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October 23, 2020 at 11:31 AM
The Financial Industry Regulatory Authority’s National Adjudicatory Council has revised the principal considerations in its Sanction Guidelines to allow adjudicators to take a principles-based approach in assessing if rule violations have more impact on older or impaired customers, including the customer’s ability to recover from sustaining financial losses.
The revision, effective immediately “is consistent with FINRA’s view that certain investors may need additional protections,” Brian Rubin, partner at Eversheds Sutherland in Washington, told ThinkAdvisor in an email. “More stringent sanctions against those who are the most vulnerable helps FINRA send that message.”
As FINRA explains in Regulatory Notice 20-37, the Sanction Guidelines assist FINRA’s adjudicators in determining the appropriate sanctions in disciplinary proceedings.
