SRO opens for business
It’s official: The NASD, the securities industry’s regulatory group, and the New York Stock Exchange’s regulatory arm, united today as FINRA.
It’s official: The NASD, the securities industry’s regulatory group, and the New York Stock Exchange’s regulatory arm, united today as FINRA.
Forming the Financial Industry Regulatory Authority, the consolidated organizations have officially begun their operations as the largest non-governmental regulatory group in the securities industry. FINRA has oversight of more than 5,000 firms and 666,000 registered representatives.
The Securities and Exchange Commission had given its approval of FINRA last Thursday and will have oversight of the new agency.
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