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FINRA Nominates Large, Small Firm Members for Disciplinary Panel

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The Financial Industry Regulatory Authority’s Nominating and Governance Committee said Monday that it has nominated Belinda Blaine, managing director of Morgan Stanley and Timothy Henahan, president and CEO of Baker & Co., to fill the large and small seats on the self-regulator’s National Adjudicatory Council (NAC).

The NAC, appointed by the FINRA Board of Governors, review all disciplinary decisions issued by FINRA hearing panels and presides over disciplinary matters that have been appealed to or called for review by the NAC.

The NAC also reviews statutory disqualification matters, considers appeals of membership proceedings, exercises exemptive authority and acts in other proceedings as set forth in the Code of Procedure.

The NAC comprises fifteen members — seven industry members and eight non-industry members.

The Securities and Exchange Commission has also approved amendments to FINRA customer and industry arbitration rules to provide that the director of FINRA’s Office of Dispute Resolution will send lists of arbitrators to all parties at the same time, within approximately 30 days after the last answer is due, regardless of the parties’ agreement to extend any answer due date.

The amendments are effective for cases filed on or after Sept. 18.

— Check out FINRA Fines Edward Jones for Supervisory Failures on ThinkAdvisor.


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