The Financial Industry Regulatory Authority fined 10 broker dealers an aggregate of US $43.5 million for employing equity research analysts as part of their efforts in 2010 to be part of an initial public offering for Toys “R” Us—contrary to regulatory requirements. Each of the firms, alleged FINRA, expressly or implicitly promised favorable research coverage if they were selected to participate in the IPO. Some of the firms were also charged by FINRA for failing to have adequate supervisory procedures related to research analyst participation in IPO mandate solicitations.