What? My point is that they see themselves as mall cops observing and reporting, not actively regulating behavior. That makes a pretty big difference in efficacy.
What you said was that they often use the word "observe" rather than "regulate," and that this is somehow reflective of the way they do their jobs. That's a purely semantic viewpoint and a ridiculous way to judge the efficacy of any regulator.
In actual fact, they use the term "enforcement action." Here's their report from 2020. See for yourself:
Is that how we're determining efficacy now...? Semantics?
I take it that you like FINRA because of the R in the name.