Report From FINRA Board of Governors Meeting – July 2023

FINRA’s Board of Governors met on July 12-13 for the third time in 2023.

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Wednesday, July 19, 2023
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Summary
Key Points: 
  • FINRA’s Board of Governors met on July 12-13 for the third time in 2023.
  • During the meeting, the Board re-elected Eric Noll as Board Chair, re-appointed three public governors and approved three rulemaking items.
  • The Board also re-appointed Deborah Bailey , Lisa Fairfax and Maureen Jensen to additional three-year terms as Public Governors, beginning at FINRA’s September 2023 annual meeting.
  • The next FINRA Board of Governors meeting is scheduled for September.


FINRA’s Board of Governors met on July 12-13 for the third time in 2023. During the meeting, the Board re-elected Eric Noll as Board Chair, re-appointed three public governors and approved three rulemaking items. The Board also continued its engagement with key stakeholders, hearing from Commissioner Hester Peirce of the Securities and Exchange Commission (SEC) on her priorities and perspectives regarding issues impacting the securities markets and the broker-dealer industry.

Eric Noll Re-Elected Chair

“I am honored to continue leading the Board, which has accomplished Governors from diverse backgrounds and viewpoints who help FINRA fulfill its mission of promoting investor protection and ensuring marketing integrity,” said Noll.

“Eric’s re-election speaks volumes about the impactful leadership and expertise he has demonstrated since he was first elected chair last summer,” said FINRA CEO Robert W. Cook. “We look forward to continuing to work with him and the rest of the Board as they continue to advance FINRA’s mission.”

Noll has served as a Public Governor since 2020 and was first elected Chair in August 2022, succeeding Eileen Murray.

Governor Re-Appointments

The Board also re-appointed Deborah Bailey, Lisa Fairfax and Maureen Jensen to additional three-year terms as Public Governors, beginning at FINRA’s September 2023 annual meeting.

Bailey—former Managing Director at KPMG LLP—was first appointed in 2021, and Jensen—former Chair and CEO, Ontario Securities Commission—was first appointed in 2020. Fairfax—Presidential Professor and Co-Director of the Institute for Law and Economics at the University of Pennsylvania School of Law—was first appointed in May 2023 to a partial term concluding at FINRA’s September 2023 annual meeting.

Rulemaking

The Board approved the following rule proposals:

  • Dissemination of Transaction Information for Treasury Securities – The Board approved the submission to the SEC of proposed amendments to the Trade Reporting and Compliance Engine (TRACE) rules to make available a daily end-of-day file of information on individual transactions in on-the-run nominal Treasury Securities (with size caps on large trades), and a historic TRACE data product for on-the-run nominal Treasury Securities on a six-month delayed basis (with uncapped trade sizes).


  • Reducing the TRACE-Reporting Timeframe From 15-Minutes to One Minute – The Board approved the submission to the SEC of proposed amendments to reduce the 15-minute TRACE reporting timeframe to one minute and provide focused exceptions for firms with de minimis reporting activity and for manual trades.


  • Enhancements to Short Interest Data and Regulation SHO Oversight – The Board approved the submission to the SEC of proposed amendments to increase the frequency and granularity of short-interest reporting by members and adopt a new FINRA rule to require members to report to FINRA daily allocations of fail-to-deliver positions to correspondent firms.

For general information about FINRA’s rulemaking process, see www.finra.org/rules-guidance/rulemaking-process.

The next FINRA Board of Governors meeting is scheduled for September. More information regarding the Board's operations, including the membership and responsibilities of its committees, is available at www.finra.org/governance.

About FINRA

FINRA is a not-for-profit organization dedicated to investor protection and market integrity. It regulates one critical part of the securities industry—brokerage firms doing business with the public in the United States. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit www.finra.org.

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