FINRA Rule 8312 Explained: BrokerCheck Disclosure
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Looking to understand what information FINRA makes publicly available through BrokerCheck? This rule governs sharing information about firms and registered representatives with the public, providing investors with access to key background, disciplinary, and registration details.
In this guide, you’ll learn what FINRA releases through BrokerCheck, how the dispute process works, what information stays private, and why these disclosures matter for transparency across the industry.
Whether you’re new to compliance or looking to strengthen your supervisory program, this breakdown will help you navigate Rule 8312.
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What Is FINRA Rule 8312?
FINRA Rule 8312 governs the information FINRA makes publicly available through BrokerCheck, its central disclosure database for broker-dealers and registered representatives.
BrokerCheck is designed to help investors evaluate financial professionals by providing access to key background, registration, and disciplinary information. The rule specifies what information must be disclosed, what information is excluded from public view, and the process firms and individuals can use to dispute or correct information they believe is inaccurate.
Rule 8312 applies to:
Current and former FINRA member firms
Current and former associated persons
Certain individuals with historical registrations
Firms and individuals registered with exchanges that use the CRD (Central Registration Depository) system
Below are the key components of Rule 8312.
Information FINRA Must Release
FINRA Rule 8312 explains what information FINRA makes available to the public through BrokerCheck. The goal is simple. Give investors clear, helpful background information so they can make more informed decisions about the firms and professionals they work with.
BrokerCheck includes details that firms and individuals report during the registration process. This covers employment history, current registrations, and disclosure events such as customer disputes, regulatory actions, and certain financial matters. Together, these details help investors understand someone’s professional experience and any past issues that may influence their level of confidence.
The tool also highlights key firm-level designations. Investors can see whether a firm is subject to the Taping Rule, which requires heightened supervision, or whether it has been identified as a Restricted Firm under FINRA’s risk monitoring programs.
For registered individuals, BrokerCheck shows the qualification exams they have passed and the dates those exams were completed. Exam scores and failed attempts are, however, not displayed. Firms and individuals also have the option to add comments to their profiles if they want to provide additional context around the information shown.
Historic customer complaints may appear as well, as long as they meet FINRA’s disclosure criteria. These are typically older or lower-dollar complaints that no longer appear on active registration forms but still offer a helpful background for investors.
Information Released for Former Associated Persons Inactive for the Past Ten Years
FINRA Rule 8312 also covers individuals who have been out of the industry for more than 10 years. Normally, BrokerCheck does not display information for these former associated persons. However, certain serious events remain visible to the public even after that 10-year window.
BrokerCheck will release information if the individual:
Was ever the subject of a final regulatory action
Was registered on or after August 16, 1999, and has specific types of significant disclosures on record
These disclosures include criminal convictions, civil injunctions connected to investment activity, certain regulator-driven civil actions that ended in settlement, and arbitration awards or civil judgments involving sales practice violations.
When a former associated person meets these criteria, BrokerCheck provides a focused set of information. This includes the relevant disclosure, the person’s employment and registration history, the qualification exams they passed, and any comments the person has added to their record.
Information FINRA Cannot Release
While Rule 8312 promotes transparency, it also protects personal privacy by limiting public disclosures to appropriate information. FINRA is prohibited from releasing specific categories of data through BrokerCheck.
This includes sensitive personal information such as Social Security numbers, physical descriptions, and private residential addresses. FINRA also withholds information that is protected under federal privacy laws or intended solely for regulatory use.
Certain Form U5 details are excluded as well. Internal review disclosures and the reason for termination do not appear in BrokerCheck. In addition, if a regulatory investigation or proceeding was withdrawn or later vacated, that information is removed from public view. Those exclusions help keep BrokerCheck focused on current, relevant disclosures while avoiding unnecessary or outdated information.
FINRA may further suppress information that contains customer confidential data, offensive or defamatory language, or details that present heightened identity theft or personal safety concerns. In addition, information later found to be reported in error or no longer considered relevant for registration purposes is not displayed.
