U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

Checking Out a Brokerage Firm, Individual Broker, Investment Adviser Firm, or Individual Investment Adviser

Information concerning brokerage firms and individual brokers is available to the public through FINRA’s BrokerCheck program at www.finrabrokercheck.org and toll-free at (800) 289-9999. Information about certain investment adviser firms is available through the SEC’s Investment Adviser Public Disclosure (IAPD) Program. You may also obtain information about brokerage firms, individual brokers, and investment adviser firms, as well as information on individual investment advisers, through your state securities regulator. You can find out how to get in touch with your state securities regulator through the North American Securities Administrators Association, Inc.'s Web site.

FINRA’s BrokerCheck Program

Information on brokerage firms. FINRA’s BrokerCheck Program provides the following information on brokerage firms: the firm’s address, legal status, types of businesses, and direct and indirect owners and officers; felony charges and convictions, and investment-related misdemeanor charges and convictions, for the past 10 years; disciplinary actions and proceedings initiated by regulators; investment-related civil court actions and proceedings for the past 10 years; bankruptcy proceedings; unsatisfied judgments or liens; summary information on arbitration awards; and (for former FINRA firms-registered firms) the date that the firm ceased doing business, and, as appropriate, certain information regarding funds owed to customers or other firms.

Information on individual brokers. BrokerCheck provides the following information on individual brokers: current employer; employment history for the past 10 years; other businesses outside of employment with the brokerage firm; approved licenses and registrations and qualification exams passed; criminal felony charges and convictions; investment-related misdemeanor charges and convictions; disciplinary actions and investigations by regulators; investment-related civil court actions and proceedings; consumer-initiated complaints, arbitration proceedings and civil law suits; unsatisfied judgments and liens, and bankruptcy proceedings; and employment terminations following alleged misconduct or failure to supervise subordinates.

The SEC’s IAPD Program

The IAPD Program provides information about both SEC- and state-registered investment adviser firms. The SEC typically regulates investment advisers that have in excess of $25 million in assets under management. Investment advisers that do not meet this threshold generally are regulated by the states. Through the IAPD, you can (1) search for an investment adviser firm, (2) check the adviser’s registration status, (3) view the adviser’s current disclosures made through its Form ADV filing, (4) link to a state regulator’s website, and (5) link to the FINRA BrokerCheck website for information about broker-dealers and stockbrokers.

Investment adviser firms that have not registered with the SEC electronically will not appear on the IAPD page. If you do not see a firm listed through IAPD and you want to check the firm’s registration status, you should contact the SEC at (202) 551-6825 or contact the appropriate state securities authority through http://www.nasaa.org.

Information on individual investment advisers is currently available through state securities regulators.


We have provided this information as a service to investors.  It is neither a legal interpretation nor a statement of SEC policy.  If you have questions concerning the meaning or application of a particular law or rule, please consult with an attorney who specializes in securities law.

Modified: 03/26/2008