DEFINITION of 'Securities Industry Regulatory Authority - SIRA'

The former name of a regulatory body consisting of the National Association of Securities Dealers and the New York Stock Exchange Regulation. The Securities Industry Regulatory Authority was formed to govern business practices between securities brokers and the investing public. SIRA aims to reduce the cost inefficiencies of these two regulators operating separately.

BREAKING DOWN 'Securities Industry Regulatory Authority - SIRA'

The SIRA name was short lived, eventually changing to the Financial Industry Regulatory Authority, or FINRA. The change was made after complaints were issued regarding the close resemblance SIRA had to the Arabic term "Sirah". Sirah refers to biographical texts about Muhammad, prompting the NASD and NYSE to reconsider the name.

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RELATED FAQS
  1. How does FINRA differ from the SEC?

    With all the financial organizations out there, knowing what they all do can be as complicated as knowing where to invest. ... Read Answer >>
  2. How are asset management firms regulated?

    Find out how the asset management industry is regulated and how those regulations fit within the broader scope of financial ... Read Answer >>
  3. I want to start my own brokerage company, how do I become a member of FINRA?

    Before you read on, note that the Financial Industry Regulatory Authority (FINRA), (previously the National Association of ... Read Answer >>
  4. What does "in street name" mean, and why are securities held this way?

    In almost every instance when you buy or sell securities with a broker, your name is not actually on the stock or bond certificate. ... Read Answer >>
  5. Am I qualified once I complete my FINRA certification exam?

    Even if you have completed your Financial Industry Regulatory Authority or FINRA (previously the National Association of ... Read Answer >>
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