Advisory Committees

FINRA has 16 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.

Compliance Advisory Committee


The Compliance Advisory Committee is composed of the senior compliance officers of FINRA's largest member firms. 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.

Committee Members:

 

Jeremy Bell
J.P. Morgan Securities LLC

Tracy Calder
LPL Financial

Scott Cook
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.

Jeff Horowitz
Pershing LLC

Daniel Kosowsky
Morgan Stanley & Co.

Richard D. Link
Edward Jones

Jim McHale
Wells Fargo Advisors, LLC

Kevin McKay
Barclays Capital Inc.

Howard R. Plotkin
Royal Bank of Canada

Michael Richman
Goldman, Sachs & Co.

Gary Rosen
Citigroup Global Markets Inc.

Lauri Scoran
Jefferies LLC

Charles V. Senatore
Fidelity Investments

FINRA Staff Liaisons:

Chip Jones
Michael Rufino
Bill Wollman

 

Corporate Financing Committee


The Corporate Financing 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

 

District Committees


FINRA District Committees serve an important role in the regulatory process by alerting FINRA to industry trends that could present regulatory concerns. Committee members consult with FINRA on proposed policies and rule changes and serve on disciplinary panels in accordance with FINRA rules. They are called upon to apply their knowledge and expertise of issues facing the securities industry to support FINRA's investor protection mission.

District Committee members are elected by direct nomination based on firm size, and the size and composition of the committees align with the industry representation on the FINRA Board of Governors.

FINRA Staff Liaison:
Chip Jones

 

Economic Advisory Committee


The Economic Advisory Committee (EAC) 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

Jeffrey H. Harris
Kogod School of Business, American University

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

 

Financial Responsibility Committee


The Financial Responsibility 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. It 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.

Alan Maxwell
Non-Industry

John P. Meegan
Hefren-Tillotson, Inc.

John R. Muschalek
Hilltop Securities Inc.

Kristie Paskvan
Mesirow Financial, 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 Liaisons:
Bill Wollman
Susan DeMando

 

Fixed Income Committee


The Fixed Income 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

Mary Beth Findlay
Credit Suisse Securities (USA) LLC

Joseph A. Hemphill III
Regional Brokers Inc.

Eric L. Kriftcher
Bank of America Merrill Lynch

Kristin Maher
Wells Fargo Advisors LLC

Marty Mannion
Headlands Global Markets, LLC

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

Steven R. Rueb
Dorsey & Company, Inc.

Peter R. Sirbu
Ameriprise Financial

Thomas S. Vales
TMC Bonds, L.L.C

FINRA Staff Liaisons:
Cynthia Friedlander
Racquel Russell

 

Independent Dealer/Insurance Affiliate Committee


The Independent Dealer/Insurance Affiliate Committee is composed of individuals representing independent contractor/investment adviser firms that provide comprehensive financial services typically involving non-proprietary products, and individuals from insurance company affiliated broker-dealers. The committee advises FINRA on matters relating to the operation and regulation of these firms and on the distribution of investment products, including sales of registered investment companies, variable annuities and variable insurance products. The committee also updates FINRA on industry trends and regulatory developments.

Committee Members:

 

Aimee Blinder
National Planning Holdings, Inc.

Richard K. Bryant
Capital Investment Group, Inc.

Mari Buechner
Coordinated Capital Securities, Inc.

Scott A. Curtis
Raymond James Financial Services, Inc.

John Doscher
Prudential Financial, Inc.

Ed Forst
Lincoln Investment

Bruce W. Maisel
Western & Southern Financial Group

Kenneth Schindler
Great West Financial

Joseph D. Terry
Signator Investors, Inc.

Steven Toretto
Pacific Life Insurance Company

FINRA Staff Liaison:
Lawrence Kosciulek

 

Investor Issues Committee


The Investor Issues 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.

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

Stephen L. Williams
Retired from the SEC

FINRA Staff Liaisons:
Gerri Walsh
Robert Colby

 

Market Regulation Committee


The Market Regulation 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

R. Cromwell Coulson
OTC Markets Group, Inc.

Daniel C. Farrell
Putnam Investment Management, LLC

Alan Marshall
Luther King Capital

Michael Pagano
Villanova School of Business, Villanova University

Sapna Patel
Morgan Stanley & Co. LLC

Marcelo Riffaud
Barclays Capital Inc.

Daniel B. Royal
Janus Capital Group

Patrick Sheehan
Elevation, LLC

Dede Welles
PDT Partners, LLC

FINRA Staff Liaisons:
Thomas R. Gira
Mark Dorsey

 

Membership Committee


The Membership Committee represents a cross-section of the securities industry and advises FINRA on wide-ranging matters of interest and concern to firms. The committee's responsibilities include, but are not limited to, providing feedback on the impact of current and proposed regulatory requirements; 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:

 

Norman L. Ashkenas
Fidelity Brokerage Services, LLC

Fred Fram
Summit Brokerage Services, Inc.

