Who establishes and updates rules to ensure that member brokers perform their basic functions honestly and fairly?

Regulatory bodies, such as the Financial Industry Regulatory Authority (FINRA) in the United States, establish and update rules to ensure that member brokers conduct their activities honestly and fairly. These organizations set standards for ethical behavior, oversee compliance, and enforce regulations to protect investors and maintain market integrity. Additionally, self-regulatory organizations (SROs) may play a role in monitoring broker practices and implementing necessary updates to rules.