FINRA can't sue brokers to collect fines, court rules

10/9/2011 | InvestmentNews (free registration)

A federal appeals court ruled last week that the Financial Industry Regulatory Authority cannot take individuals to court to recover fines. The decision could significantly limit the regulators' ability to collect money in enforcement actions, observers say. It could also lead to action from Congress or the Securities and Exchange Commission in order to clarify FINRA's powers.

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