WASHINGTON -- FINRA's enforcement officials are willing to cut a break for firms that demonstrate "extraordinary cooperation."
Jessica Hopper, a senior vice president with FINRA's enforcement division, is urging firms to take the difficult but important step of informing the regulator when they detect serious compliance failures. Doing so, she said, not only fulfills a firm's regulatory responsibilities, but it can also mean the difference between a slap on the wrist and a steep fine, should the infraction elevate to an enforcement case.
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