AThe Financial Industry Regulatory Authority, aka FINRA, is a non-profit Delaware corporation. It was formed in 2007 by the combination of the National Association of Securities Dealers, Inc. and the regulatory arm of the New York Stock Exchange, Inc. FINRA is a self regulatory organization that primarily regulates securities broker-dealers.
Professor Benjamin P. Edwards recently reported that a complaint has been filed in Florida challenging the constitutionality of FINRA. The lawsuit filed by two broker-dealers alleges:
The plaintiffs are seeking, among other things, declaratory and injunctive relief.
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