Definition of Independent Regulators vs. Self-Regulating Orgs

[apuity]

Hello,
I am really confused by the definitions and I keep on getting their definitions wrong on Finquiz. The main issue is that some independent regulators are SROs, and some SROs are independent regulators…
My current understanding is that:
1. Indepdent Regulators receive government recognition (but no government funding)
2. SROs are powered by their members.
3. An organization is both independent AND SRO if they receive government recognition AND are powered by members.
Are the above definitions correct?

 

[Yayyywork]

I believe that is correct, also dont bank too heavily on Finquiz. There are a lot of errors and horribly worded questions in their stuff.