As it currently stands, FINRA serves as a self-regulatory organization (SRO) that oversees 4,500 broker-dealerswriting and enforcing rules, examining securities firms, and informing investors, among other duties. But the organization says it can and should be overseeing an even larger swath of financial services, according to the prepared Congressional testimony of Rick Ketchum, FINRA’s chairman and chief executive. Citing a U.S. Securities and Exchange Commission that’s stretched too thin and serious inconsistencies between the ways that broker-dealers and investment advisers are regulated, FINRA on Tuesday told Congress that it should be tasked with more regulatory responsibilities for this specialized sector of Wall Street financial institutions.
‘Enforcement 40’ for 2020
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