How FINRA Interacts with its Members

Michael Volpe

After spending a decade in finance, Michael Volpe has been a freelance investigative journalist since 2009. His work has been published locally in the Chicago Reader, Chicago Crusader, Chicago Heights Patch, and New City. Nationally, Volpe's work has appeared in a wide variety of publications including the Washington Examiner, the Daily Caller, Crime Magazine, the Southern Christian Leadership Conference Newsletter, and Counter Punch. Volpe has been recognized by whistleblowers as leading the charge in getting their stories out. His first book Prosecutors Gone Wild was published in October 2012, his second book The Definitive Dossier of PTSD in Whistleblowers was published in February 2013 and his third book Bullied to Death was published in August 2015.


How FINRA Interacts with its Members

March 23, 2019

As a self-regulatory organization FINRA, the Financial Industry Regulatory Authority, is in a unique position to interact with its members.

That was the message from Chip Jones, FINRA’s Senior Vice President of Member Relations and Education who was the latest guest on FINRA’s podcast, Unscripted.

“We maintain an open dialogue with the member firms,” Jones said, “We’re in a unique position as a self-regulatory organization where we can go out and talk with the member firms and get input from them, bring it back, talk about it internally and then make regulations smarter.”

Jones said that member firms could mostly influence policies through FINRA’s committees.

There are several different types of committees: four standing committees, fifteen advisory committees, five regional committees, and ad hoc committees “that are topic based” Jones said.

The four standing committees include large firm committee, a small firm advisory committee, membership committee, and an investor committee.

The advisory committees are:

Jones said broker/dealers looking to influence FINRA should start with running to be elected to a regional committee.

“When individuals ask me ‘how can I get involved in FINRA and what’s the best way to start, I often encourage them to join a regional committee. That’s often a stepping stone to move on to one of our more specialized standing committees.” Jones said.

FINRA’s website has a portal called “how do I get involved” Jones said, and elections for most committees, including the regional ones are held in the fall.

“Individuals can go there and fill out a form,” Jones said.

Once the form is filled out, that individual has entered their name for an election in a FINRA committee.

Regional committees are geographic based “so you have to run for a regional committee where is your firm is headquartered; that’s key,” Jones said.

FINRA “regulates both the firms and professionals selling securities in the United States and the U.S. securities markets.” According to its website.

The current make-up of the small firm advisory committee is:

Rick Dahl of Sorrento Pacific Financial LLC., Robert Hamman of First Asset Financial, Inc. Earle Hollister of St. Germain Securities, Inc. Wendy Lanton of Lantern Investments, Stephen Mack of Mack Investment Securities, Shawn McLaughlin of McLaughlin Ryder Investments, Inc., Gil Mogavero of JMP Securities LLC, Linde Murphy of M.E. Allison & Co., Inc., John Parmigiani of Allied Millennial Partners, LLC, Jennifer Szaro of Lara, May & Associates, LLC, Robert Muh of Sutter Securities, Inc., and Paige W. Pierce  of Larimer Capital Corporation.

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