A Practitioner's Guide to FINRA Sanctions Analysis

A Practitioner's Guide to FINRA Sanctions Analysis

by Rory C. Flynn

Paperback

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Product Details

ISBN-13: 9781627229746
Publisher: American Bar Association
Publication date: 12/01/2016
Pages: 192
Product dimensions: 6.00(w) x 9.00(h) x (d)

About the Author

Rory C. Flynn was Chief Litigation Counsel in the Department of Enforcement at FINRA (and at its predecessor, NASD). He later served as Associate General Counsel with the SEC’s Office of the General Counsel, heading its Adjudication practice group.

Table of Contents

Acknowledgements v

1 Introduction 1

2 Background 3

3 Sanctions Analysis 15

A Censures 35

B Monetary Sanctions 36

1 Restitution and Disgorgement 38

a The Origins of the Remedies 40

b Items to Consider When Calculating Restitution 49

c Items to Consider When Calculating Disgorgement 55

2 Rescission 71

3 Interest 73

a Pre-Judgment Interest 73

b Post-Judgment Interest 85

4 Fines 88

5 Costs 95

6 A Respondent's Inability to Pay 97

7 FINRA's Collection Efforts 113

C Time Out 129

1 Suspensions 129

2 Expulsions and Bars 136

3 Statutory Disqualification 144

D Temporary and Permanent Cease-and-Desist Orders 151

E Other Fitting Sanctions 162

4 The Review of Sanctions on Appeal 171

A Appeals Within FINRA 172

B Appeals to the SEC 176

C Appeals to a U.S. Court of Appeals 183

5 Conclusion 187

About the Author 189

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