September 8, 2009
I am an attorney who has represented parties in SRO arbitrations for over a decade. I wholeheartedly support the rule change. However, as FINRA and the SEC hold themselves out as protecting investors, I can see no logic to the 2 year limitation for brokers in the industry.
It cannot be understated that in most instances, brokers are entrusted with the life long of their customers. As brokers, and through them, their firms are entrusted with the life savings and dreams of consumers and retirees, there is no logic in limiting the information available to them in deciding as to who to trust with their financial well being.
While I support the rule change, the time limit on current brokers should be eliminated.
Steve Buchwalter
http://securitieslaw-attorney.com