FINRA's Transformation of Member Supervision — Examination and Risk Monitoring Program

During this session, FINRA staff discuss the migration of examination by business model including the firm grouping structure, how the Risk Monitoring and Examination teams coordinate, and what firms can expect going forward.

Launch Conference Panel

FINRA's Transformation of Member Supervision — Examination and Risk Monitoring Program Panelist Bios:

Moderator:

Chip Jones is Senior Vice President of Member Relations and Education for FINRA. In leading the Member Relations and Education Department, Mr. Jones’ responsibilities include maintaining and enhancing open and effective dialog with FINRA member firms. Mr. Jones also oversees FINRA’s Member Education area, which includes FINRA conferences and other member firm educational offerings such as the FINRA Institute at Georgetown for the Certified Regulatory and Compliance Professional (CRCP)^® designation. Prior to joining FINRA, Mr. Jones spent six years as Vice President of Regulatory and Industry Affairs at American Express Financial Advisors (AEFA). Previous to AEFA, he spent two years as Advocacy Administrator for the Association for Investment Management and Research (AIMR). Mr. Jones was employed by the Virginia Securities Division as a senior examiner/investigator prior to joining AIMR.

Speakers:

Ornella Bergeron is Senior Vice President and Firm Group Leader for FINRA member firms assigned to the Diversified and Carrying and Clearing firm groupings. In this capacity, she has responsibility for the Single Points of Accountability and Risk Monitoring Program teams for these firms, which includes the assessment of financial, operational, business conduct, and trading risks. She and her team are also responsible for examination strategy for these firms, as well as coordination with Examination Program Management on the execution of related examinations. Prior to this role, Ms. Bergeron was a Unit Leader in the Risk Oversight and Operational Regulation group of Member Supervision responsible for the regulatory supervision and financial and operational examinations of approximately 200 of FINRA’s largest member firms. She has been with FINRA since its inception in 2007. Prior to joining FINRA, she spent 19 years in the Division of Member Firm Regulation at the New York Stock Exchange in Risk Monitoring management and examination roles. Ms. Bergeron serves on internal committees governing changes to Member Supervision’s Risk Monitoring and Examination programs. She is a member of FINRA’s Diversity Leadership Council and also serves as a FINRA representative on the Large Firm Advisory and Clearing Firm Committees. Ms. Bergeron holds a BBA in Finance from Iona College. 

Joseph Sheirer currently oversees FINRA’s Member Supervision Firm Examination program.  Previously, Mr. Sheirer was the Regional Director of FINRA’s North Region with offices in Boston, Philadelphia and Woodbridge; developed and oversaw FINRA’s national Membership Application Program group; and worked in varying capacities in a number of other FINRA departments including Risk Oversight & Operational Regulation, Continuing Education, Testing, and Qualifications & Registration. Mr. Sheirer is a graduate of Brooklyn Law School and Drew University and is a member of the Bars of the States of New York and New Jersey.

William St. Louis is Senior Vice President and Firm Group Leader for FINRA member firms assigned to the Retail and Capital Markets firm groupings. In this capacity, he has responsibility for the Single Points of Accountability and Risk Monitoring Program teams for these firms, which includes the assessment of business conduct, financial, operational and trading risks. He and his team are also responsible for examination strategy for these firms, as well as coordination with Examination Program management on the execution of related examinations. He also oversees FINRA’s High Risk Representative Program, and FINRA’s Membership Application Program (MAP). Prior to his current role, Mr. St. Louis was the Regional Director for FINRA’s Northeast region, District Director of FINRA’s New York office, and held senior roles in FINRA’s Enforcement Department including serving as the Regional Chief Counsel for FINRA’s North Region. Mr. St. Louis earned an undergraduate degree from Baruch College and a law degree from New York University School of Law. Prior to law school he worked for several years in the Compliance Department of a NY-based broker-dealer.

Timothy Thompson is Senior Vice President in FINRA’s Trading and Financial Compliance Examinations (“TFCE”) group within the Department of Market Regulation. The TFCE group performs examinations related to trading activity of broker-dealers engaged in trading on the U.S. equities and options trading markets. The TFCE group also performs financial and operational examinations of trading firms and fixed income examinations related to reporting obligations and other trading related responsibilities of broker-dealers. Much of the work done by TFCE is performed on behalf of the U.S. securities exchanges, which have an obligation to oversee such activity. Prior to joining FINRA in January 2015, Mr. Thompson served for over 10 years as the Chief Regulatory Officer of the Chicago Board Options Exchange where he oversaw a comprehensive regulatory program consisting of, among others, trading examinations, financial and operational examinations, market surveillance, and insider trading surveillance. The insider trading surveillance was performed on behalf of all U.S. options exchanges. Mr. Thompson also oversaw the Cboe’s regulatory program for the Cboe Futures Exchange during his tenure. Prior to becoming the CRO for Cboe, Mr. Thompson served as the Chief Compliance Officer and General Counsel for Botta Capital Management, the Associate General Counsel for Cboe, and a Branch Chief for the Securities and Exchange Commission in the financial responsibility area of the SEC’s Division of Market Regulation (which is now the Division of Trading and Markets). Mr. Thompson graduated cum laude from the University of Michigan Law School and summa cum laude from the University of Notre Dame.

Resources:

• A Few Minutes with FINRA: Creating a Single, Unified Examination Program – 10/10/2018
• FINRA Examination Program Improvements
• FINRA Unscripted: A Career Highlight: Exam and Risk Monitoring Program Transformation – 12/10/2019