WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has promoted Susan Schroeder to Executive Vice President and Head of Enforcement. In addition, FINRA plans to consolidate its existing enforcement functions into a new, unified enforcement group led by Schroeder. This consolidation is a result of FINRA360, the organization’s ongoing comprehensive self-evaluation and improvement initiative.
The new unit ultimately will bring together two distinct enforcement teams within the organization – one handling disciplinary actions related to trading-based matters found through Market Regulation’s surveillance and examination programs, and the other handling cases referred from other regulatory oversight divisions including Member Regulation, Corporate Financing, the Office of Fraud Detection and Market Intelligence, and Advertising Regulation.
Under the new structure, Schroeder will report directly to CEO Robert Cook. Detailed planning for the consolidation will begin immediately and will be overseen by a steering committee of senior executives. The committee also will seek input from FINRA’s exchange clients for whom FINRA performs enforcement-related services.
“A vigorous and effective enforcement program is central to FINRA’s mission of protecting investors and promoting market integrity. After careful study, we have determined that this new structure will better enable this critical program to achieve those important goals in the years to come,” said Cook. “Throughout her career at FINRA, Susan has consistently demonstrated deep commitment to protecting investors and to promoting strong, safe markets. We look forward to her leadership as we continue to focus through FINRA360 on further enhancements to our enforcement program, as well as to other aspects of our regulatory programs and operations.”
Schroeder said, “I am honored to lead this newly combined group of talented and dedicated professionals. We all share a commitment to highly effective and efficient regulatory oversight, and this unified structure will improve our ability to streamline investigations, share information, and maximize our resources to protect investors and the markets. I look forward to working with Robert and the rest of FINRA senior management during this exciting change, as part of our ongoing mission to continuously improve.”
Before joining FINRA in 2011, Schroeder was a partner in WilmerHale’s Securities Litigation and Enforcement practice.
Schroeder has been acting Head of Enforcement since the departure of Brad Bennett earlier this year. Previously, she was Senior Vice President and Deputy Chief of Enforcement. Schroeder holds a Juris Doctorate from New York University School of Law, an M.A. from the University of California at Davis, and a B.A. from Georgetown University.
FINRA is dedicated to investor protection and market integrity. It regulates one critical part of the securities industry – brokerage firms doing business with the public in the United States. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit www.finra.org.