These limitations help keep BrokerCheck focused on investor protection without compromising personal privacy or exposing information that does not belong in the public domain.
Dispute Process for Inaccurate Information
Rule 8312 gives firms and individuals a formal process to challenge information they believe is incorrect on their BrokerCheck report. This process is important because it allows parties to correct factual inaccuracies while preserving the integrity of information that regulators or the CRD system has already validated.
The process starts when an eligible party submits a written request identifying the specific item they believe is inaccurate, along with any supporting documentation. Eligible parties include current firms, certain former firms acting through senior officers, and current or former associated persons whose information appears on BrokerCheck.
After FINRA receives the request, it reviews whether the inquiry qualifies for investigation. If it does, BrokerCheck adds a temporary note indicating that the information is under review. This notice remains visible until the issue is resolved. Some requests do not qualify, including those that challenge the underlying findings of a regulatory action or lack new supporting evidence.
For eligible disputes, FINRA evaluates the documentation and may reach out to the firm or regulator that initially reported the information. If the reporting party confirms that the disclosure is accurate, no changes are made. If FINRA finds the information to be incorrect or misleading, it will update or remove it as appropriate.
FINRA then notifies the requesting party of the outcome. All decisions are final.
This process supports the accuracy of BrokerCheck while keeping meaningful and reliable disclosures available to investors.
Additional BrokerCheck Features
Rule 8312 also addresses several additional disclosure features that help BrokerCheck present a complete and consistent view of a person’s regulatory background.
If an individual has been licensed as an investment adviser representative, BrokerCheck may display information that already appears in the Investment Adviser Public Disclosure system. This gives investors a single place to view both broker and adviser records when someone has held dual registrations.
FINRA may also provide compilations of firm information to commercial users upon request. These compilations contain only data drawn from publicly available sections of Form BD or Form BDW, and they can be used for purposes such as research, due diligence services, or industry analysis.
The rule also includes supplementary guidance for specific situations. For example, information about individuals who left the industry before 1999 may be limited because fewer data fields were required in earlier versions of the registration forms. Other guidance outlines which types of disputes are not eligible for investigation and how BrokerCheck handles firms or individuals who were registered only with a CRD Exchange.
Together, these additional features help BrokerCheck function as a comprehensive and reliable disclosure resource while maintaining consistency with other regulatory systems.
Insight from the Experts
"BrokerCheck is often viewed as a basic disclosure tool, but Rule 8312 shows how much careful judgment goes into deciding what the public sees. The balance between transparency and privacy is intentional. Firms that understand this balance can better manage their public profiles and respond quickly when inaccuracies appear."
What Is the Purpose of Rule 8312?
FINRA Rule 8312 defines how investor background information is made public and maintained. Its purpose is to give investors access to reliable, standardized information about brokerage firms and registered representatives through BrokerCheck.
The rule serves several key objectives.
Support Informed Decision-Making: BrokerCheck helps investors evaluate the qualifications and history of the professionals they work with. By outlining exactly what must be disclosed, the rule gives the public consistent access to information that may affect their trust and confidence.
Promote Transparency in the Securities Industry: Rule 8312 creates a clear and predictable framework for public disclosure. Investors can see whether a representative has regulatory actions, customer disputes, or other events in their past, which helps maintain confidence in the marketplace.
Maintain Accuracy and Fairness: The rule allows firms and individuals to dispute inaccuracies and request corrections. This protects the integrity of the information displayed and gives industry participants a structured way to address errors.
Protect Sensitive Information: Rule 8312 also sets boundaries by limiting the release of private or irrelevant data. This helps prevent identity theft, protects personal safety, and limits public disclosure to information that matters to investors.
Align with Regulatory Goals: BrokerCheck supports FINRA’s broader mission to protect investors and maintain market integrity. By standardizing disclosure across firms and representatives, Rule 8312 reinforces consistent expectations and helps regulators identify emerging concerns.
Altogether, these objectives make Rule 8312 a central part of FINRA’s transparency and investor protection framework.
