Current Developments in SEC and FINRA Examinations & Enforcement: A Special Report for Investment Advisers and Broker-Dealers


2022 will be remembered for aggressive rulemaking and enforcement, with the SEC securing record-breaking penalties. FINRA’s new Sanction Guidelines, which in part eliminated upper limit fine ranges for mid-size/large firms and catalogued several additional nonmonetary sanctions, suggest that FINRA too will be escalating sanctions. Ambitious regulatory agendas combined with an already heavy enforcement and examination focus on investment advisers and broker-dealers means that this year is likely to see registered entities continue to attract a disproportionate amount of regulators’ attention.

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