finra

FINRA

For Release:
Contacts:

Thursday, October 15, 2009
Nancy Condon (202) 728-8379
Herb Perone (202) 728-8464

 

 

FINRA Announces Two New Members of Board of Governors

Washington, DC — The Financial Industry Regulatory Authority (FINRA) announced today that two new public members have been appointed to its Board of Governors.

 

Gary H. Stern, who recently retired as president of the Federal Reserve Bank of Minneapolis, will fill the term of Sir Brian Corby, who passed away in April. Corby was the retired chairman of Britain's Prudential Corporation, plc.

 

John W. Schmidlin, a current public member of the NYSE Regulation Board, has been chosen to replace Mark Sargent, who resigned his governor's seat this summer.

 

FINRA is overseen by a 23-person Board of Governors, with 11 seats held by Public Governors and 10 by Industry Governors. FINRA's CEO and the CEO of NYSE Regulation comprise the remaining two seats. Large firms, consisting of 500 or more registered persons, and small firms, consisting of 150 registered persons or fewer, each have three seats on the Board. Medium-sized firms — those with 151 to 499 registered persons — NYSE floor members, independent dealer/insurance affiliated firms and investment companies each have one seat.

 

FINRA, the Financial Industry Regulatory Authority, is the largest independent regulator for all securities firms doing business in the United States. FINRA is dedicated to investor protection and market integrity through comprehensive regulation. FINRA touches virtually every aspect of the securities business — from registering and educating all industry participants to examining securities firms; writing and enforcing rules and the federal securities laws; informing and educating the investing public; providing trade reporting and other industry utilities; and administering the largest dispute resolution forum for investors and firms.

 

For more information, please visit our Web site at www.finra.org.