finra

FINRA

For Release:
Contact:

August 13, 2012
Nancy Condon (202) 728-8379

 

 

Firms Elect Three Industry Governors to FINRA Board of Governors

WASHINGTON — The Financial Industry Regulatory Authority (FINRA) today announced the results of voting that took place at its 2012 Annual Meeting today in Washington, DC. In accordance with FINRA By-Laws, firms elected three Governors, one from among the small firms, one from among its mid-size firms and one from among the large firms. These three newly elected Governors begin their terms immediately. Governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.

 

Governors Elected

  • Small Firm Governor: Kevin Carreno, General Counsel, International Assets Advisory, LLC
  • Mid-Size Firm Governor: W. Dennis Ferguson, Executive Vice President and Director of Clearing, Sterne, Agee & Leach, Inc.
  • Large Firm Governor: Seth H. Waugh, Chief Executive Officer, Deutsche Bank Americas

 

Governors Re-Appointed
Three individuals were also recently re-appointed to the Board, including two public members.

  • Independent Dealer/Insurance Affiliate: Mark Casady, Chairman and CEO, LPL Financial
  • Public Governors: Richard S. Pechter, retired, and Joel Seligman, President, University of Rochester

 

FINRA is overseen by a 22-person Board of Governors, with 11 seats held by Public Governors and 10 by Industry Governors. FINRA's CEO has the remaining seat. 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 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.