Finra names new top lawyer

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.