September 4, 2012

FINRA Regulatory Head Luparello Leaving to Join D.C. Law Firm

Luparello to leave Oct. 7; will join WilmerHale

More On Legal & Compliance

from The Advisor's Professional Library
  • Books and Records Rule Thorough and complete books and records enable RIAs to demonstrate that they have fulfilled their fiduciary obligations to clients and complied with applicable rules and regulations.
  • The Custody Rule and its Ramifications When an RIA takes custody of a client’s funds or securities, risk to that individual increases dramatically. Rule 206(4)-2 under the Investment Advisers Act (better known as the Custody Rule), was passed to protect clients from unscrupulous investors.

handshakeThe Financial Industry Regulatory Authority (FINRA) announced Tuesday that FINRA Vice Chairman Stephen Luparello, who has been at FINRA and one of its predecessor organizations, NASD, for more than 16 years, is leaving to join the WilmerHale law firm in Washington, D.C.

Luparello, whose last day at FINRA will be Oct. 7, served as interim CEO prior to being named Vice Chairman in 2009. He oversees FINRA's regulatory operations, including Enforcement, Market Regulation, Member Regulation and Business Solutions, and was instrumental in the creation of the Office of the Whistleblower and the Office of Fraud Detection and Market Intelligence in 2009.

“Steve has been at the heart of the work FINRA has done to protect investors for almost 16 years,” said FINRA CEO Richard Ketchum, in a statement. “He helped lead the organization through one of the most critical times for securities regulators and helped build and shape many of FINRA’s regulatory programs. Steve's leadership in helping FINRA respond to the challenges and changes in the markets has been paramount to FINRA fulfilling its mission of investor protection and market integrity.”

Luparello also led the development and implementation of the market regulation technology systems SONAR and the Order Audit Trail System (OATS).

Before joining FINRA, Luparello served in various capacities at the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

Reprints Discuss this story
This is where the comments go.