The Financial Industry Regulatory Authority (“FINRA”) is projecting that its operating revenue will be approximately $868.9 million, which would be roughly equal to FINRA’s 2019 operating revenue. FINRA does expect revenue from regulatory fees to increase in 2020. Meanwhile, operating expenses are expected to increase by 2.8%. If these projections are accurate, FINRA’s expenses will exceed its operating revenue and FINRA may need to tap into its reserves, which currently sit at $210.2 million.
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