FINRA

The MSRB's decision to rescind the one-minute trade reporting deadline "comes after months of dialogue and engagement with market participants," MSRB President and CEO Mark Kim said.

"It is FINRA's position that, for multiple reasons discussed in its brief opposing Alpine's petition for writ of certiorari, the case did not meet the Supreme Court's standards for review," FINRA said.

The fine for violating MSRB rules was imposed as part of a wider FINRA disciplinary action that saw brokerage firm Calton & Associates fined a total of $75,000.

Siebert Williams Shank & Co has been censured and fined $55,000 by the Financial Industry Regulatory Authority for rule violations including reporting inaccurate trade times for roughly 12,100 municipal securities transactions.

Since the attack, many in the industry have had conversations about how to better secure transfer of funds, Vivian Altman said.

"FINRA has drifted far from its intended purpose," Rep. Lisa McClain said.

FINRA fined three individuals a total of $40,000, a settlement document shows

United First Partners was fined for reporting and supervisory rule violations as part of a wider FINRA disciplinary action involving the firm.

NewEdge Securities was also ordered to pay disgorgement of $750,746 plus interest.

Court challenges to self-regulatory organizations may have the potential to trigger a financial crisis, a law professor warns.