Here’s How FINRA Spent Its Fine Proceeds In 2021
The Financial Industry Regulatory Authority (FINRA) imposed fines worth up to $90.1 million in 2021, which was a substantial increase from the $57 million issued in 2020.
Where did FINRA spend the money? FINRA utilized $9 million to further develop the tools and systems it uses for exams, investigations, and disciplinary programs, according to a recent FINRA report. Further, FINRA spent $11.4 million to modernize and sharpen the systems and tools underlying enforcement investigations and disposition processes. FINRA additionally invested $6.3 million to strengthen the technology that supports the platform FINRA examiners utilize to manage their projects.
FINRA also invested 11.8 million in a multi-year initiative to integrate the Consolidated Audit Trail (CAT) data into its surveillance and CAT compliance programs. The initiative is set to be completed in 2022, according to FINRA. FINRA spent an additional $3.9 million on developing investor education programs.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.
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