The US House of Representatives earlier this month approved the Realtime Investor Protection Act, meaning that the legislation can now go before the Senate.
The Act, for which the National Association of Securities Dealers has been pushing for several years, would allow NASD to publish data online regarding the disciplinary history of brokers.
Under current rules, investors seeking information on a particular broker must ask for it to be e-mailed to them.
Speaking to Investment News, vice president of NASD's government relations department, Marcia Asquity explained that under the Realtime Investor Protection Act, sponsored by Rep. John Shadegg (R-Arizona), NASD would be able to provide tailored and concise information on its members to investors, could clarify unfamiliar legal terms, and could provide a context for the information.
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