House Panel Questions FINRA’s Self-Regulatory Model

Law360, New York (September 7, 2017, 7:29 PM EDT) -- Financial Industry Regulatory Authority CEO Robert Cook faced tough questions from both sides of the aisle in a congressional hearing Thursday over how his organization, which oversees its broker-dealer members, uses fines and sets regulations and whether the model could use more transparency.

Cook, who joined FINRA as CEO last year, testified Thursday afternoon at a hearing held by the capital markets subcommittee of the House Financial Services Committee. While FINRA is a self-regulatory organization, an association made up of broker-dealer members that sets its own...
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