FINRA is the self-regulatory body that resulted from the merger of NASD/NYSE. Basically, they oversee brokers (market "participants"); eg, to complain about a brokerage problem, you complain to FINRA, who can force arbitration (if you can afford it). They are overseen, in turn, by the SEC. The SEC has no powers of criminal enforcement; how they can cooperate with the DOJ.
Al I can say is what brokers and FINRA consider as meeting SEC regs is different from what the investing public and retail traders do. I for one have no idea who might find that FINRA report useful.
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