Advisory Committees
FINRA has 13 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.
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.
Committee Members:
Mary Kay Bloomquist
First Clearing
Lana Calton
Hilltop Securities Inc.
Janet M. Dyer
National Financial Services LLC
Rajeev Khurana
APEX Fintech Solutions
Nancy Newcome
BNY Mellon/Pershing
Sarah Schneeberger
RBC Wealth Management – U.S.
Roger L. Shaffer
Correspondent Clearing Intl FCStone Inc.
Gary Wiedman
Axos Clearing LLC
FINRA Staff Liaisons:
Kayte Toczylowski
Bill Wollman
Membership effective June 1, 2023
Corporate Financing Committee
The Corporate Financing Committee is comprised of senior representatives of member firms. The Committee advises FINRA on regulatory and public policy issues arising from firms' capital-raising activities. Committee members typically have capital markets, investment banking, and legal and regulatory compliance experience and are familiar with underwriting terms and distribution arrangements in public and private securities offerings. The Committee provides FINRA with industry perspectives on offerings of corporate equities, debt, closed-end investment companies, real estate investment trusts and direct participation programs, and related regulatory requirements.
Committee Members:
Darrell Bridgers
Citigroup Global Markets Inc.
Leslie K. Gardner
J.P. Morgan
Kevin T. Gannon
Robert A. Stranger & Co., Inc.
Carlos L. Gonzales
Barclays
Michael Kim
Morgan Stanley
Matthew Leavitt
Goldman Sachs & Co., LLC
Jeffrey R. Whyte
Jefferies LLC
Thomas W. Yang
Bank of America
FINRA Staff Liaisons:
Joseph E. Price
Paul Mathews
Dezaree Kolani
Membership effective June 1, 2023
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:
Brad M. Barber
Graduate School of Management
University of California, Davis
Gregg E. Berman
Citadel Securities
Jeffrey H. Harris
Kogod School of Business
American University
Albert “Pete” Kyle
Robert H. Smith School of Business
University of Maryland
Craig M. Lewis
Owen Graduate School of Management
Vanderbilt University
Marc L. Lipson
Darden Graduate School of Business Administration
University of Virginia
Guy Moszkowski
McKinley & Co.
Pamela Moulton
SC Johnson College of Business
Cornell University
Patrick Pinschmidt
MiddleGame Ventures
Tavy Ronen
Rutgers Business School
Alberto Rossi
McDonough School of Business
Georgetown University
Gideon Saar
SC Johnson Graduate School of Management
Cornell University
Gary H. Stern
Formerly 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
FINRA Staff Liaison:
Jonathan Sokobin
Haimera Workie
Richard Vagnoni
Membership effective June 1, 2023
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:
Brian Beitzel
Transamerica Financial Advisors, Inc.
Amy Emens
PricewaterhouseCoopers (PwC)
Brian K. Endres
BTIG LLC
Michael Joseph Lyons
National Financial Services
Fidelity Brokerage Services
Tom McDonald
Richards, Merrill, & Peterson, Inc.
Don Skrdlant
Roth Capital Partners, LLC
Martha Soto
Investment Placement Group
FINRA Staff Liaison:
Bill Wollman
Membership effective June 1, 2023
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:
Vivian Altman
Janney Montgomery Scott LLC
Cathy Bell
Stern Brothers & Co.
Deborah Bicanic
Hilltop Securities Inc.
Mark Borrelli
Huntington Securities, Inc.
Joanna Brody
Piper Sandler & Co.
A. Brad Busscher
InspereX LLC
Merlin Elsner
Multi-Bank Securities, Inc.
Johanna Frebes
Keybanc Capital Markets Inc.
Gary Hall
Siebert Williams Shank & Co., LLC
Chris Kendall
Charles Schwab & Co. Inc.
Rick Taiano
nabSecurities, LLC
FINRA Staff Liaisons:
Cynthia Friedlander
Lauren Schreur
Industry Diversity Advisory Committee
The Industry Diversity Advisory Committee (IDAC) identifies effective DEI practices at financial services organizations, and provides guidance to FINRA and its members on enhancing diversity, equity and inclusion (DEI) across the financial services industry in support of FINRA’s commitment to mitigate the lack of full participation of underrepresented groups in the financial markets and industry. The IDAC is guided by the belief that its work can augment FINRA’s mission of protecting investors and promoting market integrity in a manner that facilitates vibrant capital markets in which everyone can participate with confidence.
Committee Members:
Yves Denize
Nuveen
Sidney Dillard
Loop Capital
Frank Dobbin
Harvard University
Pepe Finn
Stern Brothers & Co.
Sandra Grannum
Faegre Drinker
Dean Harman
Harman Wealth Management
Sagepoint Financial
Jervis Bennett Hough
Blaylock Van, LLC
Wendy E. John
Fidelity Investments
Seema Mohanty
Mohanty Gargiulo, LLC
Valerie Irick Rainford
Elloree Talent Strategies
Samuel A. Ramirez, Jr.
Samuel A. Ramirez & Co. Inc.
Annie Seelaus
R. Seelaus & Co.
Nadine Mentor Williams
Mentor Holdings & Investments, Inc.
