop if it comes without education, it a bit like spitting in a lake, Shustak said.

The disclosure requirement would last for one year following the move, and would not apply Canada Goose online to bonuses less than $50,000, buy canada goose jacket cheap the note said.

Recruiters and industry lawyers say upfront portions for signing packages have risen canada goose coats to as much as canadian goose jacket 160 percent to around 195 percent of a broker annual trailing revenue canada goose canada goose outlet production at top firms.

That would mean a broker generating $1 million in annual revenue Canada Goose Jackets could receive nearly Canada Goose Parka $2 million on day one.

Still, some recruiters say the possible rule implementation could be seen as a positive for top brokers.

worst thing a broker can do is be embarrassed, said New York based financial canada goose clearance services recruiter Rich Schwarzkopf.

a plus to say, you with a great broker, Schwarzkopf said. should embrace it and convey that they that valuable to people who want them.

FINRA separately said it plans to send to the SEC a rule canada goose uk outlet proposal that would allow brokers who believe their public records have been Canada Goose Outlet unfairly tarnished by investor complaints to expunge their records of certain complaints.

The rule proposal would be key for brokers canada goose factory sale who are identified for sales practices claims in arbitrations, but not named as parties. A FINRA rule requires disclosing those arbitrations on brokers public records. Some brokers have complained that the rule unfairly tarnishes their records, especially in cases when their firms are to blame for developing canada goose store faulty products. FINRA said the proposal Canada Goose Online would provide such brokers a cheap Canada Goose remedy to seek redress concerning allegations buy canada goose jacket that could impact their livelihoods, yet canada goose coats on sale ensures integrity of the (broker) records.

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