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SEC May Create One-Stop Database for Investors

Joe Mont | April 9, 2015

The Securities and Exchange Commission may soon consider the creation of a new public database that compiles the scattered array of information on financial market professionals and securities laws violations. The idea was laid out in a proposal released by its Investor Advisory Committee on Thursday. The database (a suggested name is “InvestorCheck”) could be passed along to commissioners for a vote this summer.

Numerous databases maintained by a variety of organizations each contain potentially relevant information for investors seeking out bad actors and shady pasts. “Investors of all ages, but particularly elders, would benefit from a comprehensive, easy-to-use database containing basic background information on firms and individuals selling financial products,” the proposal says.

The recommendation calls upon the SEC to:

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