Broker-dealers in the United States are regulated by the Financial Industry Regulatory Authority (FINRA). Although commonly perceived to be a self-regulator, FINRA is not accountable to the industry in the way a self-regulator would be. Nor is it accountable to the public, Congress, the president, or the courts. FINRA’s structure and monopoly status shield it from close oversight.
http://lawprofessors.typepad.com/intfinlaw/2015/02/the-financial-industry-regulatory-authority-not-self-regulation-after-all.html
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