What is FINRA compliance?

The Financial Industry Regulatory Authority (FINRA) is a self-regulatory nonprofit organization overseen by the U.S. Securities Exchange Commission (SEC), tasked with ensuring fair and transparent operations within the financial markets. It oversees more than 4,200 brokers and brokerage firms, handling billions of transactions daily, and collaborates with the SEC to draft specific regulations. While not a government entity, FINRA plays a critical role in monitoring the stock market, deterring misconduct, and enforcing compliance with rules designed to protect investors. It requires firms to retain electronic records, such as emails, for specified periods and ensures these records are auditable and secure. FINRA's scope includes cybersecurity, regulatory best interest, and customer relationship management, focusing on safeguarding investor data and enhancing market integrity. Additionally, it cooperates with the SEC to maintain a National Market System and a Consolidated Audit Trail for precise and efficient market activity tracking. Through its extensive regulations, FINRA aims to protect both buyers and sellers, promoting transparent financial transactions and data security across the industry.

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