The SEC announced on May 2nd that it will launch an additional online search tool that will help investors in researching whether persons trying to sell them investments has a judgment or order against them in an enforcement action. This new tool, the SEC Action Lookup for Individuals (SALI), is intended to assist the public in making informed investment decisions and avoiding financial fraud.
Unlike many existing online search functions, SALI is not limited to SEC-registered investment professionals. The new tool will allow the public to identify registered and unregistered individuals who have settled, defaulted, or contested an enforcement action brought by the SEC given a final judgment or order was entered against them in a federal court or an administrative proceeding. SALI supplements current SEC-provided investor education resources, which include a free investment professional search tool that offers access to information on the investment adviser representatives as well as individuals listed in FINRA’s BrokerCheck system. Investors are also encouraged to take advantage of SEC’s considerable investor resources, such as Investor Alerts and Bulletins, planning tools, and answers to frequently asked questions. These resources are managed by the Office of Investor Education and Advocacy on Investor.gov.
SALI presently provides information on parties from SEC actions filed between October 1, 2014 and March 31, 2018. The SEC will periodically add more information, both from periods prior to October 1, 2014 and from more recent actions. More information about SALI can be found on sec.gov.
Sources:
SEC Launches Additional Investor Protection Search Tool (www.sec.gov)
