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Enforcement Actions Regulatory Requirements Financial Industry Regulatory Authority (FINRA)

Vinson & Elkins LLP

Small Gains Yield Big Pain: How a $2,400 Profit Triggered an SEC, FBI, and FINRA Cavalry

Vinson & Elkins LLP on

On July 11, 2025, the Securities and Exchange Commission (“SEC” or the “Commission”) announced that it had settled an enforcement action against two individuals who were alleged to have engaged in insider trading. The SEC’s...more

Maynard Nexsen

When Firms Receive Written Notice of Outside Business Activities

Maynard Nexsen on

In the world of outside business activity (OBA) disclosure, many FINRA enforcement actions center on whether a registered person gave, or did not give, prior written notice of those activities to their member firm. These...more

Eversheds Sutherland (US) LLP

FINRA proposes revisions to SEC-mandated heightened supervision plans for off-channel communications

On May 8, the Financial Industry Regulatory Authority (FINRA) published a blog announcing that it intends to modify the heightened supervision plans (HSPs) imposed as part of certain broker-dealers’ settlements with the US...more

Orrick, Herrington & Sutcliffe LLP

FINRA AWC details reporting failures

On January 27, FINRA accepted a Letter of Acceptance, Waiver, and Consent (AWC) addressing alleged violations committed by the respondent, retail market maker offering execution services to broker-dealers and member firm...more

A&O Shearman

DC Circuit Grants Preliminary Injunction Preventing FINRA From Expelling Member Without SEC Review, Finding Private Nondelegation...

A&O Shearman on

On November 22, 2024, the D.C. Circuit Court of Appeals enjoined the Financial Institution Regulatory Authority (“FINRA”) from expelling a member firm without Securities and Exchange Commission (“SEC”) review. Alpine...more

UB Greensfelder LLP

More FINRA Exam Tricks: Weaponizing The Wells Notice

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While it is pretty likely that anyone reading this is already familiar with the Wells process, I am going to start with a short history lesson. Way back in 1972, the SEC created an Advisory Committee to take an objective look...more

WilmerHale

10 Years On, SEC's Market Access Rule Still Lacks Clarity

WilmerHale on

The first 10 years of the U.S. Securities and Exchange Commission's Rule 15c3-5, known as the market access rule, have been a textbook example of the principle of regulation by enforcement, resulting in an informal patchwork...more

Faegre Drinker Biddle & Reath LLP

An Imperfect Storm(s): FINRA Bars Compliance Personnel for Falsifying Branch Audit Data

It often is said that “it’s not the crime, but the cover-up” that is the most damaging to someone alleged to have committed misconduct. In a recent FINRA enforcement action, however, the cover-up was the crime. On July 3,...more

Katten Muchin Rosenman LLP

Bridging the Weeks - June 2019

Last week, a Canada-based social media company was sued by the Securities and Exchange Commission for purportedly conducting an unregistered securities offering to United States persons in connection with an initial coin...more

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