Advisory Committees

FINRA has 15 advisory committees that provide feedback on rule proposals, regulatory initiatives and industry issues. More than 160 industry members and 35 non-industry members serve on these committees. The advisory committees meet in-person or via teleconference typically between two and five times a year.

Capital Acquisition and Placement Broker Committee


The Capital Acquisition and Placement Broker Committee is composed of representatives of current FINRA CAB member firms, firms that qualify for CAB status but have retained full FINRA membership and firms that are not eligible for CAB status under the current definition but have similar business models. The committee advises FINRA on regulatory and public policy issues arising from the activities of member firms that have elected or are considering electing to be capital acquisition brokers (“CABs”). The committee also makes recommendations on new initiatives, new rules and proposed changes to current rules related to CABs.

Committee Members:

Donna DiMaria
Tessera Capital Services, LLC

Leanne Erickson
Eaton Partners, LLC

Fred Floberg
TCC Securities, LLC

Hale Halasy
Cascadia Capital, LLC

Kevin Johnson
Liberty Global Capital Services, LLC

Dom Mazzone
Mazzone & Associates, Inc.

Bob McGroarty
Synergy Capital I LLC

Jessica Pastorino
M&A Securities Group, Inc.

Paul Poggi
Harris Williams & Co.

Michael Quinn
Q Advisors LLC

Patrick Sheehan
Elevation, LLC

Lara Slachta
Bequia Securities, LLC

FINRA Staff Liaisons:
Joseph Savage
John Veator

Membership effective June 1, 2018

Clearing Firm Advisory Committee


The Clearing Firm Advisory Committee is composed of member firm representatives from clearing firms, with introducing firm representatives regularly invited to participate. The committee is a forum for clearing and introducing firms to advise FINRA on issues arising from member firms’ activities relating to the clearance, carrying and settlement of securities, including issues, practices and activities affecting or relating to small member firms, such as their access to clearance and settlement services. The committee also assists FINRA in identifying and promoting best practices regarding clearing and carrying activities and making recommendations regarding FINRA rules relating to the clearance, carrying and settlement of securities. In addition, the committee assists FINRA in identifying and promoting best practices regarding clearing and carrying activities and making recommendations regarding FINRA rules relating to the clearance, carrying and settlement of securities.

Committee Members:

William Brennan
APEX

Al Caiazzo
Wells Fargo Advisors

John Muschalek
Hilltop Securities

Richard O'Brien
National Financial Services LLC

Mark Swenarton
Pershing

Brett Lane Thorne
RBC

FINRA Staff Liaisons:
Chip Jones
Bill Wollman

Membership effective May 30, 2018

Corporate Financing Committee


The Corporate Financing Committee is composed of member firm representatives. The committee advises FINRA on regulatory and public policy issues arising from firms' capital-raising activities, including firms' investment banking services. These services include, but are not limited to underwriting terms and arrangements in public offerings, private placements and distribution of securities of other member firms and affiliates. The committee also advises FINRA on offerings involving corporate equities, debt, closed-end investment companies, real estate investment trusts and direct participation programs, and on issues arising from member firms' research activities.

Committee Members:

Steven Brown
Morgan Stanley

Steven Burwell
Deutsche Bank AG

Leslie K. Gardner
J.P. Morgan

William Hayden
KeyBanc Capital Markets Inc.

Nathan Headrick
Triloma Capital

D. Casey Kobi
Barclays

Patrick J. Moran
Goldman Sachs & Co.

Chris Walmsley
RBC Capital Markets, LLC

Thomas W. Yang
Bank of America Merrill Lynch

FINRA Staff Liaisons:
Joseph E. Price
Paul Mathews

Membership effective June 1, 2018

Economic Advisory Committee


The Economic Advisory Committee (EAC) is composed of economic and finance experts with a wide range of expertise, including banking, credit markets, market structure, international finance and behavioral economics. The committee advises FINRA on academic research and macroeconomic developments that may impact its regulatory programs. EAC members present original research and discuss economic developments to better inform FINRA initiatives.

