If the SEC monetary penalty happens, it would be only the second time the regulator has fined a stock exchange.

WSJ: Nasdaq Talks Settlement in Facebook IPO

People will argue that the regulator is stepping in at the wrong time and that the regulator's additional requirements will destroy growth in the area that is taking off.

FORBES: We Need Smarter Regulation, Not More

Andy Duncan, its new chief executive, says the situation needs addressing now, not in five years' time as the media regulator, Ofcom, said in a review of public-service broadcasting in September.

ECONOMIST: Television