FINRA Expands Regulatory Jurisdiction to NYSE
FINRA and the NYSE Euronext have announced that FINRA will assume all market surveillance and enforcement functions for the New York Stock Exchange, NYSE Arca, and NYSE Amex. NYSE’s enforcement staff of over 200 will transfer to FINRA. NYSE Euronext’s COO Lawrence Leibowitz stated that the move “will strengthen market regulation by consolidating surveillance and enforcement responsibilities across multiple markets into one regulator.” FINRA CEO Richard Ketchum claimed that the organizational shift “will improve investor protection by establishing a unified approach to market oversight.”
OUR TAKE: Beginning with Mary Schapiro’s tenure and now with Richard Ketchum, FINRA has expanded its regulatory and enforcement jurisdiction. Now, it has the NYSE. FINRA has also expressed its intent and desire to regulate retail investment advisers.