Jeffrey P. Halperin
Brighthouse Securities

Jesse Hill
Edward D. Jones & Company

James S. Jones
Crews & Associates, Inc.

Winston A. McLaughlin
New York Life Insurance Company

Kevin J. Miller
Securities America, Inc.

Lisa Roth
Tessera Capital Partners, LLC

Donald K. Runkle
Coordinated Capital Securities, Inc.

Claire Santaniello
Pershing, LLC

Paul J. Tolley
Commonwealth Financial Network

FINRA Staff Liaisons:
Daniel M. Sibears
Chip Jones

 

National Adjudicatory Council


The National Adjudicatory Council (NAC) reviews all disciplinary decisions issued by FINRA hearing panels and presides over disciplinary matters that have been appealed to or called for review by the NAC. The NAC also reviews statutory disqualification matters and considers appeals of membership proceedings and exemption requests.

The NAC comprises 14 members—seven industry members and seven non-industry members. The seven industry members of the NAC include two small firm, one mid-size firm, two large firm and two at-large industry members. Each of the NAC members has an equal vote when considering appeals and other matters.

Committee Members:

 

Norman Ashkenas
Fidelity Brokerage Services, LLC

Evan Jeremy Charkes
Bank of America

Jill E. Fisch
University of Pennsylvania Law School

A. Christine Hurt
BYU Law

Stephen A. Kohn
Stephen A. Kohn & Associates, Ltd.

Elaine H. Mandelbaum
Citi Institutional Clients Group

Robert L. McDonald
J. L. Kellogg School of Management

John P. Meegan
Hefren-Tillotson, Inc.

Joshua D. Rogers
Arete Wealth Management

Robert P. Scales
Retired

John H. Sturc
Retired

C. Thomas Tull
Employees Retirement System of Texas (ERS)

Stephen L. Williams
Retired

Susan Ferris Wyderko
Mutual Fund Directors Forum

FINRA Staff Liaisons:
Alan Lawhead
Gary Dernelle

 

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

 

Operations Advisory Committee


The Operations Advisory 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:

 

Crystal Clifford
LPL Financial

Joseph J. Dattolo
Pershing Trading Services

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

Don Karas
Hilltop Securities Inc.

Jerry McMillan
Deutsche Bank

Kelly Metz
Wells Fargo Advisors

Jim Meyers
Ameriprise Financial

Tom Nicholson
D.A. Davidson & Co.

Matthew Price
Fidelity Capital Markets

Carmine Venezia
Goldman Sachs

Paul Zedlovich
Barclays

FINRA Staff Liaison:
Justin Tubiolo

 

Public Communications Committee


The Public Communications 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

Mike Petty
Edward Jones

Chris Zappala
LPL Financial LLC

FINRA Staff Liaisons:
Tom Pappas

 

Regulatory Advisory Committee


The Regulatory Advisory Committee (RAC) is comprised of one representative from each of FINRA's 11 District Committees. Its primary purpose is to review and provide comment on all major regulatory initiatives and rule proposals prior to being brought before the FINRA Board of Governors.

Committee Members:

 

Blinder, Aimee
National Planning Holdings, Inc.

Christopher Charles
Wulff, Hansen & Co.

Mark Chambers
Thrasher & Chambers, Inc.

Jeffry F. Freiburger
Robert W. Baird & Co. Incorporated

Nancy L. Heffner
Lincoln Investment

Albert Johnson
VALIC Financial Advisors

Kay A. Johnson
National Securities Corporation

Maurya Keating
AXA Advisors, LLC

Nancy Richter
Cutter & Company, Inc.

Paul J. Tolley
Commonwealth Financial Network

Jim R. Webb
Cape Securities Inc.

FINRA Staff Liaisons:
Chip Jones
Patricia Albrecht

 

Small Firm Advisory Board


The Small Firm Advisory Board (SFAB) exists to ensure that issues of particular interest and concern to small firms are effectively communicated to and considered by the FINRA Board of Governors. The SFAB reviews and is apprised of all major regulatory initiatives before they are brought before the FINRA Board. In addition to the SFAB, small firms are also represented through three reserve positions on the FINRA Board. The SFAB comprises ten members – 5 elected and 5 appointed – all senior executives of small firms.

FINRA Staff Liaisons:
Chip Jones
John Veator

 

Uniform Practice Code Committee


FINRA's Uniform Practice Code (UPC) 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