Committee Members:

Michael Goldstein
F.W. Olin, Graduate School of Business, Babson College

Charles M. Jones
Columbia Business School, Columbia University

Albert “Pete” Kyle
Robert H. Smith School of Business, University of Maryland

Craig M. Lewis
Owen Graduate School of Management, Vanderbilt University

Andrew W. Lo
Sloan School of Management, MIT

Jonathan R. Macey
Yale Law School, Yale University

Guy Moszkowski
Autonomous Research USA

Gideon Saar
Johnson Graduate School of Management, Cornell University

Gary H. Stern
Federal Reserve Bank of Minneapolis

Heather E. Tookes
Yale School of Management, Yale University

Ingrid M. Werner
Fisher College of Business, The Ohio State University

Richard Christopher Whalen
Whalen Global Advisors LLC

David Wyss
Watson Institute for International Relations, Brown University

FINRA Staff Liaison:
Thomas Selman
Jonathan Sokobin

Membership effective June 1, 2018

Financial Responsibility Committee


The Financial Responsibility Committee is composed of member firm representatives. The committee advises and makes recommendations to FINRA primarily about FINRA and the Securities Exchange Commission's rules and policies affecting the financial and operational activities of firms. The committee also provides input on proposed FINRA rules and initiatives, or suggests amendments to existing FINRA rules, related to financial responsibility, clearance and settlement of securities transactions or other operational matters.

Committee Members:

James M. Collins
J.P. Morgan Securities LLC

Brian K. Endres
BTIG LLC

W. Dennis Ferguson
Capital Investment Group, Inc.

Zoe A. Hines
Stephens, Inc.

W. Dean Karrash
Burke, Lawton, Brewer & Burke LLC

Andrea Martens
Rabo Securities USA, Inc.

John P. Meegan
Hefren-Tillotson, Inc.

John R. Muschalek
Hilltop Securities Inc.

Mark Ramler
Grant Thornton LLP

Jeffrey J. Sheftic
Capital One Investing, LLC

Anthony G. Simone
RenCap Securities Inc.

Don Skrdlant
Roth Capital Partners, LLC

FINRA Staff Liaison:
Bill Wollman

Membership effective June 1, 2018

Fixed Income Committee


The Fixed Income Committee is composed of member firm representatives. The committee advises and makes recommendations to FINRA about regulatory initiatives, rules and policies and public policy issues involving debt securities, including municipal securities and municipal advisory activity. The committee addresses a broad range of issues concerning fixed income transactions, fixed income market participants, transaction reporting, transparency and pricing, suitability, advertising and disclosure, debt mark-ups and commissions, conflicts of interest, debt research, and training and supervision of persons engaged in debt securities business activities.

Committee Members:

Rick Agster
Raymond James & Associates, Inc.

Ronald P. Bernardi
Bernardi Securities, Inc.

Matthew M. Boardman
RBC Wealth Management

Ted Bragg
Nasdaq

Amber E. Crouch
Crews & Associates, Inc.

Michael G. Haire
LPL Financial

Joseph A. Hemphill III
Regional Brokers Inc.

Kristin Maher
Wells Fargo Advisors LLC

Marty Mannion
Headlands Global Markets, LLC

Steven F. Rueb
Dorsey & Company, Inc.

Peter R. Sirbu
Ameriprise Financial

William J. Vulpis
ICE BondPoint

FINRA Staff Liaisons:
Cynthia Friedlander
Racquel Russell

Membership effective June 1, 2018

Investor Issues Committee


The Investor Issues Committee is composed of subject matter experts, including academics, consumer advocates, former securities regulators, institutional investors and individuals affiliated with non-broker-dealer asset management firms. The committee advises FINRA staff on matters that significantly affect individual and institutional investors, including proposed rulemaking, policy initiatives and other issues, and to help inform FINRA's economic analysis from the perspective of investors. In addition, the committee routinely reviews rule proposals and regulatory initiatives before they are brought before the FINRA Board.

Committee Members:

Roger Ganser
NAIC/BetterInvesting

Lawrence Greenberg
The Motley Fool Holdings, Inc.

Catherine Heron
Retired from Capital Research and Management Co.

Fred Joseph
Retired from Colorado State Securities Division

Richard G. Ketchum
Retired from FINRA

Mark J. Ready
Wisconsin School of Business

Barbara Roper
Consumer Federation of America

Paul Roye
Capital Research and Management Co.

Nancy M. Smith
AARP

Tom Tull
Employees Retirement System of Texas

Stephen L. Williams
Retired from the SEC

FINRA Staff Liaisons:
Gerri Walsh
Robert Colby

Membership effective June 1, 2018

Large Firm Advisory Committee


The Large Firm Advisory Committee is composed of the senior compliance officers of FINRA's largest member firms. The committee routinely reviews rule proposals and regulatory initiatives before they are brought before the FINRA Board. In addition, the committee advises FINRA regarding the effect of current and proposed securities rules and regulations—including FINRA rules—on members engaged in retail and institutional brokerage and investment banking activities. The committee also assists FINRA in identifying and promoting best practices regarding broker-dealer compliance activities.