Ex-Officio Committee Member:
Audria P. Lee
FINRA Staff Liaisons:
LaTricia Henderson
Ritta McLaughlin
Jennifer Piorko Mitchell
Kayte Toczylowski
Membership effective September 22, 2022
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:
Robert S. Banks, Jr.
Former President of PIABA and Adjunct Professor, Cornell Law School Securities Arbitration Clinic
Shonita Bossier
Presbyterian Foundation
Gina-Gail Fletcher
Duke University School of Law
Micah Hauptman
Consumer Federation of America
Christine Lazaro
St. John’s University School of Law
Ronald C. Long
Long Life Consulting
Mark J. Ready
Wisconsin School of Business (Emeritus)
University of Wisconsin
Paul Roye
Retired from Capital Research and Management Co.
Nancy M. Smith
AARP
Tom Tull
Retired from the Employee Retirement System
of Texas
Andres Vinelli
Chief Economist, CFA Institute
FINRA Staff Liaisons:
Gerri Walsh
Robert Colby
Membership effective June 1, 2022
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.
Christina B. Dugger
J.P. Morgan Securities, LLC
Lisa M. Francomano
UBS Financial Services, Inc.
Jennifer A. Grego
Morgan Stanley Smith Barney
Kris Guidroz
T. Rowe Price Investment Services, Inc.
Jennifer Kane
Jeffries, LLC
Scott Kursman
Citigroup Global Markets, Inc.
Ryan Lester
Goldman Sachs & Co., LLC
James McHale
Wells Fargo Clearing Services, LLC
Gail Merken
Fidelity Brokerage Services, LLC
Michelle Oroschakoff
LPL Financial, LLC
David Piscitelli
Merrill Lynch, Pierce, Fenner & Smith Inc.
KC Waldron
Charles Schwab & Co., Inc.
FINRA Staff Liaisons:
Kayte Toczylowski
Patricia Albrecht
Membership effective June 1, 2023
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, 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 and Compliance engine (Trace), the Trade Reporting Facilities, as well as national market system plans, such as the Consolidated Audit Trail (CAT) Plan. Committee members may also serve on FINRA hearing panels that hear issues related to market regulation and trading.
Committee Members:
Jonathan Brogaard
David Eccles School of Business, University of Utah
Michal Danziger
Citigroup Global Markets Inc.
Daniel C. Farrell
Putnam Investment Management, LLC
Gary Goldsholle
Charles Schwab & Co., Inc.
Jennifer Hadiaris
Cowen and Company, LLC
Manisha Kimmel
London Stock Exchange Group
David Lauer
Urvin Finance
Cass Sanford
OTC Markets Group
FINRA Staff Liaisons:
Jon Kroeper
Christopher Moraitis
Membership effective June 1, 2023
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:
Michelle Barry
Grove Point Investments, LLC
Joe Fleming
Ameriprise Financial
Dori Hammond
FSC Securities Corporation
Nancy Heffner
Lincoln Investment
Cheryl Heilman
Bankers Life Securities, Inc.
Bruce W. Maisel
Western & Southern Financial Group
Patricia McCallop
Cetera Advisor Networks, LLC
Seth Miller
Cambridge Investment Research, Inc.
Courtney Reid
MML Investors Services, LLC
MassMutual Financial Advisors
Serina Shores
The Huntington Company
Gwen Weithaus
Northwestern Mutual Investment Services, LLC
Daniel Woodring
PFS Investments, Inc.
FINRA Staff Liaisons:
Kayte Toczylowski
Patricia Albrecht
Membership effective June 1, 2023
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
Membership effective June 1, 2022
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. FINRA’s three small firm representatives to the Board of Governors serve as ex-officio, non-voting members of the SFAC.
You may contact SFAC members directly by visiting the Small Firm Advisory Committee web page.
Committee Members:
Erin Baskett
Market Securities, LLC
Carlos Barrientos Serrano (Chair)
Invex, LLC
Wendy Lanton (Ex-Officio)
Herold & Lantern Investments, Inc.
Trinity Lee
Heim, Young & Assoc.
Nathan Lewis
Security Capital Brokerage, Inc.
Linde Murphy (Ex-Officio)
M.E. Allison & Co., Inc.
Janice Parise
Winterflood Securities US Corp.
Paige Pierce (Ex-Officio)
Bley Investment Group, Inc.
Jennifer Szaro
XML Securities, LLC
Joseph Terry
CCO Capital, LLC
Michelle Thomas
WBB Securities, LLC
Carrie Wisniewski
Bridge Capital Associates, Inc.
FINRA Staff Liaisons:
Kayte Toczylowski
Patricia Albrecht
Membership effective January 1, 2023
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:
Kelly Bell
Hilltop Securities
Nicole Brinkerhoff
Tradestation Securities Inc.
Christopher Haines
Edward Jones
Joseph Iraci
Robinhood
Tom Nicholson
D.A. Davidson & Co.
Matthew Price
Fidelity Capital Markets
FINRA Staff Liaisons:
Patricia Casimates
Chris Stone
Membership effective June 1, 2023