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May 2023 Board Update

During its May 17 and 18 meeting, the FINRA Board of Governors appointed new public governor Lisa Fairfax, approved FINRA’s 2022 Annual Financial Report and appointed new members to FINRA Advisory Committees.

May 25, 2023

The FINRA Board of Governors held its second meeting of the year last week, and I am pleased to share some updates from our discussions.

The Board appointed Presidential Professor and Co-Director of the Institute for Law & Economics at the University of Pennsylvania Lisa Fairfax as its newest public governor. Lisa’s long history of leadership combined with her deep expertise in securities law and familiarity with FINRA will make her an effective voice for investors and an ideal fit for our Board. We look forward to working closely with Lisa as we continue our mission of protecting investors and promoting market integrity.

The Board also approved FINRA’s 2022 Annual Financial Report. Reinforcing our commitment to transparency, FINRA publishes an Annual Financial Report each year in accordance with U.S. generally accepted accounting principles that describes how we manage our finances to support our mission. We expect to publish the 2022 report this summer.

In addition, the Board appointed new members to FINRA’s Advisory Committees, effective on June 1. These latest appointments follow the Board’s 2021 decision to apply term limits for Advisory Committee membership—upon the recommendation of FINRA’s Racial Justice Task Force—to facilitate greater opportunities for those who are interested in serving.

Our next meeting is scheduled for July 2023. More information regarding the Board's operations, including the membership and responsibilities of its committees, is available at


Robert W. Cook