Results from FINRA's Latest Board of Governors Election
The Financial Industry Regulatory Authority (FINRA) has published the results of its recent Board of Governors election, where three new Governors have been elected to help steer the organization. The Board is crucial in supervising FINRA's operations and its core mission, which focuses on protecting investors and upholding market integrity.
Individuals Elected as Governors
The newly elected Governors come from large, mid-size, and small firms. They are:
- Large Firm Governor: John Vaccaro, who is the Chair and CEO of MML Investors Services
- Mid-Size Firm Governor: James Crowley, the CEO of Pershing Advisor Solutions
- Small Firm Governor: Jennifer Szaro, the Chief Compliance Officer at XML Securities
Background of John Vaccaro
John Vaccaro has stepped into the role of Chair and CEO at MML Investors Services, part of MassMutual Holding. With extensive experience across various roles in the financial services sector, including positions at Prudential Financial and Liberty Financial, he is well-respected in the industry. Vaccaro earned his degree from Saint Anselm College.
Experience of James Crowley
James Crowley joined the Board in 2021 and brings valuable expertise as the CEO of Pershing Advisor Solutions and as a Senior Executive Vice President at BNY Pershing. He plays a key role on the BNY Executive Committee and holds a degree in Management from Florida State University, along with a certification from the Securities Industry Institute at Wharton.
Qualifications of Jennifer Szaro
Jennifer Szaro acts as the Chief Compliance Officer at XML Securities and is also one of the firm's equity owners. She holds a Bachelor of Science degree from the University of Rhode Island and is certified through FINRA’s Certified Regulatory and Compliance Professional Program. Her background includes additional training at Wharton, enhancing her qualifications further.
Remarks from the Board Chair and CEO
In acknowledging the newly elected Governors, FINRA Board Chair Eric Noll expressed his congratulations, highlighting their importance and contributions within the organization. He also took a moment to recognize former Governors Tim Scheve and Paige Pierce for their dedicated service and meaningful impact on FINRA's mission.
The Role of the Board
The Board of Governors is made up of 23 members, primarily public representatives, which ensures a variety of perspectives and strategic guidance as they strive to fulfill FINRA’s mission. Each Governor serves a three-year term with strict rules on consecutive service, promoting fresh ideas and viewpoints.
FINRA's Commitment to Integrity
FINRA prioritizes investor protection and upholding market integrity. The Board of Governors plays a key role in developing regulations and compliance measures to safeguard investors while ensuring fairness and transparency in the marketplace.
Learn More About FINRA
As a respected self-regulatory organization, FINRA is essential in overseeing member brokerage firms across the United States. It is responsible for formulating and enforcing rules, educating broker-dealer personnel, and ensuring compliance with federal regulations. Additionally, FINRA offers surveillance and regulatory services to help maintain integrity in the financial markets.
Looking Ahead
With the new Governors now in place, FINRA is poised to further its efforts in the ever-changing financial landscape. As new challenges arise, the leadership and guidance from the Board will be vital in navigating complex regulatory environments while protecting the interests of investors.
Frequently Asked Questions
What is FINRA?
FINRA, or the Financial Industry Regulatory Authority, is a nonprofit organization focused on protecting investors and ensuring 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 do the Governors do on the Board?
The Governors provide critical strategic oversight necessary for fulfilling FINRA's mission of protecting investors and maintaining fair markets.
How long do Governors serve on the FINRA Board?
Governors serve three-year terms on the Board, with a limit of two consecutive terms to bring in new perspectives.
How does FINRA ensure market integrity?
FINRA develops rules and enforces compliance to protect investors, educates professionals in the industry, and conducts regulatory oversight of brokerage firms.
