Industry Governor (Independent Dealer/Insurance Affiliate Governor)
President and CEO, Cambridge Investment Research, Inc.
Governor Since 2017
Committees: Regulatory Oversight Committee
Professional Experience
President and CEO, Cambridge Investment Research, Inc. (1998 – present)
Director, SunAmerica Securities, Inc. (1995 – 1998)
Operations Principal, Coordinated Capital
Sec. 8.6 Each certificate representing capital stock surrendered to FINRA Dispute Resolution for exchange or transfer shall be canceled and no new certificate or certificates shall be issued in exchange for any existing certificate other than pursuant to Section 8.7 until such existing certificate shall have been canceled.
Deleted by SR-FINRA-2015-034 eff. Dec. 20,
Public GovernorBrandEmPower, Inc.Governor Since 2023Committees: Finance, Operations & Technology Committee, Investment Committee (Chair)Professional ExperienceCo-CEO, BrandEmPower, Inc. (2021 – present)CIO, Vanguard (1987 – 2012)Current Board Service and AffiliationsInvestment Committee & Audit Committee Member, PGA of AmericaInvestment Committee Member, Wilkes
The Communications with the Public topic of the 2025 FINRA Annual Regulatory Oversight Report (the Report) informs member firms’ compliance programs by providing annual insights from FINRA’s ongoing regulatory operations, including (1) regulatory obligations, (2) findings and effective practices, and (3) additional resources.
1 The views and opinions made in this report are those of the authors and do not represent official views or policies of FINRA. This report does not express any official FINRA legal position and does not create any new regulatory requirements or suggest any change in any existing regulatory obligations, nor does it provide relief from any existing regulatory obligations. This report summarizes
Dear Sir/Madam: I am an active investor and trade in global capital markets. In my view leveraged and inverse mutual funds and ETFs are extremely important investment vehicles available to investors today. Such ETFs that provide leveraged and inverse exposure to various markets give prudent investors the ability to hedge risk in their portfolios and potentially achieve better results. So FINRA
To FINRA,
As a professional in the investment industry, I strongly feel the disclosures regarding investment performance and risk are well communicated and transparent regarding leveraged ETFs. It is very simple to understand those products that have 2x or 3x leveraged being specified as DAILY performance.
To limit the ability to invest in those products or to remove them completely would create
<p>Application of Rule 2210 to the use of investment projections and marketing material when registered persons are conducting advisory services.</p>
Inverted ETFs are the #1 way that allows retail investors the ability to protect their portfolio against the declines in the general stock market or within industries. Once again, taking a tool away that actually gives the little guy an even stage with the big players. Then you wonder why you have situations like meme investing... Leveraged ETFs allow me to take protective positions without
I resent the thought that I cannot choose for myself what investment products work best for me. And I find it insulting, manipulative and corrupt that only those with privilege (high net worth investors) would be allowed to use these trading vehicles. I use these types of vehicles to hedge positions as well as to take advantage of down movements, since I can not use options in my IRA account. I
