Two vie in runoff for Finra small firm advisory board

Deadline for ballots in race between Stephen Hart and Myles Edwards is Monday

Dec 13, 2013 @ 12:31 pm

By Mark Schoeff Jr.

Finra should design compliance programs that take into account the size and resources of the broker-dealers it oversees, according to one of two candidates for the regulator's Small Firm Advisory Board.

“Regulation should not be one-size fits all,” said Stephen Hart, chief compliance officer at Robotti & Company.

“I would encourage a closer look at firm sizes and [tailor] regulation that is targeted at them,” he said. “It's paramount to protect our clients' interests through appropriate regulation.”

Mr. Hart would have a platform for promoting his views, if he wins a runoff election for the New York Region seat on the Financial Industry Regulatory Authority Inc. advisory board. He is running against Myles Edwards, chief compliance officer and general counsel at Constellation Wealth Advisors.

The nearly 1,000 eligible small-firm broker-dealers in the area, which includes New York City and nearby Nassau and Suffolk counties, must cast their ballots by phone or electronically by Monday. A small firm is defined as one that has 150 or fewer registered representatives.

The original four-candidate race ended in a dead heat between Mr. Hart and Mr. Edwards. The winner will serve a three-year term beginning next month.

“It's pretty interesting,” said Mr. Hart, 34, who was a chief administrative officer and vice president at BlackRock Inc. before joining Robotti. “What are the chances of it being an exact tie?”

Mr. Edwards is the incumbent on the advisory board.

In a statement on Finra's website, he said he would provide a “practical and responsible approach to serving small firms.”

“Self-regulation and business practicability can be compatible, and I would seek to assist in the process whereby rules are formulated collaboratively, thus strengthening the relationship between the member firm, the district and Finra itself,” Mr. Edwards, who didn't respond to an interview request, said in the statement.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

Advisers beware: tax law has unintended consequences

Commission accounts could be preferable for some clients, and advisers could be incentivized to move from employee broker-dealers to independent channels.

Recommended Video

Path to growth

Latest news & opinion

Cutting through the red tape of adviser regulation is tricky

Don't expect a simple rollback of rules under the Trump administration in 2018 — instead, regulators are on pace to bolster financial adviser oversight.

Bond investors have more to worry about than a government shutdown

Inflation worries, international rates pushing Treasuries yields higher.

State measures to prevent elder financial abuse gaining steam

A growing number of states are looking to pass rules preventing exploitation of seniors.

Morgan Stanley reports a loss of advisers after exiting the protocol for broker recruiting

The firm said it lost 47 brokers in the fourth quarter, the most in any quarter of 2017.

Morgan Stanley's wealth management fees climb to all-time high

Improvement reflect firm's shift of more clients into fee-based accounts priced on asset levels, which boosts results as markets rise.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print