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Regulation news

  • The US Financial Industry Regulatory Authority (FINRA) said it has fined Robinhood, the major online trading platform, USD 57m and ordered the firm to pay approximately USD 12.6m in restitution, plus interest, to thousands of harmed customers. FINRA claims it is the largest financial penalty ever ordered by this authority. “In determining the appropriate sanctions, FINRA considered the widespread and significant harm suffered by customers, including millions of customers who received false or misleading information from the firm, millions of customers affected by the firm’s systems outages in March 2020, and thousands of customers the firm approved to trade options even when it was not appropriate for the customers to do so,” FINRA said, adding that…

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