If You Want To Employ A Finra Arbitration Attorney You Will Need To Understand The Agency
There are some understandings about FINRA that it will be helpful to clear up before employing a FINRA arbitration attorney
. Occasionally there is confusion regarding whether or not this is a government agency. It actually is a private organization that regulates members according to rules and regulations that are handed down by the Securities and Exchange Commission which is a government agency. The initials FINRA are short for financial industry regulation Authority.
This agency creates its own rules for the regulation of its members. The members that it is charged with regulation often include exchanges as well as brokerage firms. There are organizations that perform similar functions however this one has the most subscribers.
The main reason for this organization's existence is to make sure that its members are functioning in an honest way. This agency is based in the United States. The firms that are regulated by this organization exist across the United States.
The agency has the tools to oversee securities companies that do business with the American people. The agency also operates on the contract from stock exchanges to conduct regulation as well as training and testing of members of the industry. This organization has many other functions that it is important for people engaged in this industry to understand.
This agency exists as a combination of two organizations that existed previously as separate agencies. It currently has a staff of over 3000 people in its employ. The primary reasoning behind the combination of these two other components was that it would increase overall operational efficiency.
Some other reasons exist as to why these separate organizations were combined to form a single agency. Among these reasons for the combination was that money savings would be realized as a result of it. Another motivation was the protection of investors. It was thought that better protections would result from the combination as well. It was also thought that it would be easier to follow one set of regulations as opposed to several.
The annual income brought in by this agency exceeds $1 billion. There are a variety of sources from which this income is obtained. Membership fees constitute one component of this income. Yet another source of income received by this agency is as a result of fines that are imposed on members of this organization who do not comply with its regulations.
These fines can occasionally be very high. Because of this, it is a good idea that firms that subscribe to this organization comply with its regulations. When members do not comply the fines charged can be as high as millions of dollars.
One of the purposes of this authority is its involvement in the arbitration of disputes that occur between brokerage firms and individuals. Before they conduct business with each other, brokerage firms and individuals as expected to sign contracts that allow this authority to functions as an arbitration agent in disputes. Once these contracts are signed the parties are expected to adhere to them.
It is a good idea for people to hire a FINRA arbitration attorney if they are involved in one of these disputes. Previously there was the thought that this authority and the mechanisms it had in place were sufficient protections for individuals engaged in disputes. This however isn't always true. It is a common practice for companies in disputes with individuals to hire attorneys to represent them in these disputes and as such it is advisable that individuals do so.
by: Jenifer Whitmire
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