Bloomberg -- Stock brokers who are lured to new firms with signing bonuses of at least $100,000 will be required to inform clients under a rule approved by FINRA.
FINRAs board of governors passed the proposal today, Wall Streets self-regulator said in a statement. Brokers would have to tell their customers how much they received before persuading them to bring their accounts to the new firm, the regulator said. The plan must be reviewed and approved by the U.S. Securities and Exchange Commission, FINRA said.
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