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FINRA addresses collateral consequences of SEC recordkeeping enforcement

Robert Cook, FINRA’s president and CEO and Greg Ruppert, executive vice president, member supervision.
Robert Cook, FINRA’s president and CEO, and Greg Ruppert, executive vice president, member supervision. Photo: FINRA

Thomas Hyrkiel, Julie DiMauro

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Public interest and investor protection cited as reasons to more closely align ongoing membership obligations by firms settling at different times.

Enforcement actions against FINRA member firms for recordkeeping violations involving off-channel communications were settled by FINRA member firms on substantially similar terms between 2021 and 2024.

In January 2025, additional enforcement by the SEC resulted in settlements by FINRA members that included significantly less burdensome terms.

And this, according to a blog post

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