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July 30, 2018

FINRA in US completes integration of enforcement functions

US-based self regulatory organisation FINRA has announced the Department of Enforcement’s new structure to complete the final phase of the integration process of its enforcement functions.

The integration, a part of the organisation’s comprehensive self-evaluation and improvement initiative FINRA360, commenced on last year following the appointment of Susan Schroeder as FINRA Head of Enforcement.

Before the integration, the department had two separate enforcement teams.

One section was responsible for handling disciplinary actions associated with trading-based matters in the market regulation’s surveillance and examination programs, while the other managed all cases referred from other regulatory oversight segments such as Member Regulation, Corporate Financing and the Office of Fraud Detection and Market Intelligence.

The integration of the two sections is expected to streamline decision making with new centralised functions.

Additionally, it will enable a department-wide consultation on issues referred to the organisation with a unified team investigators looking into it.

In a speech in February, Schroeder said: “The consolidation of our enforcement functions enables us to better target developing issues that can harm investors and market integrity, and ensure a uniform approach to charging and sanctions.

“We have purposefully chosen this senior leadership team to enhance the consistency of outcomes of our enforcement actions, and to ensure transparency of our enforcement processes. I look forward to working with this talented, dedicated team.”

The new FINRA Department of Enforcement will comprise two main units- Office of the Counsel to the Head of Enforcement and Investigations units.

Further, the Enforcement’s staff of 150 attorneys will be organised into Main Enforcement, Sales Practice Enforcement and Market Regulation Enforcement group to facilitate decision making process.

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