Finra names new members to its board

Finra's new governors include Vanguard’s first-ever global CIO and the president of UBS Americas.

Finra has named three seasoned industry veterans to join its board of governors.

The self-regulatory organization announced that Derrick Roman, a former partner at PwC, and Gus Sauter, a current member of Finra’s investment committee, as the latest public governors to its board.

The Financial Industry Regulatory Authority Inc. also revealed that Naureen Hassan, president of UBS Americas and CEO of UBS Holdings, will be its newest industry governor.

“I am delighted to welcome Derrick, Gus and Naureen as the Board’s newest governors,” Eric Noll, who chairs the board of governors at Finra, said in a statement. “Their combined expertise complements their commitment to advance FINRA’s mission to protect investors and promote the integrity of the markets.”

Roman brings over 30 years of experience in external audit, advisory, and risk assurance to his new role at Finra. He has served in significant positions, including as a trustee of the National Constitution Center and on the boards of CommScope Holdings and WEX Inc., and has been involved with the National Association of Black Accountants.

Before retiring from the financial industry in 2012, Sauter built a 25-year career at Vanguard, where he became the company’s first global chief investment officer. He also co-invented Vanguard’s industry-leading dual share structure, which the firm had a monopoly on until its patent on the concept expired last year.

Sauter has also worked on policies and issues affecting the industry with influential entities including the Securities and Exchange Commission and the Federal Reserve.

Prior to joining UBS in 2022, Hassan served at the Federal Reserve Bank of New York, where she contributed significantly to the organization’s operational and strategic direction as chief operating officer and first vice president. Before that, she led the investor services strategy, segments and platforms unit at Schwab, and was a member of the firm’s 20-member executive committee, and served as chief digital officer for wealth management at Morgan Stanley.

“Effective self-regulation makes our capital markets stronger, and our Board plays a critical role in ensuring appropriate governance as we pursue FINRA’s mission,” Finra CEO Robert Cook said. “I look forward to working with the Board’s newest members as we consider the challenges and opportunities of the regulatory landscape ahead.”