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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. 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:

Mary Kay Bloomquist
First Clearing

Lana Calton
Hilltop Securities Inc.

Janet M. Dyer
National Financial Services LLC

Rajeev Khurana
APEX Fintech Solutions

Sarah Schneeberger
RBC Wealth Management – U.S.

Joan Schwartz
BNY Mellon/Pershing

Roger L. Shaffer
Correspondent Clearing Intl FCStone Inc.

Gary Wiedman
Axos Clearing LLC

FINRA Staff Liaisons:
Kayte Toczylowski
Bill Wollman

Membership effective June 1, 2022

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:

Erin J. Curtiss
Credit Suisse Securities (USA) LLC

Samson M. Frankel
Citigroup Global Markets Inc.

Leslie K. Gardner
J.P. Morgan

Carlos L. Gonzales
Barclays

Michael Kim
Morgan Stanley

Matthew Leavitt
Goldman Sachs & Co., LLC

David C. Rupert
Griffin Capital Company, LLC

Jeffrey R. Whyte
Jefferies LLC

Thomas W. Yang
Bank of America

FINRA Staff Liaisons:
Joseph E. Price
Paul Mathews

Membership effective June 1, 2022

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:

Gregg E. Berman
Citadel Securities

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

Guy Moszkowski
McKinley & Co.

Gideon Saar
S. C. 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

Membership effective June 1, 2022

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

Zoe A. Hines
Stephens, Inc.

Michael Joseph Lyons
National Financial Services
Fidelity Brokerage Services

Andrea Martens
Rabo Securities USA, Inc.

Jeffrey J. Sheftic
Lincoln Financial Group

Don Skrdlant
Roth Capital Partners, LLC

FINRA Staff Liaison:
Bill Wollman

Membership effective June 1, 2022

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

Jacqueline Beauprez
D.A. Davidson Companies

Cathy Bell
Stern Brothers & Co.

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.

Robert Lewis III
PMA Securities, LLC

Marjan Quadir
Citigroup Capital Markets Inc.

FINRA Staff Liaisons:
Cynthia Friedlander
Adam Kezsbom

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.

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

Shonita Bossier
Presbyterian Foundation

Gina-Gail Fletcher
Duke University School of Law

Christine Lazaro
St. John’s University School of Law

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

Stephen L. Williams
Retired from the SEC

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.

Cynthia Adams
Jeffries LLC

Kristen Dugan
UBS Financial Services, Inc.

Christina B. Dugger
J.P. Morgan Securities, LLC

Jennifer A. Grego
Morgan Stanley Smith Barney

Scott Kursman
Citigroup Global Markets, Inc.

Gail Merken
Fidelity Brokerage Services, LLC

Stephanie Peters Mumford
T. Rowe Price Investment Services, Inc.

John O'Connell
Goldman Sachs & Co., LLC

Michelle Oroschakoff
LPL Financial, LLC

David Piscitelli
Merrill Lynch, Pierce, Fenner & Smith Inc.

KC Waldron
Charles Schwab & Co., Inc.

David M. Williams
Wells Fargo Clearing Services, LLC

FINRA Staff Liaisons:
Kayte Toczylowski
Patricia Albrecht

Membership effective June 1, 2022

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

Jennifer Hadiaris
Cowen

David Lauer
Mile 59

Marco Palomba
BNP Paribas Securities Corp.

Richard Wallace
LPL Financial, LLC

Dede Welles
PDT Partners, LLC

FINRA Staff Liaisons:
Jon Kroeper
Christopher Moraitis

Membership effective June 1, 2022

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:

Mari Buechner
Coordinated Capital Securities, Inc.

Scott Curtis
Raymond James Financial Services, Inc.

Joe Fleming
Ameriprise Financial

Fred Fram
Davenport & Company, LLC

Dori Hammond
FSC Securities Corporation

Cheryl Heilman
Bankers Life Securities, Inc.

Bruce W. Maisel
Western & Southern Financial Group

Seth Miller
Cambridge Investment Research, Inc.

Courtney Reid
MML Investors Services, LLC
MassMutual Financial Advisors

Kenneth Schindler
Empower Financial Services, Inc.

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, 2022

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
Invex, LLC

Wendy Lanton (Ex-Officio)
Herold & Lantern Investments, Inc.

Trinity Lee (Chair)
Heim, Young & Assoc.

Nathan Lewis
Security Capital Brokerage, Inc.

Linde Murphy (Ex-Officio)
M.E. Allison & Co., Inc.

Jessica Pastorino
M&A Securities Group, Inc.

Paige Pierce (Ex-Officio)
Bley Investment Group, Inc.

Jennifer Szaro
XML Securities, LLC

Joseph Terry
CCO Capital, LLC

Carrie Wisniewski
Bridge Capital Associates, Inc.

FINRA Staff Liaisons:
Kayte Toczylowski
Patricia Albrecht

Membership effective January 1, 2022

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

Steven P. Dapcic
Pershing

Christopher Haines
Edward Jones

Joseph Iraci
Robinhood

John P. Meegan
Hefren-Tillotson, Inc.

Tom Nicholson
D.A. Davidson & Co.

Matthew Price
Fidelity Capital Markets

Jeffrey J. Sheftic
Lincoln Financial Group

FINRA Staff Liaisons:
Patricia Casimates
Chris Stone

Membership effective June 1, 2022