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FINRA board appoints new public governor, approves financial report

On Behalf of | Jun 1, 2023 | Financial News

The Financial Industry Regulatory Authority’s Board of Governors took several actions during its second meeting of 2023, according to the authority’s news release.

During the meeting held on May 17-18, the board appointed Lisa Fairfax as a new public governor. Fairfax is a Presidential Professor at the University of Pennsylvania Law School, where she teaches courses on corporations and contracts and conducts seminars in securities law and corporate governance. Fairfax also serves as Co-Director of Penn’s Institute for Law & Economics. The board said Fairfax has served as a member of the Securities and Exchange Commission’s Investor Advisory Committee and was a member of FINRA’s National Adjudicatory Council, where she served as chair of its subcommittee on waivers, and FINRA’s Market Regulation Committee.

“Lisa’s long history of leadership combined with her deep expertise in securities law and familiarity with FINRA will make her an effective voice for investors and an ideal fit for our Board, ” said FINRA CEO Robert Cook. “I look forward to working closely with Lisa as we continue our mission of protecting investors and promoting market integrity.”

The Board of Governors also approved its 2022 Annual Financial Report, which is expected to be published over the summer. The report, published each year, describes how FINRA manages its finances to support its mission of protecting investors and promoting market integrity.

In addition, new members were appointed to FINRA’s Advisory Committees effect on June 1. As the result of a decision by the FINRA board in 2021, there are now term limits for members of the Advisory Committees to create greater opportunities for those interested in serving.

The next meeting of the FINRA Board of Governors is set for July.

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