Financial Industry Regulatory Authority (FINRA), is an
independent nongovernmental organization that writes and enforces rules
governing registered brokers and brokerage firms in the United States. FINRA
was created as the result of the consolidation of the National Association of
Securities Dealers (NASD) and the member regulation, enforcement, and
arbitration operations of the New York Stock Exchange (NYSE) in 2007. The
consolidation was meant to do away with overlapping or redundant regulation and
reduce the cost and complexity of compliance.
FINRA protects investors from potential abuses and ensures
ethical conduct within the financial industry. FINRA resources, such as
BrokerCheck, allow investors to determine if someone claiming to be a broker is
actually a member in good standing. In addition to overseeing securities firms
and their brokers, FINRA administers the qualifying exams that securities
professionals must pass to sell securities or supervise others who do. It has
the power to take disciplinary actions against registered individuals or firms
that violate the
industry's rules. FINRA has 19 offices across the United
States.
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