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Sigh, FINRA isn't an agency. It's a private company.
by xxpor 6y ago
Sigh, FINRA isn't an agency. It's a private company.
- zcrackerz 6y agoSure it is, an agency is a generic term and isn't limited to government entities.
- dmurray 6y agoI'm not sure who you're replying to, but it's a "self-regulatory organisation". In practice it has very similar powers to the SEC and brokers take it equally seriously: it can fine you or wind down your business. It's not the Better Business Bureau. You might think, oh, FINRA is just a private company, I'll just ignore them and laugh off their attempt to sanction me. This doesn't go any better than if you do the same with the SEC. If you decide to fight a FINRA enforcement action, it gets appealed first to the SEC and then if you keep appealing it, to the courts. Exactly the same process as if you were to fight one from the SEC. FINRA is owned and run by its members so you might think it would be favourable to the brokerage industry. Which it probably is, a bit, but it doesn't seem to get accused of regulatory capture any more frequently or any more fairly than the SEC.
- whackamole 6y agoCreative Artists Agency isn't an agency, it's a private company.