Securities Industry Regulatory Authority - SIRA
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.