Which regulatory body administers the FINRA Series 86 exam?

The Financial Industry Regulatory Authority (FINRA) is the organization responsible for administering the FINRA Series 86 exam. This exam is specifically designed for research analysts in the securities industry, focusing on the knowledge necessary to analyze investment opportunities and provide investment recommendations based on research. FINRA, as a self-regulatory organization, ensures that market participants adhere to established standards and regulations.

In terms of the context within the financial regulatory landscape, the SEC primarily oversees broader securities regulations, the Federal Reserve focuses on monetary policy and bank regulation, and the CFTC regulates the futures and options markets. Their roles do not encompass the administration of the Series 86 exam, underlining the specific function that FINRA serves in certifying research analysts.