It also has created separate guidelines for sanctioning individuals and firms. For example, in the past firms faced a maximum fine of $310,000 for certain types of violations, such as selling unregistered securities. Now the fines are open-ended. The guidelines also set the minimum fine at $5,000 for all firms, even small firms.
Emily Gordy, currently a partner at McGuireWoods and formerly the deputy head of FINRA enforcement, called the change “one of the most significant revisions to the Sanction Guidelines in decades,” according to the publication.