Analysis

Want To Avoid A FINRA Fine? Try 'Extraordinary Cooperation'

Law360 (July 12, 2019, 8:43 PM EDT) -- New guidelines released by the Financial Industry Regulatory Authority give firms direction on how they could go so far as avoiding enforcement fines, emphasizing the role of so-called extraordinary cooperation in a way the regulator hasn’t done before, lawyers said.

FINRA previously issued guidance on "extraordinary cooperation" in 2008, but subsequent changes to the regulator’s rules may have created uncertainty about the impact of self-reporting, the regulator said Thursday in a news release.

The latest effort is meant to clear up any doubts firms have about the benefits of going above and beyond in cooperating in investigations, lawyers said. Russell G....

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