Aug. 01, 2022
August 1, 2022 This rule proposal basically grants FINRA an even bigger monopoly (or cartel may be a more apt description) as a non-governmental body that is not subject to FOIA requests, nor any true oversight. Technically the SEC does oversee FINRA but the SEC audits of FINRA examinations do not yield any substantial findings ever (or at least any that result in disciplinary action for the FINRA regulators, i.e. no one gets canned). At least half the people at FINRA could not pass the exams they require supervisory principals at firms to pass. This is a terrible idea as there should be competition amongst self-regulatory bodies. Alternatively, the SEC could just take over FINRA and regulate both the BD and IA side. If the DOJ wants to litigate anti-trust matters, perhaps they should look in their own back yard.