The Moon orbits the Earth, and the Earth orbits the Sun, and the Sun orbits the center of the Milky Way, which orbits within the Local Group, which is a part of the Virgo Supercluster. The motions of objects in the cosmos act like a set of Russian nesting dolls, with things orbiting things, which orbit other things.he Moon orbits the Earth, and the Earth orbits the Sun, and the Sun orbits the center of the Milky Way, which orbits within the Local Group, which is a part of the Virgo Supercluster. The motions of objects in the cosmos act like a set of Russian nesting dolls, with things orbiting things, which orbit other things.
The Securities and Exchange Commission (the Commission or SEC) regulates investment advisers, primarily under the Investment Advisers Act of 1940 (the Advisers Act), and the rules adopted under that statute (the rules).
A hybrid RIA firm may find itself regulated by both FINRA and the SEC (or relevant states) given that individuals at the firm may be serving as investment adviser representatives of the advisory firm while simultaneously serving as a registered representative of a broker dealer firm.hile FINRA does not regulate RIAs, it does administer the online application and filing system for the registration of investment advisory firms and individual investment adviser representatives.