FINRA office in New York. (Photo: Ron Pechtimaldjian) FINRA office in New York. (Photo: Ron Pechtimaldjian)

The Financial Services Institute said Wednesday that it has endorsed Brian Kovack, co-founder and president of Kovack Securities, to serve a second term as the midsize firm governor on the Financial Industry Regulatory Authority’s board.

FINRA’s election for the midsize seat as well as the small-firm seat is set for Aug. 28.

“We are very pleased to endorse Brian for the second time for this important position,” said Dale Brown, FSI’s president and CEO, in a statement. “Being the owner of an independent firm brings a unique perspective to the Board of Governors. Over the last three years, tapping into his experience of running a family-owned business, Brian has represented the industry well and helped FINRA move in the right direction. We strongly urge all eligible firms to vote for Brian for a second successful term.”

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Kovack said in the statement that he’s “grateful” for FSI’s endorsement, adding that he’s “also pleased and honored to have official support for my candidacy from FINRA’s Nominating & Governance Committee, which nominated me to run for another term this year.”

FSI, he continued, “has been instrumental in helping me move FINRA toward a more collaborative, transparent future by streamlining its exam process, establishing a Small Firm Helpline, ensuring that FINRA communicates its priorities more clearly to member firms, and many other positive measures.”

With “much more to be done,” Kovack added, and “with the support of FSI and its members, I look forward to driving further progress in the term ahead.”

In July, FSI endorsed Jim Nagengast, Securities America Financial Corp. CEO and Securities America Inc. president, for the FINRA large-firm board seat.

Nagengast won the election, joining Kovack as well as FSI member Amy Webber, president and CEO of Cambridge Investment Research, on the FINRA board.