In first disciplinary action under Reg BI, FINRA fined broker $5,000, issued a six-month suspension from allegations broker engaged in excessive trading for outsized commissions. FINRA released Regulatory Notice 22-20 changing Sanctions Guidelines.
In its first disciplinary action related to Regulation Best Interest Reg BI, the FINRA levied a $5,000 fine and a six-month suspension for excessive trading, charging that a broker caused a client to pay tens of thousands of dollars in commissions to the broker.
FINRA suspended a former rep with Network 1 Financial Securities for violating Regulation Best Interest in its first disciplinary actions concerning the rule.