The Financial Industry Regulatory Authority (FINRA) recently provided guidance on its enforcement process in order to increase transparency of the process, assist firms and their associated persons in understanding how the investigative process works and highlight procedural safeguards of the process. Topics include enforcement procedures and managerial oversight, conducting investigations, sufficiency of evidence review, FINRA’s process regarding recommendation of formal disciplinary action (the “Wells” process), Disciplinary Advisory Committee review, the Litigation Group consultation process and the independence of the Office of Disciplinary Affairs and Office of Home Affairs.

http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p118171.pdf