Following $84M loss, Finra board election commences

Following $84M loss, Finra board election commences
Regulator reveals three candidates for small-firm seat, as well as other nominees; some hot topics
JUL 23, 2012
By  DJAMIESON
The Financial Industry Regulatory Authority Inc. on Monday said three candidates will be squaring off for an open small-firm seat on the Finra board. The small-firm candidates are: Kevin Carreno, part owner and general counsel of International Assets Advisory LLC in Orlando; Stephen Kohn, president of Stephen A. Kohn & Associates Ltd. in Lakewood, Colo.; and Dock David Treece, a partner at Toledo, Ohio-based Treece Financial Services Corp. All three were able to collect signatures from 3% or more of the 4,059 small Finra-members firms, which are defined as having no more than 150 registered persons. All small-firm candidates must qualify for the Finra ballot by the petition process. The Finra Nominating Committee has chosen two other candidates to represent mid-sized and large firms. W. Dennis Ferguson, director of clearing at Sterne Agee & Leech Inc., was chosen to run for the open mid-sized seat, representing firms with 151 to 499 registered persons. Seth Waugh, chief executive at Deutsche Bank Americas, was picked as a large-firm candidate, representing firms with 500 or more registered persons. Mr. Ferguson and Mr. Waugh are running unopposed. Candidates will be soliciting supporters until Finra's annual meeting on August 13, when the final votes will be tallied. The campaign for the small-firm seat could heat up in the wake of Finra's recently announced $84 million loss, its pending fee hikes on member firms and a bevy of new regulatory requirements, including new suitability rules that began taking effect this week.

Latest News

Social Security trustees see one less year in insolvency countdown, project shortfall to start 2034
Social Security trustees see one less year in insolvency countdown, project shortfall to start 2034

New report shows dimmed outlook for benefits to retirees and disabled Americans, creating further pressure for federal tax hikes or more borrowing.

NY Republican Stefanik presses SEC to probe Harvard bond sale
NY Republican Stefanik presses SEC to probe Harvard bond sale

Open letter to SEC Chair Paul Atkins questions whether the Ivy League university withheld material information prior to its $750 million taxable bond offering.

Ex-LPL leader re-emerges at The Wealth Consulting Group
Ex-LPL leader re-emerges at The Wealth Consulting Group

The Las Vegas-based hybrid RIA overseeing $8.8 billion in assets has named Andy Kalbaugh president to help scale its advisor platform.

Envestnet extends investment offerings with new alts model portfolios
Envestnet extends investment offerings with new alts model portfolios

The wealth tech giant – in collaboration with Fidelity, BlackRock, State Street, and Franklin Templeton – is offering its advisor and wealth firm users more ways to diversify.

Just as wealth industry M&A was picking up, economic uncertainty could kill it again
Just as wealth industry M&A was picking up, economic uncertainty could kill it again

Deal volume increased post-election but now caution has taken over.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave