Case Study: Fiero V. FINRA

Law360, New York (October 24, 2011, 1:41 PM EDT) -- On Oct. 5, 2011, in Fiero v. FINRA, No. 09-1556-cv (2d Cir. Oct. 5, 2011), the United States Court of Appeals for the Second Circuit held that the Financial Industry Regulatory Authority and other self-regulatory organizations lack the authority to bring federal court actions to collect on their disciplinary fines.

The decision leaves in its wake an apparent gap in FINRA’s enforcement arsenal; it can levy fines, but it cannot enforce collection of those fines in court. Although the import of this revelation might seem considerable...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.