FINRA's Judges To Review Other Penalties, Harm To Elderly
Law360, New York (April 10, 2017, 8:55 PM EDT) -- The Financial Industry Regulatory Authority updated its sanctions guide on Monday to make sure its in-house judges consider whether accused broker-dealers abused their influence with old and vulnerable clients and to expand on how to adjust penalties when other regulators have imposed sanctions, among other changes.
In all cases, the self-regulatory group's hearing officers are now required to consider whether a respondent exercised "undue influence" over a customer, a measure meant to protect seniors that had previously been applied on a case-by-case basis. The move comes a few months after FINRA sought government approval for a change to its rules that...
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