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.
