Financial Industry Regulatory Authority (FINRA)
The Financial Industry Regulatory Authority (FINRA) is an organization that has established a set of rules for protecting customer data from compromise. FINRA also promotes controls for detecting cyber threats and mitigating their impact.
Is Complying with FINRA Mandatory?
Compliance with the mandatory for all the following financial entities:
• Broker-dealers
• Capital Acquisition Brokers
• Funding portals (such as crowdfunding platforms)
What are the penalties for not complying with FINRA?
Penalties for not complying with FINRA could include:
Fines
Orders of restitution
Censures
Suspensions
Bars
Expulsions