FSI to back Moloney in Finra race

The Financial Services Institute Inc. is expected this morning to endorse John Moloney for a small-firm seat on the Financial Regulatory Authority Inc. board of governors. Mr. Moloney is chief executive of Moloney Securities Co. Inc. He is running against Alan Davidson, president of Zeus Securities, Inc., and Ken Norensberg, chief operating officer of Tritaurian Capital Inc. Mr. Norensberg is the current holder of the contested small-firm seat. "Of all the announced candidates, John is the only FSI member," said Dale Brown, FSI chief executive. "He knows the broker-dealer business, and in particular, the small broker-dealer business intimately," Mr. Brown said. In addition, "John has been very engaged in Finra, serving on committees, and has been active in other industry associations, which has given him the knowledge about the issues important to small firms," he said. "Smaller firms are feeling exponentially greater regulatory pressure," Mr. Brown added. "That is definitely the No. 1 issue" for the small-firm candidates. Votes will be counted at Finra's annual meeting on August 3. The 22-person Finra board has three small-firm governors, three from large firms, and one from a mid-sized firm.