Office address: 1700 K St NW, Washington, DC 20006
Website: finra.org
Year established: 2007 Company type: non-government organization
Employees: 4,200+
Expertise: securities regulation, broker-dealer supervision, market surveillance, enforcement and disciplinary actions, investor education, dispute resolution and arbitration, trade reporting transparency, cybersecurity and fraud detection
Parent company: N/A Key people: Robert Cook (CEO); Robert Colby (chief legal officer); Todd Diganci (CFO); Marcia Asquith (EVP); Ornella Bergeron, Denise Dombay, and Maureen Delaney (SVPs)
Financing status: N/A
The Financial Industry Regulatory Authority (FINRA) is a Washington-based self-regulatory body that supervises more than 3,200 broker-dealers. It enforces rules, monitors trading, and runs tools such as TRACE, BrokerCheck, and the consolidated audit trail. In 2024, it posted $99 million net income and unveiled a crypto education program.
FINRA was officially formed in 2007 through a strategic merger. The National Association of Securities Dealers (NASD) joined forces with the New York Stock Exchange's (NYSE) regulatory division to operate as one.
This created a unified, independent regulator for America's securities industry. The move modernized oversight for a changing market and strengthened investor protections nationwide.
FINRA's story actually began decades earlier, in an era of economic recovery. The NASD registered with the Securities and Exchange Commission (SEC) in 1939. This registration formalized what traders had been doing informally for generations.
Congress had established the SEC in 1934 following the devastating market crash of 1929. Two years later, lawmakers passed the Maloney Act to regulate off-exchange securities trading more effectively.
The NASD spent 68 years evolving to match the changing securities landscape and technology. By the early 2000s, fragmented regulatory oversight became increasingly inefficient for a modern industry.
The 2007 merger created the Financial Industry Regulatory Authority by combining the NASD's institutional knowledge with the NYSE's regulatory expertise. This unified regulator now oversees all brokers and firms across US markets comprehensively.
As 2024 closed, the Financial Industry Regulatory Authority issued substantial penalties against three major firms. These companies faced settlements for sending inaccurate trade information and filing flawed Focus reports. Year-end enforcement actions let both regulators and firms resolve lingering compliance issues cleanly.companies faced settlements for sending inaccurate trade information and filing flawed Focus reports. Year-end enforcement actions let both regulators and firms resolve lingering compliance issues cleanly.
Into 2025, FINRA's Regulatory Oversight Report highlighted three major threats to the industry. Cybersecurity vulnerabilities from third-party technology providers topped concerns alongside AI compliance challenges. Investment fraud schemes also continue to shift as bad actors devise new ways to deceive clients.
FINRA regulates broker-dealers and investment firms in America by combining enforcement with educational resources to protect investors and maintain market integrity:
The Financial Industry Regulatory Authority also addresses emerging threats like cybersecurity risks and artificial intelligence compliance challenges. The organization remains focused on supporting a healthy, trustworthy securities market for all participants.
The Financial Industry Regulatory Authority reports that investor protection and market stability form the core of its mission. The regulator values its employees and delivers market-rate compensation with benefits such as:
The Financial Industry Regulatory Authority also says that it does not discriminate in hiring based on disability, veteran status, and other protected classifications under federal, state, and local law. It complies with 41 CFR regulations protecting disabled individuals and veterans.
Robert W. Cook is the Financial Industry Regulatory Authority's president and CEO, with prior experience directing the SEC's trading and markets division. Before FINRA, Cook was a partner at a law firm in Washington. His education includes a JD from Harvard Law School, a master's degree from the London School of Economics, and an undergraduate from Harvard.
The Financial Industry Regulatory Authority's leadership team includes the following key executives:
These executives manage the Financial Industry Regulatory Authority's daily operations while upholding the organization's core mission to protect investors.
FINRA launched a targeted probe into broker-dealers underwriting small foreign company IPOs to combat pump-and-dump schemes. The regulator required detailed supervisory procedures and due diligence records for offerings between January 2023 and September 2025. This enforcement action positions the Financial Industry Regulatory Authority as a proactive market protector against cross-border securities fraud.
The organization also penalized First Trust Portfolios, an ETF provider, in 2025 with a $10 million settlement for excessive gifts to broker-dealer representatives. The violations spanned from 2018 through February 2024 and included luxury courtside tickets and concert events. This enforcement action illustrates FINRA's commitment to preventing investor harm through strict non-cash compensation oversight.
The Financial Planning Coalition confirmed today that it is promoting a new regulatory board that would come under the jurisdiction of the Securities and Exchange Commission and would regulate anyone who offered any type of financial planning services.
Some smaller broker-dealers are weathering tough times by diversifying into the institutional side of the business.
With regulation of the financial planning industry all but a certainty, a coalition of industry groups is cobbling together a proposal to make the Certified Financial Planner Board of Standards Inc. the rule setter and enforcer for the nation's hundreds of thousands of unregulated planners.
The effort is an attempt by the financial planning industry both to legitimize itself as a regulated profession and reverse the growing impetus of the Financial Industry Regulatory Authority Inc., which oversees securities brokers, to expand its domain to planners and advisers.
Investors who are battling Morgan Keegan over the blowup of its bond funds are on a hot streak, with a former Major League Baseball all-star among the recent arbitration winners.
Finra securities arbitration panels have handed investors two huge wins in recent months, but lawyers and industry observers are divided about whether such noticeable awards signal favorably for investors.
John Simmers, one of the most widely respected executives in the independent-contractor brokerage business, is stepping down from the ING Advisors Network. Mr. Simmers, chairman and CEO of the network, told advisers about his decision to retire on a conference call yesterday afternoon.
In one of the single largest securities arbitration awards ever, Merrill Lynch & Co. Inc. has been ordered pay $39.8 million to a group affiliated with the Freemasons.
Scandals in the financial markets over the past several years are the result of enforcement failures and a lack of regulators with industry-specific knowledge, not a need for increased regulation.
The Financial Industry Regulatory Authority Inc. has created the Office of the Whistleblower to expedite the review of “high-risk” tips.
Panelists addressed myriad issues at the annual marketing conference held in New York by NAVA Inc., the Reston, Va.-based variable annuity trade association.
Fears of increased paperwork and disclosures related to Finra's variable annuity suitability rule have been realized, with many firms reporting that they are still overburdened by hair-splitting requirements.
Broker-dealers and registered representatives are being hit by the legal fallout of the historic market collapse.
NYSE regulatory chief Richard Ketchum will be named the new chief executive of Finra, the Wall Street Journal reported today.
