Outside FINRA offices in New York. (Photo: Ronald Pechtimaldjian)
The Financial Industry Regulatory Authority collected some $65 million in fines last year — down sharply from almost $174 million in 2016. But for the first time, the group is sharing details on how those resources were spent.
Along with $1 million in reserves, the regulatory body said these monies were used for capital/initiatives and strategic spending to "promote more effective and efficient regulatory oversight by FINRA or that enable improved compliance by member firms, and capital/initiatives that are required by new legal, regulatory or audit requirements."
Funding also went toward work to educate investors, promote compliance by member firms and ensure that FINRA employees "are highly trained," according to the organization.
Specific project spending included:
— Check out FINRA Hits Betterment With $400K Fine on ThinkAdvisor.
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