finra

FINRA

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August 14, 2014
Nancy Condon (202) 728-8379

 

 

Firms Elect Two Industry Governors to FINRA Board of Governors, Two New Public Governors Appointed

WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced the results of voting that took place at its 2014 Annual Meeting today in Washington, DC. In accordance with FINRA By-Laws, firms elected two Governors, one from among the small firms and one from among the large firms. FINRA also named two new public Governors to its Board of Governors. Governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.

 

Governors Elected

 

  • Small Firm Governor: Mark Cresap, President and Owner, Cresap, Inc.
  • Large Firm Governor: Gregory J. Fleming, President of Morgan Stanley Wealth Management and President of Morgan Stanley Investment Management.

 

Newly elected, Mr. Cresap will serve as a small firm Governor. Mr. Fleming has served as a large firm Governor for the past two years and was re-elected today to a second term.

 

Governors Appointed

 

Two individuals were named to the Board as public Governors:

 

  • Elisse B. Walter, former Chairman of the SEC
  • Susan Wolburgh Jenah, President and Chief Executive Officer of the Investment Industry Regulatory Organization of Canada (IIROC)

 

FINRA announced the departure of Charles A. Bowsher, James E. Burton, John F.X. Dolan, Harvey J. Goldschmid, Ken Norensberg and Kurt P. Stocker.

 

Richard Ketchum, FINRA Chairman and Chief Executive Officer, said, "Congratulations to the Governors. I welcome our two new public Governors, Elisse Walter and Susan Wolburgh Jenah, as they join this talented and diverse Board of Governors. Elisse and Susan bring an extraordinary knowledge of securities regulation and a steadfast commitment to the interests of investors to FINRA. I look forward to welcoming Mark in his new role as small firm Governor. I also thank Chuck, Jim, John, Harvey, Ken and Kurt for their years of dedication and service to FINRA as they leave the Board."

 

FINRA is overseen by a 24-person Board of Governors, with 13 seats held by public Governors and 10 by industry Governors. FINRA's CEO has the remaining seat. FINRA Governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.

 

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 effective and efficient regulation and complementary compliance and technology-based services. FINRA touches virtually every aspect of the securities business – from registering and educating all industry participants to examining securities firms, writing rules, enforcing those 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 www.finra.org.