Election Notice – 9/4/25

Call for Candidates for Upcoming FINRA Small Firm Advisory Committee Election

Published Date:
Nomination Deadline: October 6, 2025

Summary

The purpose of this Notice is to inform small FINRA member firms1 of the upcoming Small Firm Advisory Committee (SFAC) election. One seat representing the New York region is up for election.

As a self-regulatory organization, FINRA is committed to deep engagement with its member firms, including through FINRA’s advisory committees, such as the SFAC. The SFAC provides guidance to FINRA staff, particularly regarding the potential impact of proposed regulatory initiatives on FINRA’s small firm members. 

The SFAC typically meets in person or virtually four times a year, prior to FINRA Board of Governors (FINRA Board) meetings. Candidates should ensure that their other commitments allow for full participation in all SFAC meetings.

Eligible candidates who want to be included on the ballot must submit the relevant information via the candidate profile form to FINRA’s Office of the Corporate Secretary by October 6, 2025, via email.

On or about October 20, 2025, FINRA will send the official Election Notice by email and FINRA’s election agent will follow up with voting instructions (from the email address [email protected]) to the executive representatives2 of eligible small firms in the New York region. Voting will conclude in November 2025. The term for the newly elected New York region representative will begin in January 2026.

Questions regarding this Election Notice may be directed to:

  • Jennifer Piorko Mitchell, Vice President – Corporate Governance and Deputy Corporate Secretary, at (202) 728-8949 or via email; or
  • Kayte Toczylowski, Vice President, Member Relations and Education, at (215) 209-7087 or via email.

Composition of the SFAC

The SFAC comprises 10 members:

  • five regional members elected by small firms in the five FINRA regions3 (one member from each region); and
  • five at-large members appointed by FINRA.

Candidate Eligibility

Any senior member of a small firm whose main office (as indicated in FINRA records) is in the New York region is eligible to have his or her name placed on the SFAC ballot. Senior members of firms include owners, Chief Executive Officers, Presidents, Chief Compliance Officers, Chief Operating Officers, the firm’s Financial and Operations Principal (FINOP) or individuals of comparable status. Only one candidate from any firm may appear on a ballot.

Interested individuals must complete the SFAC candidate profile form and submit it to the Office of the Corporate Secretary via email by October 6, 2025.

FINRA’s Corporate Secretary will confirm each prospective candidate’s eligibility and will include all eligible certified candidates on the ballot. Candidates have a continuing obligation to satisfy all eligibility requirements on the date their candidacy is certified by the Corporate Secretary, the date the ballots are sent by electronic mail, and throughout the election process. Any individuals who fail to meet these requirements will be disqualified from the election. SFAC members must also continue to meet these qualification requirements at all times during their terms of office.4

Terms of SFAC Members

The successful candidate will be the individual who receives the most votes and will be elected to serve a three-year term from January 1, 2026, to December 31, 2028. SFAC members generally may not serve more than two consecutive full terms.

Voting Eligibility

FINRA small firms are eligible to vote for candidates running for the SFAC seat representing the region corresponding to their assigned district in FINRA’s Central Registration Depository (CRD®) system. Only small firms eligible to vote for the New York region representative will receive ballots to vote in this election. Firms may vote for only one candidate listed on the ballot. 

Endnotes

1 A small firm is defined as a firm that employs at least one and no more than 150 registered persons. See Article I (ww) of the FINRA By-Laws.

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 FINRA 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.

3 Pursuant to the FINRA Regulation By-Laws, Article VIII, Section 8.1, FINRA’s Regions are: Midwest Region - Districts 4 and 8; New York Region - District 10; North Region - Districts 9 and 11; South Region - Districts 5, 6 and 7; West Region - Districts 1, 2 and 3; and Districts are as follows:

  • District No. 1 State of Hawaii; in the State of California, the Counties of Monterey, San Benito, Fresno and Inyo, and the remainder of the State North or West of such Counties; and in the State of Nevada, the Counties of Esmeralda and Nye, and the remainder of the State North or West of such Counties.
  • District No. 2 In the State of California, that part of the State South or East of the Counties of Monterey, San Benito, Fresno and Inyo; and, in the State of Nevada, that part of the State South or East of the Counties of Esmeralda and Nye, and all Pacific possessions and territories of the United States.
  • District No. 3 States of Alaska, Arizona, Colorado, Idaho, Montana, New Mexico, Oregon, Utah, Washington and Wyoming.
  • District No. 4 States of Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota.
  • District No. 5 States of Alabama, Arkansas, Louisiana, Mississippi, Oklahoma and Tennessee.
  • District No. 6 State of Texas.
  • District No. 7 States of Florida, Georgia, North Carolina, and South Carolina, Puerto Rico and the Virgin Islands.
  • District No. 8 States of Illinois, Indiana, Kentucky, Michigan, Ohio and Wisconsin.
  • District No. 9 The District of Columbia, and the States of Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia, and New York (except for the five Boroughs of New York City and the Counties of Nassau and Suffolk).
  • District No. 10 In the State of New York, the five Boroughs of New York City and the Counties of Nassau and Suffolk.
  • District No. 11 States of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.

4 An SFAC member’s term shall terminate immediately upon a determination by the Corporate Secretary that the member no longer satisfies the eligibility criteria. Additionally, the FINRA Board may remove an SFAC member who is unable or fails to discharge the member’s duties or violates SFAC policies.