FINRA Is a Self-Regulatory Organization and Is Entitled to Absolute Immunity when Acting within its Delegated Authority.
FINRA is the primary regulatory body for the broker-dealer industry. It is a self-regulatory organization (“SRO”) authorized under the Securities and Exchange Act. See Sacks v. Securities and Exchange Commission , 648 F.3d 945, 948 (9th Cir. 2011).
As a Retail Investor that has been financial harmed by the unprecedented U3 Halt in the #MMTLP Fiasco, I would like the regulators responsible for overseeing the @SEC and @FINRA, to consider the revision of the immunity rule.