Top 5 FINRA Enforcement Issues in 2023 Included Reg BI, Spoofing

Mar 13, 2024 · FINRA reported 15 Reg BI cases in 2023, totaling $6 million in fines (including one $5.5 million penalty against LPL Financial). Related: Key Record-Keeping Takeaways From …

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Top 5 FINRA Enforcement Issues In 2023 Included Reg BI, Spoofing

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Mar 13, 2024 · FINRA reported 15 Reg BI cases in 2023, totaling $6 million in fines (including one $5.5 million penalty against LPL Financial). Related: Key Record-Keeping Takeaways From …

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Study Reveals Top 5 Enforcement Issues For FINRA In 2023

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Mar 15, 2024 · FINRA reported 14 trade reporting cases in 2023, resulting in a total of $20 million in fines. FINRA reported 13 cases involving the Anti-Money Laundering/Bank Secrecy Act with …

securitieslaw.com

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FINRA’s Top Enforcement Issues Of 2023 - BISA Portfolio

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Mar 15, 2024 · The Financial Industry Regulatory Authority (FINRA) imposed a total of $89 million in fines on brokerage firms in 2023, a 63% increase from the previous year, according to a …

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FAQs about Top 5 FINRA Enforcement Issues in 2023 Included Reg BI, Spoofing Coupon?

Did FINRA cite Reg bi in 2023?

It marked the 22nd FINRA enforcement action citing Reg BI so far in 2023, after just eight cases the prior year, based on a search of the FINRA Disciplinary Actions Online website. The enforcement strategy of imposing personal fines for sales practice violations also surfaced in the case. ...

What will FINRA review in 2023?

FINRA’s Examination and Risk Monitoring Report highlights key areas of expanded focus in 2023, including Regulation BI and cybersecurity, as well as emerging risks such as sanctions evasion. ...

Are FINRA & SEC making sales compliance a top priority?

Examiners are making compliance with the comprehensive sales practice rules a top priority. Recent enforcement shows that FINRA and the Securities and Exchange Commission (SEC) expect firms to significantly enhance sales supervision to comply with Reg BI, which requires firms to prioritize customer interests ahead of their own. ...

Did FINRA and SEC cite Reg bi?

While the recent FINRA and SEC actions cited Reg BI, they alleged patterns of behavior that predated the new rules and took actions based on brokers conducting trades in client accounts without regard to risk tolerance and personal profiles. ...

How did the SEC and FINRA deal with investment advisers?

The regulator settled excessive trading charges with two individuals at the firm: Richard Michalski was suspended for six months, and Michael Murray paid $93,000 in restitution and fines. The SEC and FINRA in November both took enforcement actions that required individual investment advisers to pay back a portion of customer losses. ...

Is excessive trading a violation of SEC & FINRA regulations?

Compliance experts see excessive trading as just the first category of violations in securities regulators’ sights, and SEC and FINRA enforcement officials have warned they will apply it more broadly in areas such as complex products, investments that charge high fees, and commissions that undermine clients’ best interests. ...