Example 1
Example 1: Correcting an Inaccurate Disclosure
A registered representative noticed that an old customer complaint on her BrokerCheck profile incorrectly stated the settlement amount. Although the matter had been resolved years earlier, the number reported in the CRD system did not match the final agreement. She submitted a written dispute with supporting documentation that included the formal settlement records. FINRA reviewed the information and contacted the reporting firm to verify the details. After confirming the error, FINRA updated her BrokerCheck profile. This helped investors see an accurate record and highlighted the value of the dispute process under Rule 8312.
Example 2
Example 2: Limited Disclosure for a Former Representative
A former associated person who left the industry more than a decade ago appeared on BrokerCheck after a prospective employer looked up his name. Because he had been the subject of a past regulatory action, Rule 8312 required that this event remain visible. BrokerCheck displayed the regulatory action, along with his employment and registration history, even though he had been inactive for many years. This allowed users to understand the significance of the past event while limiting the disclosure to information that remained relevant under the rule.
Note: The practical examples are fictional and created solely to enhance understanding of FINRA Rule 1210. They are not based on actual events or individuals and should not be interpreted as real-life scenarios.
FINRA Rule 8312 Violations and Cases
Although FINRA rarely brings enforcement actions citing Rule 8312 alone, many cases involve inaccurate or incomplete CRD filings that directly affect what is displayed on BrokerCheck. BrokerCheck relies entirely on the accuracy of CRD filings. When firms fail to report customer complaints, regulatory actions, or Form U4/U5 updates, the result is misleading public records.
The cases below show how lapses in reporting and supervision can directly affect what appears on BrokerCheck and why FINRA views these failures as serious compliance gaps.
01
Failure to Timely Update Forms U4 and U5 Affects BrokerCheck Data
FINRA fined a broker-dealer $250,000 and issued a censure after finding that the firm failed to timely amend Forms U4 and U5 for multiple associated persons. The missed disclosures included customer complaints, arbitration filings and outcomes, criminal charges, bankruptcies, internal reviews, and regulatory actions. In some cases, the firm waited more than 1,100 days to update the forms after learning of the reportable events.
FINRA determined that the firm did not maintain or enforce supervisory procedures capable of identifying and escalating disclosable events. Without clear escalation paths or follow-through on filing obligations, required updates were repeatedly delayed or overlooked.
As a result, investors reviewing BrokerCheck profiles for the firm and its representatives were presented with outdated or incomplete information about customer disputes and regulatory issues. FINRA required the firm to improve its supervisory controls for regulatory filings and disclosures.
02
Inconsistent Form CRS Disclosures Despite Existing BrokerCheck History
FINRA fined a broker-dealer $35,000 and issued a censure after finding that the firm filed a Form CRS that falsely stated it had no legal or disciplinary history. At the time of filing, both the firm and several of its registered representatives had existing regulatory disclosures in Form BD and CRD records. These disclosures were already visible to the public through BrokerCheck.
FINRA determined that the firm willfully violated the Securities Exchange Act and FINRA Rule 2010 by submitting an inaccurate and misleading Form CRS. The filing also omitted required disclosures, including conflicts of interest and conversation prompts meant to help retail investors evaluate their relationship with the firm.
As part of the resolution, the firm was required to revise its disclosure process and file an amended Form CRS that accurately reflected its regulatory history and risk factors.
Insight from the Experts
"Firms often see BrokerCheck as a public disclosure obligation, but it also reflects the strength of a firm’s internal reporting culture. When CRD filings are accurate and timely, BrokerCheck naturally presents a clear and complete record. When filings fall behind, gaps become visible to regulators. Treating every U4 and U5 update as a time-sensitive responsibility helps protect both the firm’s reputation and the industry’s overall credibility."
Frequently Asked Questions About FINRA's BrokerCheck Disclosure Rule
Understanding how FINRA Rule 8312 is applied in real-world situations can provide valuable insights into compliance and regulatory expectations. Below are examples of violations and cases that illustrate the consequences of non-compliance and the importance of adhering to the rule's requirements.
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