Securities and Investments Board
The S.I.B., set up in 1985, replaces the Council for the Securities Industry as the primary statutory body protecting the general interests of the investing public. Its role has been considerably enhanced by the fact that it is to be the principal regulatory body under the new financial services legislation. In this context, it is intended that many of its new statutory powers will be delegated to a series of self-regulatory organizations (S.R.O.s), each acting within a defined sector of the industry and responsible for the regulation of transactions within its own sector. The rules and codes of conduct laid down by each separately authorized S.R.O. will be expected to be of a standard equivalent to those of the S.I.B. itself. One such S.R.O. already in existence is the Stock Exchange. Another is the Financial Intermediaries and Brokers Regulatory Authority (F.I.M.B.R.A.), which was inaugurated in 1986 to replace N.A.S.D.I.M.
Reference: The Penguin Business Dictionary, 3rd edt.