Capsule: Steve Luparello, Finra

STEVE LUPARELLO Senior executive vice president of regulatory operations Financial Industry Regulatory Authority Inc. Washington General outlook: Over the next few months, there will be a lot of focus on the ongoing effects of the credit crisis and regulatory reform. "At the same time, we want to continue to focus on the core investor protections issues," Mr. Luparello said. Next big trend: "We're looking at whether certain products or business lines that have traditionally been institutionally focused will become more retail-focused," he said. "That's often a warning sign for us from a regulatory standpoint. As business lines start to change, morph and shrink, we want to make sure that the products traditionally designed for institutions don't become more retail-packaged and focused. We want to make sure that those retail customers are properly protected. "[An example is] structured products. Auction rate securities were a pretty good example of that. Hedge funds could be a good example. One saw more auction rate securities being sold to retail investors as the market started to change. It had traditionally always been an institutional product." Biggest concern: "The trend and the concern is the same — aggressiveness of sales practices." Reading, watching, listening to: Book: "The Tortilla Curtain" by T.C. Boyle (The Viking Press, 1995). TV: "30 Rock," CNBC Newspaper: The Wall Street Journal Websites: wsj.com, cnn.com.