Barbara Armeli
The Charles Schwab Corporation

S. Chad Estep
E*Trade Securities LLC

Gloria Greco
Merrill Lynch, Pierce, Fenner & Smith Incorporated

Sharyn Handelsman
UBS Financial Services Inc.

Daniel Kosowsky
Morgan Stanley & Co.

MaryAnn Lamendola
J.P. Morgan Securities, LLC

Richard D. Link
Edward Jones

Jim McHale
Wells Fargo Advisors

Kevin McKay
Barclays Capital Inc.

Michael Richman
Goldman, Sachs & Co.

Gary Rosen
Citigroup Global Markets Inc.

Lauri Scoran
Jefferies LLC

Charles V. Senatore
Fidelity Investments

Kevin Taylor
BNY Mellon/Pershing Clearing Division

FINRA Staff Liaisons:
Michael Rufino
Bill Wollman

Membership effective June 1, 2018

Market Regulation Committee


The Market Regulation Committee is composed of industry and non-industry representatives. The committee advises FINRA on market regulation and trading issues. The committee provides input and perspective on proposed rule changes and other initiatives relating to quotations, executions, equity trade reporting, short sales and trading practices. Committee members also provide input on the administration of various FINRA market regulation and trade reporting systems, such as the Trade Reporting Facilities, the Order Audit Trail System and the Alternative Display Facility, as well as national market system plans. Committee members may also serve on FINRA hearing panels that hear issues related to market regulation and trading.

Committee Members:

Scott W. Anderson
UBS Securities LLC

Daniel C. Farrell
Putnam Investment Management, LLC

Scott Kloin
Citadel Securities

John C. Knight
Archipelago Trading Services, Inc. & Archipelago Securities, LLC

David Lauer
Mile 59

Michael Pagano
Villanova School of Business, Villanova University

Sapna Patel
Morgan Stanley & Co. LLC

Daniel B. Royal
Janus Capital Group

Patrick Sheehan
Elevation, LLC

Dede Welles
PDT Partners, LLC

FINRA Staff Liaisons:
Thomas R. Gira
Chelsea Woizesko

Membership effective June 1, 2018

Membership Committee


The Membership Committee represents a cross-section of the securities industry, including representatives from medium-size member firms and member firms that are independent dealers or are affiliated with insurance companies. It routinely reviews rule proposals and regulatory initiatives before they are brought before the FINRA Board. In addition, the committee's responsibilities include, but are not limited to, providing insight on industry trends, issues and needs regarding regulatory compliance; assistance in identifying and promoting sound compliance practices; advice on FINRA's regulatory systems; and ideas for compliance offerings and educational programs to meet firm needs.

Committee Members:

Richard K. Bryant
Capital Investment Group, Inc.

Mari Buechner
Coordinated Capital Securities, Inc.

Tracy Calder
LPL Financial

Scott Curtis
Raymond James Financial Services, Inc.

Joe Fleming
Ameriprise Financial

Fred Fram
Summit Brokerage Services, Inc.

Jeffrey P. Halperin
Brighthouse Securities

James S. Jones
Crews & Associates, Inc.

Bruce Maisal
Western & Southern Financial Group

Donald K. Runkle
National Securities Corporation.

Kenneth Schindler
Great West Financial

Joseph D. Terry
Signator Investors, Inc.

Paul J. Tolley
Commonwealth Financial Network

Membership effective June 1, 2018

National Arbitration and Mediation Committee


The National Arbitration and Mediation Committee (NAMC) makes recommendations to FINRA regarding recruitment, qualification, training, and evaluation of arbitrators and mediators. The NAMC also makes recommendations on rules, regulations and procedures that govern the conduct of arbitration, mediation, and other dispute resolution matters before FINRA.

The NAMC members include investors, securities industry professionals and FINRA arbitrators and mediators. A majority of the NAMC members and its chair are non-industry representatives. This diverse composition ensures a neutral approach in the administration of Dispute Resolution's forum, promoting fairness to all parties.

