The Financial Industry Regulatory Authority (Finra) last week launched a multimedia advertising campaign targeted at baby boomers, with a goal of increasing awareness among the general public of the self-regulatory authority (SRO) created in July from the merger of two more familiar names--NASD and the member-regulation functions of the New York Stock Exchange. The audience for a recent speech by Finra chief executive Mary Schapiro needed no introduction to the new SRO. Addressing industry executives on Nov. 9 at the Securities Industry & Financial Markets Association's (Sifma) annual meeting in Boca Raton, Fla., Schapiro offered a progress report on the integration of its predecessor SRO's enforcement programs (almost complete) and rulebooks (a work in progress). Schapiro also noted that, despite the work still underway, concerns about subprime mortgage market exposure are prompting targeted examinations of broker-dealers with "large fixed-income and mortgage-backed securities exposure" by Finra and the Securities and Exchange Commission. Her speech is excerpted here.
A major restructuring of the regulatory model, a groundswell of concern from many thoughtful voices about U.S. capital markets competitiveness, and of course, recent events around the credit markets mark this year as a defining moment for self-regulation, systemic market health and investor protection.
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