Advisory Committees
FINRA has 12 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:
Al Caiazzo
Wells Fargo Advisors
Lana Calton
Hilltop Securities Inc.
Bryan K. Jacobsen
APEX Clearing
Richard O'Brien
National Financial Services LLC
Roger L. Shaffer
Correspondent Clearing Intl FCStone Inc.
Jeffrey N. Sime
AXOS Clearing LLC
Mark Swenarton
Pershing
Brett Lane Thorne
RBC
FINRA Staff Liaisons:
Kayte Toczylowski
Bill Wollman
Membership effective June 11, 2020
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
Erin J. Curtiss
Credit Suisse Securities (USA) LLC
Samson M. Frankel
Citigroup Global Markets Inc.
Leslie K. Gardner
J.P. Morgan
D. Casey Kobi
Barclays
Patrick J. Moran
Goldman Sachs & Co.
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 11, 2020
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 Berman
Citadel Securities
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
S. C. 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:
Jonathan Sokobin
Membership effective June 11, 2020
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 and Bayridge Securities, LLC
W. Dennis Ferguson
Capital Investment Group, Inc.
Zoe A. Hines
Stephens, Inc.
Michael Joseph Lyons
National Financial Services
Fidelity Brokerage Services
Andrea Martens
Rabo Securities USA, Inc.
John P. Meegan
Hefren-Tillotson, Inc.
John R. Muschalek
Hilltop Securities Inc. and Hilltop Securities Independent Network Inc.
Mark Ramler
Grant Thornton LLP
Jeffrey J. Sheftic
Lincoln Financial Group
Anthony G. Simone
RenCap Securities Inc.
Don Skrdlant
Roth Capital Partners, LLC
FINRA Staff Liaison:
Bill Wollman
Membership effective June 11, 2020
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:
Jacqueline Beauprez
D.A. Davidson Companies
Mark Borrelli
Huntington Securities, Inc.
Ted Bragg
Nasdaq
A. Brad Busscher
Incapital, LLC
Amber E. Crouch
Crews & Associates, Inc.
Angelique David
Ziegler
Johanna Frebes
KeyBanc Capital Markets Inc.
Steven Genyk
UBS Financial Services Inc.
Michael G. Haire
LPL Financial
Lucy W. Hooper
Davenport & Company
Chris Kendall
Charles Schwab & Co. Inc.
Robert Lewis III
PMA Securities, LLC
Marjan Quadir
Citigroup Capital Markets Inc.
FINRA Staff Liaisons:
Cynthia Friedlander
Racquel Russell
Membership effective June 11, 2020
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
Fred Joseph
Former President of NASAA
Christine Lazaro
School of Law
St. John’s University
Mark J. Ready
Wisconsin School of Business, University of Wisconsin
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 11, 2020
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
Carrie Lynn Chelko
Fidelity Brokerage Services, LLC
Kristen Dugan
Merrill Lynch, Pierce, Fenner & Smith Inc.
Mary Beth Findlay
Credit-Suisse Securities (USA), LLC
Jennifer A. Grego
Morgan Stanley Smith Barney
Richard D. Link
Edward Jones
Stephanie Peters Mumford
T. Rowe Price Investment Services, Inc.
John O'Connell
Goldman Sachs & Co., LLC
Edvard Olsen
Barclays Capital Inc.
Gary Rosen
Citigroup Global Markets Inc.
Lauri Scoran
Jefferies LLC
David Williams
Wells Fargo Clearing Services, LLC
FINRA Staff Liaisons:
Kayte Toczylowski
Patricia Albrecht
Membership effective June 11, 2020
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:
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
Marco Palomba
Deutsche Bank Securities, Inc.
Richard Wallace
LPL Financial, LLC
Dede Welles
PDT Partners, LLC
FINRA Staff Liaisons:
Jon Kroeper
Christopher Moraitis
Membership effective June 11, 2020
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.
Katrina A. Carroll
LPL Financial, LLC
Scott Curtis
Raymond James Financial Services, Inc.
Joe Fleming
Ameriprise Financial
Fred Fram
Summit Financial Networks
Christine Frederick
MML Investors Services, LLC
Jeffrey P. Halperin
Brighthouse Securities, LLC
James S. Jones
Crews & Associates, Inc.
Bruce Maisel
Western & Southern Financial Group
Seth Miller
Cambridge Investment Research, Inc.
Donald K. Runkle
National Securities Corporation.
Kenneth Schindler
Empower Retirement
Paul J. Tolley
Commonwealth Financial Network
Gwen Weithaus
Northwestern Mutual Investment Services, LLC
FINRA Staff Liaisons:
Kayte Toczylowski
Patricia Albrecht
Membership effective June 11, 2020
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, 2019
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:
Carlos Barrientos Serrano
Invex, LLC
Rick Dahl
Sorrento Pacific Financial, LLC
Jay Gettenberg
Sidoti & Company, LLC
Earle Hollister
St. Germain Securities, Inc.
Trinity Lee
Heim, Young & Assoc.
Nathan Lewis
Security Capital Brokerage
Stephen Mack
Mack Investment Securities
Jessica Pastorino
M&A Securities Group, Inc.
Jennifer Szaro (Chair)
XML Securities, LLC
Carrie Wisniewski
Bridge Capital Associates, Inc.
Wendy Lanton (Ex-Officio)
Lantern Investments
Linde Murphy (Ex-Officio)
M.E. Allison & Co., Inc.
Paige Pierce (Ex-Officio)
McLaughlin Ryder Investments, Inc.
FINRA Staff Liaisons:
Kayte Toczylowski
Patricia Albrecht
Membership effective January 1, 2021
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
TD Ameritrade Clearing
John P. Meegan
Hefren-Tillotson, Inc.
Kelly Metz
Wells Fargo Advisors
Tom Nicholson
D.A. Davidson & Co.
Anthony Palo
Barclays
Matthew Price
Fidelity Capital Markets
Jeffrey J. Sheftic
Lincoln Financial Group
FINRA Staff Liaisons:
Patricia Casimates
Chris Stone
Membership effective June 11, 2020