The Small Firm Advisory Board (SFAB) is an advisory committee established by the NASD Board of Governors in 1998. The SFAB ensures that issues of particular interest and concern to small firms are effectively communicated to and considered by the FINRA Board of Governors. The SFAB reviews and comments on all new and amended FINRA rule proposals, and provides guidance to FINRA staff regarding the potential impact of proposed regulatory initiatives on FINRA's small firms.
The SFAB is comprised of 10 members, five at-large members appointed by FINRA's Board of Governors, and five members elected by the small firms - one member in each of the five FINRA regions. FINRA's three small firm representatives to the Board of Governors serve as ex-officio members of the SFAB. In addition, all SFAB members are affiliated with firms employing no more than 150 registered representatives and are senior executives at their firm.
David M. Sobel (Chair)
Patricia S. Bartholomew
Joseph R.V. Romano
David V. Shields
David W. Wiley, III
Robert Keenan (Ex-Officio)
St. Bernard Financial Services
Kevin A. Carreno (Ex-Officio)
International Assets Advisory, LLC
Kenneth Norensberg (Ex-Officio)