A recent plunge in Finra-imposed fines suggests the regulatory body has finally untangled the surge in cases resulting from the financial crisis, but the agency is still on track for among its highest fine totals ever, according to an independent analysis.

Finra issued  $37.5 million in fines during the first half of 2015, down from $42.4 million in 2014, according to an analysis of the agency’s monthly Disciplinary and Other Finra Actions publications by Washington-based securities law firm Sutherland Asbill & Brennan.

The number of disciplinary actions reported by Finra has decreased by less than 1%, from 558 to 553, according to the analysis.

“The average fines have gone down,” says Brian Rubin, head of litigation council for Sutherland Asbill & Brennan. “It means that Finra has run through its cases related to the financial crisis, and at this point it hasn’t found other areas where it feels that higher fines are appropriate.”

If Finra continues to assess fines in 2015 at its current rate, year-end fines would total $75 million, a 44 percent decrease from the $135 million in fines reported in 2014. Despite the decrease, the projected fine total for this year would still be the second highest amount imposed by Finra since the financial crisis.

Rubin says financial firms should focus on general compliance for the time being.

“At this point, firms should be focusing on nuts-and-bolts issues until Finra does start to look at particular products and practices or until there’s a blowup in the marketplace,” Rubin says. “Firms should also be aware that both Finra and the SEC have been examining cybersecurity issues.”

Finra-ordered restitution has also decreased significantly during the first six months of 2015, when only $8.3 million was ordered. In the same period in 2014, Finra ordered $52 million in restitution.

The top enforcement issues thus far in 2015 are trade reporting, with $7.6 million in fines and 72 cases; short selling, $4.2 million in fines and 21 cases; anti-money laundering, $2.4 million in fines and 20 cases; best execution, $2.3 million in fines and 25 cases; and suitability, $2.2 million in fines and 30 cases, according to the law firm.

So far in 2015, Finra has reported six fines of $1 million or more, totaling $17.8 million. During the same period last year, Finra reported five fines of $1 million or more totaling $20.4 million. In comparison, there were only two such large fines in the first six months of 2013, totaling just $2.3 million.

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