Financial Industry Regulatory Authority (FINRA)

FINRA funds itself through member-firm fees, examination charges, regulatory fines, and investment income on its reserve portfolio. The Board of Governors' finance committee sets investment policy, with day-to-day management handled by the CFO's office. The reserves are invested conservatively—primarily fixed-income and US Treasury instruments—to provide operational liquidity rather than pursue returns (per public record).

Todd Diganci, as Executive Vice President, CFO, and Chief Administrative Officer, holds financial and investment authority under the board's oversight. Robert Cook, as President and CEO, sets strategic direction. The Board of Governors, chaired by Eric Noll, retains ultimate fiduciary control through its finance and audit committees (per the firm's official communications).

FINRA is a private, not-for-profit corporation that exercises government-delegated regulatory authority under SEC oversight. This hybrid status means it is not taxpayer-funded and does not answer to Congress for budgetary appropriations, but its rulemaking and enforcement actions are subject to SEC approval and constitutional constraints (per public record).

No. FINRA is a regulatory body, not an investment firm. Its balance sheet holds liquid fixed-income reserves and operational real estate, but it does not make direct company investments, fund commitments, or co-investments. Its capital serves operational continuity, not investment returns (per public record).

The SEC is FINRA's ultimate regulator and oversees its operations under the Securities Exchange Act of 1934. FINRA writes its own rules, but every rule must be filed with and approved by the SEC before taking effect. The SEC also reviews FINRA disciplinary actions and can overturn them on appeal (per public record).