Massachusetts-based financial advisors could soon have to submit to a criminal background check under a proposed reform to the registration process in that state.
Securities regulators in the Bay State are asking for comments from the public on an amendment to the application process that would require investment advisor representatives (IARs) to submit a Criminal Offender Record Information (CORI) Acknowledgement Form with their registration application, authorizing the state to verify the criminal disclosures that applicants are to include with the U-4 forms filed with the Massachusetts Securities Division.
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