FINRA Staff Liaisons:
Rick Berry
Ken L. Andrichik

Membership effective June 1, 2018

Operations Advisory Committee


The Operations Advisory Committee is composed of member firm representatives. The committee advises FINRA on securities industry operational trends and their potential impact on products, controls and regulation. The committee also provides input on the potential effect proposed FINRA rules may have on the industry particularly with respect to the cost and impact of implementation from an operational and technology perspective. The committee advises FINRA on global clearance, settlement, data standards and other back office issues and provides insights on the impact to the industry in relation to systems managed by the Market Operations business unit, including but not limited to the Alternative Display Facility and Trade Reporting and Compliance Engine (TRACE).

Committee Members:

Kelly Bell
Hilltop Securities

Chuck Del Gatto
J.P. Morgan

Robert D. Doll
Hilliard Lyons

Christopher Haines
Edward Jones

Clifford P. Haugen
Burke Lawton Brewer & Burke

Joseph Iraci
TD Ameritrade

Mohan Iyer
Mesirow Financial, Inc.

Kelly Metz
Wells Fargo Advisors

Ram Nagappan
Pershing

Tom Nicholson
D.A. Davidson & Co.

Anthony Palo
Barclays

Matthew Price
Fidelity Capital Markets

Lisa Ragghianti
Vining Sparks

David Schafer
PNC

Carmine Venezia
Goldman Sachs

FINRA Staff Liaison:
Justin Tubiolo

Membership effective June 1, 2018

Public Communications Committee


The Public Communications Committee is composed of member firm representatives. The committee advises FINRA on matters regarding proposed changes, interpretive guidance and the implementation of FINRA rules governing member communications with the public, including communications concerning registered investment companies and variable insurance products, and informs the FINRA staff on matters concerning emerging communications technologies.

Committee Members:

Stephen Bard
Wells Fargo Advisors

Shayna Beck
The Vanguard Group

Ken Cieprisz
Legg Mason Investor Services, LLC

Alexander C. Gavis
Fidelity Investments

Ken Gorvetzian
American Funds Distributors, Inc.

Erica Green
Foliofn, Inc.

Jennifer Grego
Morgan Stanley Wealth Management

Ted Newton
MML Investors Services, LLC

Danielle Nicholson Smith
T. Rowe Price

Mike Petty
Edward Jones

Danielle Nicholson Smith
T. Rowe Price

Chris Zappala
LPL Financial LLC

FINRA Staff Liaison:
Tom Pappas

Membership effective June 1, 2018

Small Firm Advisory Committee


The Small Firm Advisory Committee (SFAC) is composed of ten members – 5 elected and 5 appointed – all senior executives of small firms. It exists to ensure that issues of particular interest and concern to small firms are effectively communicated to and considered by FINRA. The SFAC also routinely reviews rule proposals and regulatory initiatives before they are brought before the FINRA Board of Governors.

You may contact SFAC members directly by visiting the Small Firm Advisory Committee web page.

Committee Members:

Cathy Cucharale
M. Griffith Investment Services

Allan Goldstein
Trade Informatics

Robert Hamman
First Asset Financial, Inc.

Wendy Lanton (Chair)
Lantern Investments

Shawn McLaughlin
McLaughlin Ryder Investments, Inc.

Gil Mogavero
JMP Securities LLC

Linde Murphy
M.E. Allison & Co., Inc.

John Parmigiani
Allied Millennial Partners, LLC

Paige W. Pierce
Larimer Capital Corporation

Jim Williams
Financial Telesis Inc.

Stephen Kohn (Ex-Officio)
Stephen A. Kohn & Associates, LTD.

Robert Muh (Ex-Officio)
Sutter Securities, Inc.

Joseph R.V. Romano (Ex-Officio)
Romano Brothers & Co.

FINRA Staff Liaisons:
Chip Jones
John Veator

 

Membership effective June 1, 2018

Uniform Practice Code Committee


FINRA's Uniform Practice Code (UPC) Committee is composed of member firm representatives. The committee advises and makes recommendations to FINRA on issues relating to the UPC and over-the-counter (OTC) market trading, processing and operations. For example, the committee considers issues related to the clearance and settlement of OTC securities transactions, FINRA's Rule Series on Clearly Erroneous Transactions, and UPC corporate actions processing issues.

Committee Members:

Steven P. Dapcic
Pershing

W. Dennis Ferguson
Capital Investment Group

John P. Meegan
Hefren-Tillotson, Inc.

John R. Muschalek
Hilltop Securities

John Nicholas
SG Americas Securities, LLC

Christy Oeth
Virtu Americas LLC

Jeffrey J. Sheftic
Capital One

Tom Wirtshafter
American Portfolios

FINRA Staff Liaisons:
Patricia Casimates
Chris Stone

Membership effective June 1, 2018