FINRA Board of Governors: Elected Members and Their Roles
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FINRA's Recent Board of Governors Election Results
The Financial Industry Regulatory Authority (FINRA) has announced the results of its annual Board of Governors election, where three new Governors were elected to guide the organization. The Board plays a vital role in overseeing the operations and mission of FINRA, focusing on investor protection and maintaining market integrity.
Elected Governors
The Governors elected to the Board represent large, mid-size, and small firms. The elected individuals are:
- Large Firm Governor: John Vaccaro, Chair and CEO of MML Investors Services
- Mid-Size Firm Governor: James Crowley, CEO of Pershing Advisor Solutions
- Small Firm Governor: Jennifer Szaro, Chief Compliance Officer at XML Securities
John Vaccaro’s Background
John Vaccaro has taken the role as Chair and CEO of MML Investors Services, which is a part of MassMutual Holding. With a wealth of experience from various positions within the financial services industry, including his time with Prudential Financial and Liberty Financial, Vaccaro is well-respected in the field. He holds a degree from Saint Anselm College.
James Crowley’s Expertise
Having first joined the Board in 2021, James Crowley brings substantial expertise as CEO of Pershing Advisor Solutions and as a Senior Executive Vice President at BNY Pershing. He is not only on the BNY Executive Committee but also has a solid educational background, including a degree in Management from Florida State University and a certification from the Securities Industry Institute at Wharton.
Jennifer Szaro’s Qualifications
Jennifer Szaro serves as the Chief Compliance Officer at XML Securities, also an equity owner in the firm. Szaro graduated with a Bachelor of Science from the University of Rhode Island and is certified through FINRA’s Certified Regulatory and Compliance Professional Program. Her training at Wharton further adds to her qualifications.
Board Chair and CEO Remarks
Recognizing the newly elected Governors, FINRA Board Chair Eric Noll offered his congratulations, commending their contributions and the importance of their roles within the organization. He also acknowledged former Governors Tim Scheve and Paige Pierce for their service and significant impact on FINRA's mission.
Importance of the Board
The Board of Governors consists of 23 members, predominantly public members, ensuring diverse representation and strategic guidance as they work towards fulfilling FINRA’s mission. Each Governor is elected for a three-year term, with strict limitations on consecutive service to encourage fresh perspectives and ideas.
Our Commitment to Integrity
FINRA's commitment to investor protection and market integrity is paramount. The Board of Governors is instrumental in crafting regulations and compliance measures that safeguard investors while ensuring a fair and transparent marketplace.
Discover More About FINRA
As a well-regarded self-regulatory organization, FINRA continues to play a key role in overseeing member brokerage firms in the United States. They hold the responsibility of writing and enforcing rules, educating broker-dealer personnel, and ensuring compliance with federal laws. Additionally, they provide surveillance and regulatory services aimed at maintaining the integrity of the financial markets.
Future Outlook
With the new Governors in place, FINRA is set to advance its work in the ever-evolving financial landscape. As challenges arise, the guidance and leadership from the Board will be crucial in navigating complex regulatory environments while protecting investor interests.
Frequently Asked Questions
What is FINRA?
FINRA, the Financial Industry Regulatory Authority, is a non-profit organization focused on investor protection and market integrity within the U.S. securities industry.
Who were elected to the FINRA Board of Governors?
John Vaccaro, James Crowley, and Jennifer Szaro were elected as the new Governors, representing large, mid-size, and small firms respectively.
What are the roles of the Governors on the Board?
The Governors provide strategic direction and oversight essential for fulfilling FINRA's mission to protect investors and maintain fair markets.
How long do FINRA Governors serve?
Governors serve three-year terms on the Board and cannot serve more than two consecutive terms to allow for new perspectives.
What does FINRA do to ensure market integrity?
FINRA writes rules and enforces compliance to protect investors, educates industry professionals, and provides regulatory oversight for brokerage firms.
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