FINRA

FINRA, or the Financial Industry Regulatory Authority, refers to a self regulatory body formed in 2007 when the NYSE and NASD merged. FINRA is the principal regulator for securities firms doing business in the United States. According to the FINRA website, FINRA oversees nearly 4,900 brokerage firms, about 173,000 branch offices and approximately 651,000 registered securities representatives. FINRA oversees both the regulation and operation of the NASDAQ and the over the counter (OTC) markets. The organization is managed by a Board comprised of both individual investors and representatives from the securities industry.

SEC Postpones Effective Date of Rule 151A

The Securities and Exchange Commission (SEC) has agreed to a two year "stay" on SEC Rule 151A. SEC Rule 151A is a contentious rule that, from a regulation standpoint, would treat fixed indexed annuities as securities rather than insurance products. The securities regulation would be under FINRA oversight. The stay basically postpones the rule's proposed January 12, 2011 effective date for a period of two years. Source: Wall Street Journal Full Story

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Finra Oversight of Investment Advisors Could Weaken Existing Fiducuiary Standards

The House Financial Services Committee recently approved a proposed amendment to the Investor Protection Act. The amendment has raised concern among many as it would provide the Financial Industry Regulatory Authority (Finra) to broaden its regulatory reach and cover investment advisors who are currently regulated by the SEC. A primary concern is that Finra's relatively weak fiduciary standards would be applied to investment advisors who, at the moment, are subject to higher levels of fiduciary...

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Fiduciary

FINRA

Financial Industry Regulatory Authority

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Standards

Read more about Finra Oversight of Investment Advisors Could Weaken Existing Fiducuiary Standards
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Glossary:

Fiduciary

FINRA

Financial Industry Regulatory Authority

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Standards

Investors Making Some Progress with Financial Crisis-Related Arbitration Claims

Barron's reports that U.S. investors have filed more securities arbitration claims in 2009 than in all of 2008. 4,991 claims have been filed thus far in 2009. Mandatory arbitration--which prevents a case from going straight to court--is essentially the sole recourse for investors who feel they have been harmed by a broker or advisor. The arbitration system is run by Finra, which serves as the self-regulation arm of the securities industry. The overall success rate of securities arbitration...

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Sheryl Moore on Fixed Indexed Annuities and the SEC Proposed Rule 151A

The Securities and Exchange Commission’s (SEC) proposed Rule 151A would change the securities status of indexed annuities from fixed insurance products to registered, securities products.

The proposed rule would have a significant impact on their entire industry landscape. SEC 151A would affect the way in which insurance companies develop...

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