October 19, 2019

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FINRA Releases Report on 2018 Fine Monies

On April 25, the Financial Industry Regulatory Authority (FINRA) issued a report relating to its use of fine monies collected in 2018. FINRA issued $61.0 million in fines, and incurred $81.1 million in fine-eligible expenditures (i.e., capital initiatives, strategic expenditures and other activities eligible to be funded by fine monies based on FINRA’s Financial Guiding Principles) in 2018. Since the total of fine-eligible expenditures exceeded the amount of fines issued in 2018, the balance of $20.1 million was funded from FINRA’s reserves.

The fine-eligible expenditures furthered FINRA’s goals to implement efficient oversight programs that protect investors and the markets, modernize critical securities industry infrastructure, strengthen FINRA’s ability to track trading across markets, enhance FINRA’s risk-based analytics, enhance the efficiency of FINRA systems, facilitate compliance by member firms and equip investors with knowledge and resources to help them navigate ever-evolving markets, products and services.

The report is available here.

©2019 Katten Muchin Rosenman LLP


About this Author

Susan Light, Katten Law Firm, Finance Law Attorney, New York

Susan Light focuses her practice on financial services regulatory matters. She counsels broker-dealers, hedge funds, investment banks and financial services clients on enforcement issues involving the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), other self-regulatory organizations (SROs) and state and federal regulatory authorities. She has particular experience related to sales practice issues, financial and operational issues, anti-money laundering, crowdfunding, cybersecurity, and cryptocurrencies.

Michael T. Foley, Katten, Lawyer, Finance, FINRA, Chicago
Special Counsel

Michael Foley represents broker-dealers, investment advisers and other financial services industry participants with respect to a broad spectrum of legal and regulatory matters arising under the federal securities laws.

Michael has nearly 20 years of experience in private practice and in-house at both a large, full-service broker-dealer and at an online discount broker-dealer, advising broker-dealers and other financial institutions regarding compliance with the federal securities and commodities laws, and with the regulations of the US Securities and Exchange Commission, the US Commodity Futures Trading Commission and financial industry self-regulatory organizations. 


Adam Haft is an associate in the Financial Services practice.

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