Match each regulatory entity or self-regulatory organization (SRO) with its specific statutory mandate or jurisdictional authority within the securities industry.
- Financial Industry Regulatory Authority (FINRA)Registers broker-dealers and associated persons, conducts compliance examinations, and disciplines members for rule violations.
- Municipal Securities Rulemaking Board (MSRB)Creates rules for municipal securities firms and municipal advisors, but lacks statutory authority to enforce its own rules.
- Federal Reserve Board (FRB)Establishes margin credit limits for securities purchases under Regulation T and oversees national monetary policy.
- State Securities Regulators (NASAA Members)Enforces state-level 'Blue Sky' laws governing intra-state broker-dealer licensing and local securities offerings.
Cevap
FINRA matches with member broker-dealer registration and enforcement; MSRB matches with municipal rulemaking without enforcement power; Federal Reserve Board matches with Regulation T margin authority; State Securities Regulators match with Blue Sky law enforcement.
FINRA operates as the primary SRO for broker-dealers with full examination and enforcement powers. The MSRB writes rules for municipal securities but cannot enforce them. The FRB sets Regulation T margin requirements for credit extension. State Securities Regulators enforce local state-level Blue Sky laws.
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Anahtar Kavram
Division of regulatory authority among federal agencies, SROs, and state administrators