WASHINGTON—FINRA announced today the appointment of Stephen Luparello as a public governor on its Board of Governors.
Stephen Luparello
"Steve’s deep understanding of securities regulation and markets, combined with his experience across the public and private sectors, will be invaluable as the Board continues to help FINRA advance its mission of protecting investors and safeguarding market integrity," said FINRA Board Chair Scott Curtis.
“The Board of Governors plays a crucial role in helping FINRA continuously enhance our effectiveness and efficiency in pursuing our mission,” said FINRA CEO Robert Cook. “I extend my congratulations to Steve, and look forward to his input in helping us move FINRA forward.”
Luparello most recently served as Managing Director and General Counsel of Citadel Securities from 2017 until his retirement in 2022. He was Director of the Securities and Exchange Commission's (SEC) Division of Trading & Markets from 2014 to 2017, where he oversaw policy related to secondary markets and intermediaries.
Prior to the SEC, Luparello was a partner at WilmerHale, specializing in broker-dealer compliance and regulation, securities litigation and enforcement. He previously spent 16 years at FINRA, and its predecessor, the National Association of Securities Dealers. While at FINRA, Luparello held senior regulatory positions, including as Vice Chairman responsible for FINRA's examination, enforcement, market regulation, international and disclosure programs. Luparello also served as Chief of Staff to then-Commodity Futures Trading Commission Chairman Mary Schapiro from 1994 to 1996.
He currently serves as a Public Director and Chairman of the Options Clearing Corporation's Board of Directors. Luparello is also an independent director on the Board of Bloomberg Swap Execution Facility. He has also served on the board of The Depository Trust and Clearing Corporation.
FINRA is overseen by a 22-member Board of Governors, with the majority or 12 seats designated for public members, 10 seats designated for industry members and one seat reserved for FINRA’s CEO. Public governors are appointed by the Board from candidates nominated by the Nominating Committee. They must have no material business relationship with a broker-dealer or a self-regulatory organization. FINRA Governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.
More information regarding the Board's operations, including the membership and responsibilities of its committees, is available at www.finra.org/governance.
About FINRA
FINRA is a not-for-profit organization dedicated to investor protection and market integrity. FINRA regulates one critical part of the securities industry—member brokerage firms doing business in the U.S. 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.