FINRA Overhauls the Enforcement Program

A year in the making, FINRA announced in late July 2018, that it had completed the reorganization of its enforcement program.  See  https://www.finra.org/sites/default/files/rule_filing_file/SR-FINRA-2018-027-nof-imm-eff.pdf.  Coupled with the consolidation was the creation of 2 new units: the Office of the Counsel to the Head of Enforcement and the Investigations Unit.  FINRA’s stated goal was to ensure consistency in its enforcement program while maintaining expertise in a number of areas. In particular, over 150 attorneys will be placed in teams within groups.  These groups will be Main Enforcement, generalists, who will prosecute and investigate any disciplinary issue; Sales Practice Enforcement, specialists in sales practice investigations and prosecutions; and Market Regulation Enforcement, who will assist the Market Regulation staff in examinations and investigations as well as prosecuting any resulting offenders. Not surprisingly, many of…

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