FINRA
Created through the consolidation of NASD and the NYSE Regulation, the Financial Industry Regulatory Authority, or FINRA, is the largest self-regulatory organization in the U.S. Nearly every brokerage firm doing business in the U.S. is required to be a member.
 The merger, which was approved by the SEC in 2007, was designed to streamline sometimes conflicting rules and modernize the self-regulatory system. Proponents say the merger promises to increase the effectiveness and consistency of regulation, resulting in cost savings to firms, which can be passed on to investors. However, critics contend that less regulatory overlap may result in less stringent oversight. |
