Representing financial professionals, financial institutions and investors in investment loss, employment and disclosure matters, and in regulatory investigations nationwide.

FINRA issues notice encouraging members to get involved in advisory committees

On Behalf of | Apr 7, 2023 | Regulatory Investigations

The Financial Industry Regulatory Authority has issued a special notice encouraging its members to become involved in the authority’s various advisory committees.

FINRA said it currently has 13 advisory committees that provide feedback on rule proposals, regulatory initiatives and industry issues. The committees facilitate engagement with member firms and the public regarding FINRA’s initiatives to promote market integrity and investor protecton.

In the notice issued recently, FINRA cited the benefit of having employees of member firms and other interested parties getting involved in the committees. The authority said these individuals can bring diverse skills, backgrounds, perspectives and experiences that would enable them to provide innovative feedback toward initiatives that support FINRA’s mission.

Among the 13 advisory committees are four panels that provide comment on rule proposals and regulatory initiatives brought to the FINRA Board of Governors. They are the Small Firm Advisory Committee, Membership Committee, Large Firm Advisory Committee2 and the Investor Issues Committee. Other committees include those that focus on such areas as market regulation, fixed income, industry diversity, arbitration and mediation, and corporate financing.

Membership on the committees is reviewed annually by management and the FINRA Board, with members usually appointed to serve up to two consecutive three-year terms. The term limits are aimed at refreshing the perspectives and backgrounds of committee members, and to ensure that those interested in serving have sufficient opportunities.

The criteria considered for membership include the expertise of each member and the committees’ diversity of geographic location, size and business model to ensure appropriate composition and representation. The advisory committees meet between two and five times per year.

Individuals interested in joining these committees are asked to use FINRA’s Engagement Portal to submit an online form to be considered for future vacancies.

The attorneys at Lewitas Hyman understand the complexities that come with being the subject of a regulatory inquiry by the SEC, FINRA, and other self-regulatory organizations, and we have the experience to guide and advise you through any type of regulatory investigation. If you are the subject of a regulatory proceeding, contact us at (888) 655-6002 or through our online contact form for a free consultation.