The securities industry is generally regulated by a combination of federal and industry regulation and oversight. The Financial Industry Regulatory Authority (FINRA), a self-regulatory organization, is responsible for regulating securities firms doing business with the public in the U.S. The Securities and Exchange Commission (SEC) oversees FINRA's operations and programs. This report (1) assesses SEC's implementation of a risk-based framework for overseeing FINRA; (2) reviews SEC oversight activities of FINRA operations; and (3) assesses recent inspections of areas listed in Section 964 of the Dodd-Frank Act, which mandates a triennial review on aspects of SEC's oversight of FINRA. Figures. This is a print on demand report.