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FINRA Board re-elects chair, re-appoints 3 public governors

On Behalf of | Jul 26, 2023 | Financial News

The Financial Industry Regulatory Authority has released details on the most recent meeting of its Board of Governors. The board met for the first time this year on July 12-13.

At that meeting Eric Noll was re-elected as the Board Chair, continuing in the role he has held since August 2022. Noll has served as a Public Governor since 2020.

“I am honored to continue leading the Board, which has accomplished Governors from diverse backgrounds and viewpoints who help FINRA fulfill its mission of promoting investor protection and ensuring marketing integrity,” said Noll.

“Eric’s re-election speaks volumes about the impactful leadership and expertise he has demonstrated since he was first elected chair last summer,” said FINRA CEO Robert W. Cook. “We look forward to continuing to work with him and the rest of the Board as they continue to advance FINRA’s mission.”

In addition, the board’s three Public Governors were re-appointed to new three-year terms: Deborah Bailey, Lisa Fairfax and Maureen Jensen.

The Board of Governors also approved three rule proposals that will be submitted to the Securities and Exchange Commission for approval.

These include proposed amendments to increase the frequency and granularity of short-interest reporting by brokerage firms, and a new rule requiring firms to report fail-to-deliver positions to FINRA.

Also approved were proposals to reduce the deadline for submitting transactions to the Trade Reporting and Compliance Engine (TRACE) from 15 minutes to one minute, and other amendments that expand public reporting of transaction information by TRACE.

During its meeting, the Board of Governors heard from one of the commissioners of the Securities and Exchange Commission, Hester Pierce, who spoke about her priorities and perspectives regarding issues impacting the securities markets and the broker-dealer industry.

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