April 14, 2009
I am writing to support the proposed changes to U-4 and U-5 reporting. As an attorney who frequently represents investors in arbitration, it often is frustrating to my clients and me to learn that customer actions against a broker have not been reported on the CRD simply because the broker was not named as a party in the action. There are many reasons why a broker may not be an arbitration party, but that does not mean the customer has not made a complaint against the broker. This is a welcome and long-overdue improvement to CRD reporting. Thank you for your consideration.