FINRA
Regulation by government regulators—such as the Securities and Exchange Commission (SEC) and state securities regulators—and by FINRA, a government-authorized not-for-profit regulator, protects investors through rules, supervision and enforcement. Two tenets in particular—disclosure and transparency—form the basis for many individual regulations and requirements and are hallmarks of U.S. securities markets. They're important to understand, as they not only protect investors but lend integrity to markets.