In a record year for enforcement, the SEC brought a
landmark number of cases, and FINRA imposed an exceptional level of
fines and restitution.
This LawFlash highlights key U.S. Securities and Exchange
Commission (the SEC or the Commission) and Financial Industry
Regulatory Authority (FINRA) enforcement developments and cases
regarding broker-dealers during fiscal year 2014. The full 2014
Year in Review is available
here.
The SEC
There were few significant personnel changes at the SEC last
year. The Commission's composition was stable in 2014 with
Chair Mary Jo White continuing to lead the SEC. The other
commissioners are Luis A. Aguilar, Daniel M. Gallagher, Kara M.
Stein, and Michael S. Piwowar. Notable changes were made with
appointments in two major SEC divisions (Stephen Luparello was
named the director of the Division of Trading and Markets, and
Stephanie Avakian was named the new deputy director of the Division
of Enforcement). New directors were also
