The NASD may have initiated fewer disciplinary actions last year, but the size of its fines got a lot bigger, it pressed a record number of cases against improper fund sales and trading, and its interest in mutual fund sales practices will continue to be a priority in the coming year. The agency collected $102 million in fines, up from $33.3 million in 2003.

"The fact that the amount of disciplinary fines collected more than tripled compared to 2003 is an indication of the significance of the enforcement cases," said Barry Goldsmith, the NASD's enforcement chief.

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