Securities, Commodities, and Exchanges: Sutherland Asbill Releases Survey of FINRA Sanctions

On February 28, Sutherland Asbill & Brennan issued a press release announcing the results of their latest survey of Financial Industry Regulatory Authority (FINRA) sanctions against broker-dealers and associated persons. In brief, the survey found that in 2010:
- FINRA’s disciplinary actions increased from 1,158 to 1,310 -- an increase of more than 13 percent and a reversal of "the substantial slowdown in disciplinary actions filed between 2006 and 2008."
- FINRA fined firms and individuals approximately $45 million, "falling just short of 2009’s $50 million in fines."
- Advertising cases generated the largest amount of total fines (approximately $4.75 million), and Credit Default Swap (CDS) cases the second largest amount of fines ($4.5 million in six cases).
- Fines in mutual fund cases "have been on the decline," while advertising cases "seem to be of growing importance to FINRA."