Regulatory Notice 16-27
FINRA Announces Changes Relating to Composition, Terms of Members and Election Procedures for the National Adjudicatory Council
The SEC has approved FINRA’s proposed rule change to amend the By-Laws of FINRA Regulation, Inc. (FINRA Regulation By-Laws) to expand the size of the National Adjudicatory Council (NAC) by one member and apply the requirement that the NAC have more Non-Industry Members than Industry Members, lengthen the terms of future NAC members by one year, and update the process used for sending and counting ballots in the event of a contested election to fill vacancies for certain Industry Members.
The revised FINRA Regulation By-Laws are available on FINRA’s website. They take effect on August 11, 2016.
Questions concerning this Notice should be directed to: