Notice of Election and Ballots for FINRA Mid-Size Firm NAC Member Seat
The purpose of this Election Notice is to notify FINRA mid-size firms of a contested election for a mid-size firm seat on the National Adjudicatory Council (NAC) and the distribution of ballots. The two open large firm NAC member seats are not contested; therefore, no election will be held for the large firm seats.
Voting concludes in the NAC mid-size firm seat election on December 15, 2023. Questions regarding this Election Notice may be directed to Jennifer Piorko Mitchell, Vice President and Deputy Corporate Secretary, via email or at (202) 728-8949.
Election of NAC Members
Election Notice 9/25/2023 previously announced the three upcoming vacancies on the NAC, FINRA’s nominees, and the process by which interested individuals could seek petitions in support of their nomination to be included on the ballot.1
Below is the list of candidates who were either nominated by the Nominating and Governance Committee (Nominating Committee) or submitted the requisite number of petitions and were certified by the Corporate Secretary as eligible candidates.
Mid-Size Firm NAC Member Candidates
FINRA Nominating Committee Nominee
• Kim Chapman – Chief Compliance Officer, Berthel, Fisher & Company Financial Services, Inc.
Nominee by Petition
• Gregor Maitland – Chief Risk Officer, Steward Partners Investment Solutions
Profiles of the candidates are included in Attachment A. The elected individual will serve a four-year term beginning in January 2024.
Large Firm NAC Member Seats
FINRA’s Nominating Committee nominated the following individuals to fill the two vacant large firm NAC member seats:
• MaryBeth Findlay – Head of Commercial Banking Compliance, Wells Fargo Securities, LLC
• Scott Kursman – Managing Director and Chief Compliance Officer, Citigroup Global Markets, Inc.
The profiles of the nominees are included in Attachment B. No individual petitioned to contest these seats. Because the large firm seats are uncontested, these nominees will be presented to the FINRA Board of Governors for appointment to four-year terms starting in January 2024.
FINRA mid-size firm members as of the close of business on November 14, 2023, are eligible to vote for candidates running for the mid-size firm NAC seat. The Executive Representative2 of each eligible firm can vote by telephone, internet or U.S. mail. Voting instructions are included in the email sent today from [email protected] and on the hard copies of the ballots that will be mailed to eligible firms later this week.
Voting concludes on Friday, December 15, 2023.
Background on the NAC
The NAC is appointed by the FINRA Board of Governors to review all disciplinary decisions issued by FINRA hearing panels and presides over disciplinary matters that have been appealed to or called for review by the NAC. The NAC also reviews statutory disqualification matters, considers appeals of membership proceedings, exercises exemptive authority and acts in other proceedings as set forth in the Code of Procedure.
The NAC comprises 15 members—seven industry members and eight non-industry members. The seven industry members of the NAC include two small firm, one mid-size firm, two large firm and two at-large industry members. Of the eight non-industry NAC members, at least three are public members.
Pursuant to Article V, Section 5.3 of the FINRA Regulation By-Laws, the FINRA Board appoints all members of the NAC. The FINRA Board appoints the at-large industry and non-industry members of the NAC from candidates recommended by the Nominating Committee. The FINRA Board also appoints the small firm, mid-size firm and large firm members of the NAC from candidates recommended by the Nominating Committee. In the event of a contested election, the candidate who receives the largest number of qualified votes is declared the nominee, and the Nominating Committee sends a written certification of the results to the FINRA Board, nominating such candidate for appointment to the NAC.
1 A person who was not nominated by the Nominating Committee is eligible for inclusion on the ballot for the election if he or she timely presented the requisite number of petitions in support of his or her nomination. See FINRA Regulation By-Laws, Article VI, Section 6.2.
2 Pursuant to FINRA Rule 4517, firms must update their contact information promptly, but in any event not later than 30 days following any change in such information, as well as review and, if necessary, update the information within 17 business days after the end of each calendar year. To update an executive representative’s name, mailing address and email address, firms may access the FINRA Contact System, via the Firm Gateway. Additionally, firms must comply with any FINRA request for such information promptly, but in any event not later than 15 days following the request, or such longer period that may be agreed to by FINRA staff. See FINRA Rule 4517 and FINRA Regulatory Notice 07-42 (September 2007).