The Financial Industry Regulatory Authority (Finra) announced that it has elected three new governors and reappointed three others at its annual meeting in Washington D.C.
The newly elected governors begin their terms immediately, Finra announced yesterday. Governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.
The new board members are:
Small Firm Governor: Kevin Carreno, general counsel, International Assets Advisory LLC.
Mid-Size Firm Governor: W. Dennis Ferguson, executive vice president and director of Clearing, Sterne, Agee & Leach Inc.
Large Firm Governor: Seth H. Waugh, chief executive officer, Deutsche Bank Americas
The following governors were reappointed:
Independent Dealer/Insurance Affiliate: Mark Casady, chairman and CEO, LPL Financial
Public Governors: Richard S. Pechter, retired, and Joel Seligman, president, University of Rochester.
Finra is overseen by a 22-person board of governors, with 11 seats held by public governors and 10 by industry governors. Finra's CEO has the remaining seat. Large firms consisting of 500 or more registered persons and small firms consisting of 150 registered persons or fewer each have three seats on the board. Medium-sized firms with 151 to 499 registered persons, NYSE floor members, independent dealer/insurance affiliated firms and investment companies each have one seat.
Finra is an independent regulator for all securities firms doing business in the U.S.
-Jim McConville