Firms Elect Large-Firm Governor to FINRA Board of Governors
WASHINGTON—The Financial Industry Regulatory Authority (FINRA) announced the results of voting that took place at its Special Meeting on May 19, 2017, to elect one Large-Firm Governor to the FINRA Board of Governors. Andrew S. Duff, Chairman and CEO of Piper Jaffray Companies, was elected as a Large-Firm Governor.
“FINRA will benefit from Andrew’s industry knowledge in advancing our mission of protecting investors and ensuring the integrity of our markets,” said FINRA Chairman John J. Brennan. “We look forward to working with him.”
“Andrew’s deep experience working with institutional and individual investors will be an invaluable asset to our deliberations,” said President and CEO Robert W. Cook. “We look forward to his insights on FINRA’s strategy, programs and operations.”
Duff, who has served as chairman and chief executive officer of Piper Jaffray Companies since the completion of its spin-off from U.S. Bancorp in December 2003, has also served as chairman of the firm’s broker-dealer subsidiary, Piper Jaffray & Co., since 2003, and as chief executive officer since 2000.
Duff has been at Piper Jaffray since 1980, when he joined the institutional fixed income sales department. He was later promoted to manager of institutional sales and trading in 1994, and then served as president of the individual investor services and capital markets areas until 1996. During the time period that Piper Jaffray was owned by U.S. Bancorp (1996 through 2003), Duff served as president of Piper Jaffray and vice chair of U.S. Bancorp for the wealth management group.
He holds a bachelor’s degree in economics from Tufts University in Medford, Mass., and attended the Advanced Executive Program at the Kellogg School of Management at Northwestern University.
Duff previously served on the board of directors of the Securities Industry and Financial Markets Association (SIFMA) and the board of directors of the American Securities Association (ASA). He currently serves on the University of St. Thomas board of trustees and the University of St. Thomas Opus College of Business strategic board of governors.
FINRA is overseen by a Board of Governors, the majority of whom are public. The 10 industry governors include three from large firms, one from medium-size firms, three from small firms, one floor member, one independent dealer/insurance affiliate and one investment company affiliate. FINRA's CEO has the remaining seat. FINRA Governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.
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.