FINRA, the Financial Industry Regulatory Authority, was authorized by Congress to police broker-dealers and to bring disciplinary lawsuits against financial industry members that it believes have violated securities laws. But which securities laws is it authorized to enforce? And which actions exceed its legislative authority? Those are the questions currently pending before a Maryland court in the case of Scottsdale Capital Advisors Corp. et al. v. the Financial Industry Regulatory Authority, brought by an Arizona penny-stock broker.