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← Series 79: Section 4
Series 79 practice questioneasySRO Oversight Structure

Which self-regulatory organization (SRO) has primary oversight responsibility for the conduct of broker-dealers and their associated persons engaged in investment banking activities?

  1. AThe Federal Reserve Board
  2. BThe Municipal Securities Rulemaking Board (MSRB)
  3. CThe Public Company Accounting Oversight Board (PCAOB)
  4. DFINRA (Financial Industry Regulatory Authority)✓ Correct answer
Explanation

Why D — FINRA (Financial Industry Regulatory Authority)

FINRA is the primary SRO responsible for regulating broker-dealers and their associated persons, including those engaged in investment banking activities. FINRA writes and enforces rules governing the securities industry, examines firms for compliance, and has the authority to impose disciplinary sanctions. While the MSRB oversees municipal securities activities and the PCAOB oversees public company auditors, FINRA has the broadest jurisdiction over broker-dealer conduct including investment banking functions.

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