> Are FINRA truly 'regulators' (with access to state enforcement apparatus)
Pretty much. FINRA writes rules that everyone in the industry has to follow. When you work in securities, you agree to hand FINRA arbitration power over a lot of things. They can fine you and bar you from the industry. They can't press criminal charges, but neither can the SEC.
Pretty much. FINRA writes rules that everyone in the industry has to follow. When you work in securities, you agree to hand FINRA arbitration power over a lot of things. They can fine you and bar you from the industry. They can't press criminal charges, but neither can the SEC.