The Financial Industry Regulatory Authority (FINRA) announced today the election of Governors to its Board of Governors.
Stephen M. Cutler, Executive Vice President and Vice Chairman, JPMorgan Chase & Co., was elected as a Large Firm Governor, one of three representatives of large firms on the Board. Cutler has been a FINRA Governor since November 2016, when he was appointed to fill an unexpired term.
Member firms also elected Stephen A. Kohn, President and CEO, Stephen A. Kohn & Associates, Ltd., as a Small Firm Governor. He is one of three Small Firm Governors on the Board.
At the July 2017 meetings, the Nominating Committee nominated and the Board made a number of appointments to the Board that became effective at the Annual Meeting. Governor Kathleen A. Murphy, President of Fidelity Personal Investing, was appointed to succeed Governor John J. Brennan as the Investment Company Affiliate on the Board. Amy L. Webber, President of Cambridge Investment Research, Inc., was appointed to succeed Governor Murphy as the Independent Dealer/Insurance Affiliate Governor.
Three Public Governors were appointed to second terms that began at the annual meeting:
- Susan Wolburgh Jenah, Former President and CEO of the Investment Industry Regulatory Organization of Canada;
- Joshua S. Levine, Managing Director of Kita Capital Management; and
- Elisse B. Walter, Former Commissioner and Chairman of the U.S. Securities and Exchange Commission.
In addition, Joseph M. Mecane, who will be joining Citadel Securities in September as the Head of Execution Services, was appointed to a second term as Floor Member Representative Governor.
“I am pleased to congratulate Stephen A. Kohn on his election to the Board and I am delighted to welcome Amy into our ranks. The entire Board plays a critical role in overseeing the important work that FINRA does in ensuring market integrity and investor protection. Amy’s expertise in the independent brokerage channel and Stephen’s perspective as a small firm owner will expertly inform the Board’s work. I also want to thank Jack Brennan for his dedication and support of FINRA over the past 15 years and his leadership of the Board since 2011,” said FINRA Chairman William H. Heyman.
“This Board reflects the breadth of talent and scope of experience in the brokerage industry, and both new and returning board members can provide invaluable vision and insights that advance FINRA’s mission,” said FINRA CEO Robert W. Cook. “I look forward to working with the Board to ensure that FINRA is well positioned to seize the opportunities ahead through innovation, efficiency and the highest standards of investor protection. We also thank Mark Cresap for his three years of committed service on the Board as a Small Firm Governor.”
FINRA is overseen by a 24-member Board of Governors, the majority of whom are public. The 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.
