'On behalf of the entire organization,' Schapiro continued, 'I want to thank the teams from both NASD and NYSE Regulation, who have worked tirelessly over the past seven months to turn this vision into reality. By eliminating overlapping regulation and establishing a uniform set of rules placing oversight responsibility in a single organization, we will enhance investor protection while increasing the competitiveness of our financial markets. 'With investor protection and market integrity as our overarching objectives, FINRA will be an investor-focused and more streamlined regulator that is better suited to the complexity and competitiveness of today's global capital markets. Schapiro, Chief Executive Officer of FINRA. 'The creation of FINRA is the most significant modernization of the self-regulatory regime in decades,' said Mary L.

It will be responsible for rule writing, firm examination, enforcement and arbitration and mediation functions, along with all functions that were previously overseen solely by NASD, including market regulation under contract for NASDAQ, the American Stock Exchange, the International Securities Exchange and the Chicago Climate Exchange. 28, 2006 and approved by the Securities and Exchange Commission on July 26, 2007, became effective today, July 30, 2007.įINRA will conduct the regulatory oversight of more than 5,000 securities firms and 666,000 registered representatives. The consolidation, which was announced on Nov. FINRA was created through the consolidation of NASD and the member regulation, enforcement and arbitration operations of the New York Stock Exchange. Washington, DC and New York, NY - The Financial Industry Regulatory Authority (FINRA) today announced that it has commenced operations as the largest non-governmental regulatory organization for securities brokers and dealers doing business in the United States.

Mediacenter 2007