Avoiding or Reducing FINRA Fines With “Extraordinary Cooperation”
15th July 2019
The Financial Industry Regulatory Authority (“FINRA”) issued Regulatory Notice 19-23 (the “Notice”) on July 11, 2019 to update its guidance regarding the circumstances by which an individual or firm could influence an enforcement investigation and potentially avoid enforcement fines by exhibiting “extraordinary cooperation”.
The Notice provides supplemental guidance on what can be done to earn credit for extraordinary cooperation and what kinds of credit are available. FINRA has also provided examples where it has granted substantial credit to firms based on their extraordinary cooperation in recent years.
By: Ray Moss
In:
Investor/Financial Advisor Legal Alert