[ by Howard Haykin ]

FINRA issued an Election Notice on Wednesday, 10/16, containing information about the election:  who are the candidates, for what position are they each running, steps that each firm must take when voting for the candidate of their choice, a ballot, and other information including FINRA staff contacts.who can answer your questions or otherwise provide assistance in the process. 

This particular Election Notice is for small firms, only, for the purpose of filling an open small firm seat on FINRA's National Adjudicatory Council (NAC).  Each firm will be expected to vote for one candidate whom they would like to serve on the Council, representing the interests of small firms.  There are 2 candidates to choose from and you are reminded that all completed ballots must be submitted no later than November 16, 2012  (Friday, 11/16).

This Notice was distributed electronically to the executive representative of each FINRA member firm and it's posted on FINRA’s website at www.finra.org/notices/NACElection/101712. 

FINRA Contacts.   Additional assistance can be obtained by calling:  Marcia Asquith, SVP and Corporate Secretary ---  (202) 728-8949; or  Jennifer Piorko Mitchell, Ass't Corporate Secretary  ---  (202) 278-8949.

Background Info.  The NAC is appointed by the FINRA Board of Governors to review all disciplinary decisions issued by FINRA hearing panels and presides over disciplinary matters that have been appealed to or called for review by the NAC. The NAC also reviews statutory disqualification matters and considers appeals of membership proceedings and exemption requests.

There are 14 members on the NAC - comprised of 7 industry members and 7 non-industry members.  Of the 7 industry NAC members, 2 represent Small Firms, 1 represents Mid-Size Firms, 2 represent Large Firms and 2 at-large Industry Members.  Of the 7 Non-Industry NAC Members, at least 3 must be Public Members.

Candidates for Small Firm NAC Member.    In July 2012, FINRA’s Nominating and Governance Committee decided not to nominate a small firm candidate, and instead allow eligible individuals to petition for inclusion on the ballot for election.

Two individuals submitted the requisite number of valid petitions for inclusion on the

ballot as Small Firm NAC Member candidates:

• Alan Davidson - CEO of Zeus Securities, Inc.
• Paige Pierce - President & CEO of RW Smith & Associates, Inc.

Profiles of each candidate are included in Attachment A of the Election Notice.

For further details, go to:  [Election Notice, 10/17/12].