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Can You Afford the Rising
Costs of Non-Compliance?
FINRA censured and fined
Macquarie Capital (USA) Inc.
for failing to provide complete and
accurate trade data in an
automated format when requested
by the Securities and Exchange
Commission (SEC) and FINRA.
A global financial brokerage firm
agreed to pay $4 million to
settle charges that it falsely stated that
advisors were compensated “based on
our clients’ performance; no one is paid
FINRA ordered Barclays
Capital, Inc. to pay more than
$10 million in restitution,
including interest, to affected
customers for mutual fund-related
suitability violations. Barclays was
also censured and fined
The wealth management
subsidiaries of a global
financial firm agreed to pay
$267 million for failing
to tell clients they preferred to invest
client money in firm-managed
mutual and hedge funds, and an
additional $40 million in
a parallel action by the US
Commodity Futures Trading
Expect more audits
The SEC seeks to hire 225 more staff
members in fiscal 2016, which would
increase the number of audits taking place.
New compensation rules
Dodd-Frank requires rulemaking to limit
excessive or risk-promoting compensation.
Expected 2016 regulations will touch
banks, credit unions, broker dealers
and investment advisors.
2016 will be tougher.
1 Kaja Whitehouse, “Record number of brokers barred, suspended in 2015,” USA Today, January 5, 2016
2 Mark Schoeff, Jr., “FINRA restitution to investors triples to 96.2 million in 2015,” Investment News, January 6, 2015
3 Kaja Whitehouse, “Record number of brokers barred, suspended in 2015,” USA Today, January 5, 2016
5 Liz Skinner, “7 compliance lessons from a tough year of enforcement actions,” Investment News, January 2016
6 Alessandra Malito, “Want to survive an SEC audit? Go paperless,” Investment News, April 22, 2015
7 C. Dirk Peterson and Erin Ardale Koeppel, “OCIE and FINRA Announce Priorities” K&L Gates Legal Insight, January 14, 2016
8 C. Dirk Peterson and Erin Ardale Koeppel, “OCIE and FINRA Announce Priorities” K&L Gates Legal Insight, January 14, 2016
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• 492 brokers were barred from Wall Street.
• 737 were suspended.1
• The Financial
Authority Inc. secured
in restitution, almost
triple the $32.3 million
it recorded in 2014.2
2015 was the toughest year for wayward
brokers since at least 2001.