Here at MCO we keep a close eye on the activities of regulators. Read the highlights here; FINRA fines in Q2 2018 - 6 Findings.
1) Q2 has seen FINRA hand out a total of $8.2 million in fines against member firms and $945K in restitution back to customers, resulting in a total of $9.1 million for Q2 2018. This is quite a drop in total fines after the record first quarter.
2) Q2 has seen a total of 43 firms sanctioned. This is 24 less than in Q2 2017.
3) There has been a total of 5 firms expelled by FINRA in Q2.
4) The largest fine of the year so far remains the $13 million fine in February to Merrill Lynch over AML failures and for 'not filing suspicious activity reports.'
5) At this half point in the year the total in fines and restitution ($66mil) is roughly half of what it was compared to 2017 ($133mil).
6) Despite the drop in fines and restitution at the half way point of the year, compared to 2017. The numbers are roughly in line with 2016's total of $68 million
Interested in learning about the top SEC and FINRA enforcement issues from 2017 and whats's on the horizon in 2018?
Please join attorneys Brian Rubin and Adam Pollet from Eversheds Sutherland (US) LLP for a MyComplianceOffice webinar on July 25th from 12:00-1:00 p.m., where they will discuss:
• The top enforcement issues of 2017
• What the regulators are focusing on in 2018
Read our blog post summarizing FINRA Fines in 2017 Subscribe to our blog on the right to keep up to date on everything FINRA, SEC, FCPA & more.
You can access the official FINRA disciplinary records here.