Regulator Requests Result In Some Big Fines
The Financial Institution Regulatory Authority (FINRA), the largest securities regulator in the U.S., often examines supporting documentation related to electronic communications compliance. FINRA, which is charged with maintaining fairness of the capital markets, brought more than 1,500 disciplinary actions in 2012 against registered individuals and firms. FINRA levied fines totaling more than $68 million and ordered restitution of $34 million to harmed investors, according to Smarsh. When authorities request data, businesses frequently have a short time to provide the information, a constant challenge for compliance officers.