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To analyze how the US Securities and Exchange Commission (SEC) has sanctioned broker-dealers (BDs) and registered investment advisers (RIAs) when cybersecurity breaches have occurred and to discuss whether the SEC is imposing a strict liability approach.

Describes the cyber-attack of a small RIA, the remedial steps the RIA took after the attack, the SEC’s enforcement action, why this particular case is noteworthy, and the case’s implications for RIAs and BDs.

RIAs and perhaps BDs may face strict liability from the SEC if they are victims of cybersecurity attacks.

Firms may want to address the likelihood of an SEC enforcement action if a breach occurs by reviewing recent enforcement actions, SEC reports and statements, and FINRA reports and statements.

Discusses the possible future of SEC enforcement actions regarding cybersecurity breaches.

To analyze FINRA’s 2016 sanctions and cases, the issues that resulted in the most significant fines, emerging enforcement trends, and make predictions about key issues for FINRA for 2017 and beyond.

Discusses the sanctions and disciplinary actions in 2016 and prior years; details the top 2016 enforcement issues measured by total fines assessed, including anti-money laundering, variable annuities, trade reporting, books and records, and unregistered securities; explains current enforcement trends, including fines of $1 million or more, sanctions against compliance officers, and suitability cases; and analyzes three enforcement topics that will likely continue to receive heightened attention from FINRA in 2017 and beyond: restitution, cybersecurity, and senior investors.

The fines ordered by FINRA in 2016 reached an all-time high while the amount of restitution ordered and the number of disciplinary actions remained on par with prior years.

Firms and their representatives should heed the trends in both the substantial fines FINRA is ordering and the related enforcement issues in the cases FINRA has brought.

Expert analysis and guidance from experienced securities enforcement lawyers.

The purpose of this paper is to analyze the Financial Industry Regulatory Authority’s (FINRA) 2017 disciplinary actions, the issues that resulted in the most significant fines and restitution and the emerging enforcement trends from 2017 and beyond.

The approach of this paper discusses the disciplinary actions in 2017 and prior years, details the top 2017 enforcement issues measured by total fines assessed, including anti-money laundering, trade reporting, electronic communications, books and records, research analysts and research reports, and explains current enforcement trends, including restitution, suitability cases and technological issues.

In 2017, restitution more than doubled from the prior year, resulting in the fourth highest total sanctions (fines combined with restitution and disgorgement) assessed by FINRA over the past 10 years.

Firms and their representatives should heed the trends in both the substantial restitution FINRA is ordering and the related enforcement issues in the cases FINRA has brought.

This paper provides expert analysis and guidance from experienced securities enforcement lawyers.

To analyze FINRA’s 2018 disciplinary actions, the issues that resulted in the most significant fines and restitution, and the emerging enforcement trends from 2018 and beyond.

Discusses the disciplinary actions in 2018 and prior years; details the top 2018 enforcement issues measured by total fines assessed, including anti-money laundering, suitability, variable annuity, and short selling; and explains current enforcement trends, including higher fines per case, more cases with larger sanctions in the second half of the year, share class issues, and inadequate resources.

In 2018, the Financial Industry Regulatory Authority (FINRA) ordered fewer fines than in 2017, and the number of cases and amount of restitution were down.

Firms and their representatives should heed the trends in both the substantial fines per case that FINRA is ordering and the related enforcement issues in the cases FINRA has brought.

Expert analysis and guidance from experienced securities enforcement lawyers.

The purpose of this paper is to determine with statistics whether respondents should litigate or settle enforcement actions with the SEC or FINRA.

All SEC administrative and FINRA litigated decisions from October 1, 2007 to September 30, 2008 were reviewed to see, among other things, how often the staff succeeded in proving its charges and, when it did, what penalties were sought and awarded. The approach is empirical, designed to inject meaningful quantitative data into the decision of whether to litigate.

The research shows, among other things, that respondents rarely win on liability but are usually successful in persuading SEC ALJs or FINRA panels to impose substantially lower sanctions than the staff sought.

The primary limitation is that it is usually not known what terms were offered to settle cases by the staff prior to the complaint being filed.

The implication is that respondents in SEC and FINRA cases should consider more carefully whether to litigate rather than settle.

The statistics in the study are new and provide new evidence confirming prior years' studies. Any potential SEC or FINRA respondent would be interested in the statistics presented here.

To analyze the cases and sanctions FINRA reported in 2014 and prior years to evaluate what issues may be important for broker-dealers and their representatives in the future.

This article discusses the overall statistics for cases reported by FINRA in 2014 and then focuses on the top enforcement issues for FINRA and some of the key cases. All of this analysis includes a comparison to enforcement statistics from prior years to help identify potential trends.

This article concludes that 2014 was a blockbuster year for FINRA as the fines imposed by the regulator increased by 125 per cent. This article also finds that while FINRA is still focusing on many of the same issues as before, including advertising and trade reporting, other issues, such as anti-money laundering, received a significant spike in attention in 2014.

This article contains valuable information about recent FINRA enforcement activity and practical guidance from experienced securities lawyers.

The purpose of the paper is to summarize a review of all of FINRA's 2009 notices and releases to understand the areas in which FINRA has focused and to try to predict where FINRA may be going in the coming year.

The paper summarizes fines, disciplinary actions, and top enforcement issues; analyzes trends; and draws conclusions.

FINRA reported modest increases in fines and disciplinary actions compared to 2008; however, FINRA was less active than in 2005, 2006 and 2007. The types of cases that generated the most fines, in descending order, were mutual funds, suitability, variable products, licensing, and advertising. One may see more advertising, money laundering, an electronic communications cases in the near future. Given the recent financial crisis and market scandals, and resulting pressure on the regulators, it is perhaps more likely that FINRA's enforcement activity and fines will increase over the next few years, not decrease.

The paper provides expert guidance from experienced financial services lawyers.

The paper's aim is to describe a recent increase in FINRA enforcement activity and to discuss how broker‐dealers and representatives may want to prepare themselves for FINRA's increasing willingness to sanction members in the wake of the recent financial crisis.

The paper analyzes FINRA's recent enforcement record, including trends over the past several years in disciplinary actions and fines. It also discusses FINRA's top enforcement issues in 2011; advertising, short selling, auction rate securities, and suitability; and recommends increased compliance efforts in light of FINRA's growing aggressiveness.

It is important that firms and representatives understand how the priorities of this self‐regulatory organization have changed since the financial crisis, fueling this recent growth in FINRA enforcement activity.

The paper offers practical guidance from experienced financial services lawyers.

The purpose of this paper us to summarize the remarks of the Commissioners and participants in several panel sessions and workshops during the 2013 annual “SEC Speaks” conference held by the Practising Law Institute in cooperation with the US Securities and Exchange Commission, discussing the SEC's accomplishments in 2012 and its agenda for 2013.

The paper summarizes remarks by Chairman Walter and Commissioners Aguilar, Paredes, and Gallagher; provides highlights from panel sessions and workshops concerning the Division of Corporation Finance, the Division of Trading and Markets, the Division of Enforcement, the Division of Investment Management, the Office of Compliance Inspections and Examinations as well as highlights from the panel sessions relating to Accounting, Risk, Strategy and Financial Innovation. Judicial and Legislative Developments, and Ethics.

The summaries provide an overview of the SEC's most important current rulemaking, projects and policy priorities.

The paper presents current SEC issues and developments addressed by experienced SEC lawyers.