SEC Processing of Complaints
On Apr. 19, SEC released bulletin on its handling of investor complaints.
- Office of Investor Education and Advocacy (OIEA) bulletin on complaint processes.
- On how it handles investor complaints, ways to resolve securities-related disputes.
- Types of Complaints
- Individual complaints made against brokers, brokerage firms, investment advisers,
transfer agents, mutual funds, and other market participants, are received by SEC.
- They could relate to any problem on investments, accounts, financial professionals.
- Typical subjects include order-handling, trade execution, confirmations, dividends.
- Also on fees, commissions, inaccurate or misleading disclosure, margin, suitability.
- Investor must fill in a complaint form, and may send any additional documentation.
- Handling Process
- If the investor consents to OIEA’s sending the complaint to firm, OIEA will forward.
- Then requests firm to send a written report to investor and OIEA, on issues raised.
- SEC is not the investor’s attorney or personal representative, may refer complaints
to the other Offices or Divisions within SEC, including the Division of Enforcement.
- The Division of Enforcement will conduct its investigations, on a confidential basis.
- OIEA will not update the investor on status of a complaint, or confirm its existence.
- Use of Complaint Information
- May forward complaint to other parts of SEC, or outside the SEC where appropriate.
- Use the date in files, including complaints available for other government agencies.
||B/D; Corp; Depo; Exch; IA; Inv Co
||Inv Bul, 4/19/2017
||Client Money; Complaints; Compliance; Exams; Financial; Legal; Operations; Reporting
||United States of America
||Custody; Corporate; Fund Mgt; Securities
Last substantive update on 04/20/2017