The pace of fines and disciplinary actions imposed by the Financial Industry Regulatory Authority (Finra) are slowing after four years of increased activity, according to analysis from the law firm Sutherland Asbill & Brennan LLP.

During this year’s first half, Finra reported $23 million in fines of broker-dealers and associated persons in its monthly Disciplinary and Other FINRA Actions publications. That’s on pace for total fines of $46 million in 2013, or 41% less than the $78 million in fines recorded last year. Accordingly, that would be the smallest amount since $45 million in fines were levied in 2010.

The dollar amounts were down in this year’s first half, but the number of disciplinary actions taken by Finra are roughly in line with last year—597 cases in this year’s first half versus 609 in the year-earlier period.

“Sanctions may be on the decline because Finra has likely brought most of its significant cases related to the market crisis,” said Brian Rubin, the head of Sutherland’s securities litigation and enforcement group. In addition, Finra has brought far fewer of what Rubin calls supersized fines of at least $1 million––seven fines totaling $24 million in last year’s first half versus two supersized fines totaling $2.25 million this year.

The top five enforcement issues for Finra during this year’s first half, in terms of the total amount of fines reported, were municipal securities ($4.3 million, 25 cases); electronic communications ($2.5 million, 27 cases); mutual funds ($2.1 million, 18 cases); suitability ($1.7 million, 31 cases); and short-selling ($1.5 million, 16 cases).