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FINRA Increases Fine Ranges

FINRA has increased the size of fines it can dole out to large and midsize firms, the regular recently announced. So reports Think Advisor.

arrow up iconIt also has created separate guidelines for sanctioning individuals and firms. For example, in the past firms faced a maximum fine of $310,000 for certain types of violations, such as selling unregistered securities. Now the fines are open-ended. The guidelines also set the minimum fine at $5,000 for all firms, even small firms.

Emily Gordy, currently a partner at McGuireWoods and formerly the deputy head of FINRA enforcement, called the change “one of the most significant revisions to the Sanction Guidelines in decades,” according to the publication.

Read the full article from Think Advisor.

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