The Second Circuit’s decision Wednesday holding that the Financial Industry Regulatory Authority cannot bring court actions to collect disciplinary fines presented the authority with a problem the court implied was easy to rectify.

While the opinion in Fiero v. Financial Industry Regulatory Authority, 09-1556, appeared to strip the authority of an important enforcement weapon against the broker-dealers it oversees, legal observers say the language used by the U.S. Court of Appeals for the Second Circuit shows its ruling may have little impact moving forward.

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