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Regulation and Compliance > Federal Regulation > FINRA

LPL Financial's Casady and Edward Jones' Jim Weddle Join FINRA Board

By Janet Levaux

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The Financial Industry Regulatory Authority (FINRA) of Washington, D.C., says that two new large-firm representatives have been elected to its board of governors, while a third new member has been appointed to its independent dealer/insurance affiliate seat.

Elected by FINRA-registered large firms are James D. Weddle, managing partner of Edward Jones and Seth Waugh, CEO of Deutsche Bank Americas and chairman of Deutsche Bank Securities, Inc., and. They replaced Robert McCann, formerly of Merrill Lynch, and Thomas Russo, formerly of Lehman Brothers, both of whom resigned their board seats in recent months.

Mark Casady, chairman and CEO of LPL Financial, has been appointed to the independent dealer/insurance affiliate seat. This position was previously held by John Simmers of ING Advisors Network who resigned his seat earlier this year.

NYSE Regulation’s Interim CEO, James F. Duffy, has assumed the seat held by Richard Ketchum before he became CEO of FINRA in March. Ketchum remains the board’s chairman.

“All four new board members will bring valuable expertise to assist FINRA in its mission to protect investors,” says Ketchum. “We are grateful for their willingness to serve. Their knowledge, skills and accumulated wisdom will be considerable assets to the board’s deliberations and policymaking.”

FINRA is overseen by a 23-person board of governors, with 11 seats held by public governors and 10 by industry governors. FINRA’s CEO and the CEO of NYSE Regulation hold the remaining two seats. Large firms, consisting of 500 or more registered persons, and small firms, consisting of 150 registered persons or fewer, each have three seats on the board. Medium-sized firms, with 151 to 499 registered persons, NYSE floor members, independent dealer/insurance affiliated firms and investment companies each have one seat.

FINRA, the Financial Industry Regulatory Authority, is the largest independent regulator for all securities firms doing business in the United States. FINRA is dedicated to investor protection and market integrity through comprehensive regulation. FINRA touches virtually every aspect of the securities business – from registering and educating all industry participants to examining securities firms; writing and enforcing rules and the federal securities laws; informing and educating the investing public; providing trade reporting and other industry utilities; and administering the largest dispute resolution forum for investors and firms.

“I am delighted to join FINRA’s Board of Governors during a period of unprecedented regulatory change for the financial services industry,” Casady shares. ” I look forward to working hard to ensure that the independent broker-dealer model and the values of objective and conflict-free advice that LPL Financial represents are reflected at the highest levels in the ongoing regulatory dialogue. Incorporating the vital perspective of Main Street American investors and the financial advisors who serve them into the regulatory reform process is an important focus of our firm.”

In addition to his new role at FINRA, Casady also serves as chairman of the Board of NAVA, the Association for Insured Retirement Solutions.

LPL Financial, which is based in Boston, Charlotte and San Diego, includes 12,294 independent financial advisors with some $246.6 billion in assets under management as of March 31, 2009. It employs roughly 2,450 employees.

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