Reuters sheds light on shrouded FINRA regulator meeting

A Reuters August 10 story raising the curtain for FINRA’s annual meeting drew attention to the Wall Street watchdog’s penchant for secrecy and to efforts by one dissident, Amerivet Securities, to compel more openness. The typically routine gathering became news as FINRA, which demands transparency and disclosure from its brokers, keeps its own affairs close to the vest. Reuters story “PREVIEW-FINRA faces calls to lift veil on finances, pay” was repeated widely by rival news organizations, including Fox Business News, industry players like TD Ameritrade and Advanced Trading, the London Stock Exchange’s news site and even the Ethiopian Review. At the annual meeting on Aug 13, an overwhelming number of brokers approved seven proposals from Amerivet calling on FINRA to provide more disclosure about its own finances, its investing activities and possible internal conflicts.