Meet ‘SALI,’ SEC’s New Tool for Finding Dirt on Advisers

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By Andrew Ramonas

“SALI” has started talking about investment advisers and other people who were in trouble with the Securities and Exchange Commission.

The SEC Action Lookup for Individuals unveiled May 2 lets investors check if the investment professional they hired was caught up in a commission case that led to a federal court judgment or an SEC order against the person, according to the agency.

Investors can use the search feature to research registered and unregistered professionals, unlike the SEC’s Investment Adviser Public Disclosure website and other online tools that only help with registered individuals. SALI just needs the first and last names of an individual to find out whether a final court judgment or commission order was filed against the person.

“An important risk factor is whether the person you are dealing with has a disciplinary history with the SEC or other regulators,” SEC Chairman Jay Clayton said in a statement. “SALI provides Main Street investors with an additional tool they can use to protect themselves from being victims of fraud and other misconduct.”

The tool only covers people charged in SEC actions filed from Oct. 1, 2014, to March 31, 2018. But the SEC said it plans to update SALI “periodically.”

To contact the reporter on this story: Andrew Ramonas in Washington at aramonas@bloomberglaw.com

To contact the editor responsible for this story: Seth Stern at sstern@bloomberglaw.com

For More Information

SEC Action Lookup for Individuals: https://www.sec.gov/litigations/sec-action-look-up

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