Finra's Progress and Priorities
Head of regulatory operations says consolidation' is SRO's buzzword
As the Financial Industry Regulatory Authority (Finra) nears its one-year anniversary, challenges remain in the integration of its predecessors, NASD and the member-regulation functions of the New York Stock Exchange. While the benefits of the July 30 merger have been highly touted--including reduced duplication and greater efficiency--there are open questions about the evolution of the enforcement process, consolidation of the rulebook and pros and cons of moving toward a principles-based approach.
The combined self-regulatory organization (SRO) is the largest non-governmental regulator for the securities industry, supervising more than 5,000 brokerage firms, 172,000 branch offices and 676,000 registered reps. Its 3,000-plus employees operate from Washington, D.C., New York and 15 district offices nationwide.
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