1Q14 FINRA Disciplinary Actions: Law Firm Representation Stats


Dynamic Securities Analytics, Inc. (DSA) analyzed 1Q14 FINRA Disciplinary Actions Letters of Acceptance, Waiver & Consent (AWC) to determine legal representation trends. There were 164 AWCs during the first quarter of 2014. DSA broke down the analysis between disciplinary actions that named a firm versus those that named an individual.

Broker/Dealers

  • 67 AWCs named a Broker/Dealer firm
  • 31 AWCs included an outside counsel law firm in the “Reviewed By” section
  • 3 law firms reviewed multiple AWCs: Sidley Austin, Sutherland Asbill & Brennan and WilmerHale
  • Broker/Dealers that did not list an outside counsel law firm included: E*Trade, Edward Jones, Deutsche Bank Securities, LPL Financial and Stifel Nicolaus

Individuals

  • 97 AWCs named an individual
  • 51 AWCs listed an attorney in the “Reviewed By” section
  • 47% AWCs for individuals did not reflect legal representation