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Regulation and Compliance > Federal Regulation > FINRA

FINRA's Members Elect New Governors, Approve Proxy Proposals

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Member firms of the Financial Industry Regulatory Authority (FINRA) have elected seven governors, and have supported seven non-binding proxy proposals, the organization announced Friday, August 13. Voting took place during FINRA’s annual meeting in Washington on August 12. About half of the 4,698 member firms eligible to vote participated in the election, according to the statement.

In accordance with FINRA By-Laws, three new governors will represent large firms, three will represent small firms and one will represent midsize firms. Results also indicated that firms supported seven non-binding proxy proposals.

The newly elected governors, who will begin their terms immediately, are:

? First Class: Richard Brueckner, chairman and CEO of Pershing LLC, and Ken Norensberg, president and CEO of Four Points Capital Partners LLC, who were elected to one-year terms representing large and small firms, respectively;

? Second Class: Seth Waugh, CEO of Deutsche Bank Americas, W. Dennis Ferguson, executive vice president and director of clearing at Sterne, Agee & Leach, Inc., and Joel Blumenschein, president of Freedom Investors Corp., who were elected to serve two-year terms and represent large, midsize and small firms, respectively; and

? Third Class: James Weddle, managing partner at Edward Jones, and Jed Bandes, president and COO of Mutual Trust Company of America Securities, who were elected to three-year terms, representing large and small firms, respectively.

The electors also approved seven member-submitted proxy proposals, which are non-binding:

? Disclosure of officer compensation

? The commissioy related to Bernard L. Madoff Securities

? FINRA’s investment policies, practices and transactions

? Public access to transcripts of Board of Governors meetings

? “Say on Pay”

? Creation of an independent, private-sector inspector general

? Disclosure of certain IRS correspondence.

The statement said that the board of governors would review each of the proxy proposals beginning at its next meeting.

Michael S. Fischer (msf7@columbia) is a New York-based financial writer and editor and a frequent contributor to


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