SEC Wants Tips to Simplify Broker Discipline Challenges
Published Date: 8/6/2025
Notice
Summary
The SEC is asking to keep collecting info from people who want to challenge disciplinary actions by self-regulatory groups. About 25 folks a year spend around 18 hours each filling out these applications, with some hiring lawyers that cost thousands. They’re inviting comments on how to make this process easier and clearer, so if you’re involved, now’s the time to speak up!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Filing Rule 19d-3 Takes About 18 Hours
If you seek SEC review of a final disciplinary action by a self‑regulatory organization (SRO), you must file an application under Rule 19d-3. The SEC estimates about 25 respondents file this application each year and that preparing the application takes about 18 hours on average.
Many Applicants Hire Counsel — Costly Legal Fees
The SEC estimates that 16 applicants each year will hire outside counsel to prepare a Rule 19d-3 application and that each of those applicants will incur a cost burden of $8,496 (totaling $127,440 across respondents).
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