The Financial Industry Regulatory Authority (FINRA), otherwise known as the Financial Industry Regulatory Authority, Inc., is the largest independent regulator for all securities firms doing business in the United States. It is an independent, not-for-profit organization founded in 2007 to protect investors. Its mission is to protect investors by ensuring that the securities industry operates fairly and honestly.

FINRA's primary activities include regulating transactions, conducting examinations of its participating firms, developing standards and regulations, educating the securities industry and the investing public, and enforcing applicable laws, regulations, and rules. Finra has also increased its focus on investor education and investor protection. They are developing programs to gauge investor understanding of the markets and protect investors from fraud and scams.

FINRA's regulatory framework is comprehensive. It includes rules governing advertising, registration and qualification of securities professionals, insider trading, market manipulation,margin loans and other trading activities, and numerous other matters that affect the way securities firms conduct business and serve their customers. FINRA also administers examinations for the securities industry, including the General Securities Representative and Investment Banking Representative exams, as well as a variety of other exams related to the securities industry.

Through its BrokerCheck program,FINRA also serves as a valuable resource for consumers and investors. This program allows investors to research the background and qualifications of securities representatives and their firms to help investors make informed decisions.

Despite its role in protecting investors, FINRA has faced criticism from some. The general criticism is that they do just enough to maintain the public's trust and may ignore potential wrongdoing or sweep it under the rug. There are also concerns that FINRA's monthly disciplinary report does not provide a full picture, as it includes only formal actions and does not take into account informal ones such as cautionary letters.

Overall, FINRA is responsible for keeping the securities industry in check and helping to protect investors. Its regulations emphasize the importance of honesty and integrity in the securities markets and its BrokerCheck program is a helpful tool for investors. Nonetheless, due to the criticism they have faced, FINRA should continue to strive to increase transparency and offer more information on their disciplinary actions to help ensure investor protection.