FINRA Amends Sanction Guidelines


The Financial Industry Regulatory Authority has revised two sections of its Sanction Guidelines in response to recent FINRA disciplinary cases. In particular, the amendments:

1. specify a causation standard for restitution orders; 2. allow FINRA adjudicators to order damages be paid to those actually injured; 3. indicate that certain factors in determining sanctions may be more relevant than others in a given disciplinary matter; and 4. instruct FINRA adjudicators to consider other regulators' imposed sanctions in FINRA disciplinary matters.

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