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FINRA announces nominee, procedures for Board of Governors election

On Behalf of | Jun 12, 2023 | FINRA Compliance

The Financial Industry Regulatory Authority has announced one of the nominees for the upcoming election for its Board of Governors and also provided additional details about the election process.

FINRA issued an Election Notice regarding the annual meeting of FINRA firms that will take place on or about September 6, 2023. At the meeting, one Large Firm Governor and one Small Firm Governor will be elected to the Board of Governors.

For the Large Firm Governor seat, FINRA said the Nominating Committee has nominated Scott A. Curtis, the President of Raymond James’ Private Client Group. Curtis leads the firm’s domestic wealth management businesses that include more than 8,000 employee and independent financial advisors. As for the Small Firm Governor seat, the committee determined it would not nominate a candidate for election in 2023. Instead, any eligible individuals who obtain the requisite number of valid petitions will be certified as candidates and included on the ballot.

The Board of Governors is comprised of 10 industry members, 11 public members and a seat reserved for FINRA’s Chief Executive Officer. Seven of the industry seats include three Small Firm Governors, one Mid-Size Firm and three Large Firm Governors. Governors elected at the 2023 meeting will serve a three-year term.

In its notice, FINRA also outlined the petition process for additional candidates who have not been nominated by the Nominating Committee. These individuals can be included on the ballot if they present to FINRA’s Corporate Secretary petitions in support of their nomination, duly executed by at least 3 percent of FINRA member firms entitled to vote for such nominee’s election. The required number of petitions for a large firm petitioner is 5, and small firm petitioner is 92. Petitions must be submitted no later July 17.

A formal notice of FINRA’s annual meeting, including the date, time and location, will be mailed to executive representatives on or about August 7.

The attorneys at Lewitas Hyman fully understand the regulatory scrutiny financial professionals and their firms face from the various regulators that oversee the financial services industry. We have decades of experience representing clients with respect to examinations, investigations and enforcement proceedings initiated by the SEC, FINRA, state securities regulatory agencies and other self-regulatory organizations. If your firm is facing an investigation from a regulatory agency, please contact Lewitas Hyman at (888) 655-6002 or through our online contact form.

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