The race ends when clearing the finishing area (though some rules still apply after finishing racing)
The event he was competing in was the Finn Gold Cup (aka World Championships) - which ended with the "medal race" for the top 10 a day or so later (the two race disqualification he was given looked to be calculated to drop him from leader to just outside the top 10 and therefore he did not compete in the medal race).
As with other sports, a longer penalty could be applied covering future eevents also