FINRA disciplinary action has been taken against the following firms and individuals for violations of FINRA rules; federal securities laws, rules and regulations; and the rules of the Municipal Securities Rulemaking Board (MSRB).
FINRA disciplinary action – Procedures
FINRA disciplinary action is taken through two separate procedures: a settlement or a formal complaint. With a settlement, a firm or broker can opt to settle with FINRA and sign an Accept, Waiver and Consent form (AWC). A formal complaint is filed with and heard before FINRA’s Office of Hearing Officers. The office assigns to the case a professional hearing officer who is responsible for ensuring the complaint is resolved fairly and expeditiously. The case is heard by a three-person panel made up of the hearing officer and two industry panelists.