Finra names new top lawyer

Ex-SEC official Robert Colby will replace Grant Callery, Marc Menchel
MAY 08, 2012
The Financial Industry Regulatory Authority Inc. said Tuesday that it has hired Robert Colby, a former high-ranking SEC official, as the regulator’s top lawyer. Mr. Colby, currently a partner in the Washington office of Davis Polk & Wardwell LLP, will join Finra on June 18 in the new post of chief legal officer. Grant Callery, Finra general counsel, is retiring October 1. In addition to being responsible for Finra’s Office of General Counsel, Mr. Colby will also be taking over responsibility for Finra’s Regulatory Policy Group, which handles many rulemaking functions. Marc Menchel, general counsel for regulation, is leaving June 1 to return to the private sector, Finra said. Finra spokeswoman Nancy Condon said the change is not part of a reorganization, although the chief legal officer post is new. She did not know if Mr. Menchel would be replaced. Mr. Colby is a 28-year veteran of the Securities and Exchange Commission, most recently as deputy director of the Division of Trading and Markets, which is responsible for brokerage firms and stock exchanges.

Latest News

Names of more B-Ds that sold deals of bankrupt Inspired Healthcare surface
Names of more B-Ds that sold deals of bankrupt Inspired Healthcare surface

Broker-dealers that sold the defunct securities backed by Inspired Healthcare generated more than $100 million in fees and commissions.

Former Citigroup, Ameriprise advisor stole $3.5 million from client: report
Former Citigroup, Ameriprise advisor stole $3.5 million from client: report

FINRA barred the advisor, Sung Moo Cho, last month.

MetLife poll finds high-value home sales are becoming tax-planning events
MetLife poll finds high-value home sales are becoming tax-planning events

A new MetLife survey finds real estate professionals are increasingly steering clients toward tax experts as rising property values leave more sellers facing significant capital gains.

Kestra adds Raymond James recruiter to expand advisor hiring push
Kestra adds Raymond James recruiter to expand advisor hiring push

The independent broker-dealer expands its business development bench with a new recruiter and an internal promotion in the West.

Cerity Partners names Will Peng chief innovation officer
Cerity Partners names Will Peng chief innovation officer

The leading ultra-high-net-worth RIA joins other large wealth firms, including Raymond James and LPL, in creating executive roles focused on artificial intelligence strategy

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.