FINRA

FINRA is the self-regulatory organization that supervises US broker-dealers under SEC delegation. For prop-trading affiliates its relevance is narrower than the CFTC’s: FINRA matters when a prop firm partners with a registered broker-dealer for execution or capital introduction (rare in the simulated-evaluation space, more common when a prop firm spins up a live brokerage entity, e.g. Topstep’s TopstepX). Affiliates citing FINRA in a “regulated by” badge should restrict the claim to the specific entity that holds the registration — not the prop firm itself — and reference the broker-dealer’s BrokerCheck record. Loose “FINRA-regulated prop firm” copy is one of the fastest ways to lose disclosure credibility with a reader audience that checks claims.