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A comment on FINRA Orders Record Financial Penalties Against Robinhood. Parent comment

Re:FINRA Orders Record Financial Penalties Against Robinhood by murbard2 on Monday July 05, 2021 @04:13AM (#27735650)
They are indeed not a government regulator but, in practice, Federal law does require membership in FINRA for broker-dealers.

See for instance: https://www.law.cornell.edu/cfr/text/17/240.15b7-1

FINRA is the only national securities association.

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