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FINRA Election Notice - District Committee Seats

September 8, 2011
FINRA announces that an upcoming election will be held to fill forthcoming vacancies on FINRA District Committees. The election process has been modified by recent By-Law changes to adjust the size of the District Committees, elect new members based on firm size, and replace the District Nominating Committees with direct nomination and election. One change is that all eligible candidates will be placed on the ballot if they submit a candidate nomination and profile form to the FINRA Corporate Secretary by Friday, 10/7/11.  The candidate profile form is attached to the Election Notice, among other places. Role of the District Committee.   FINRA District Committees serve an important role in the self-regulatory process by, among other things:
  • alerting FINRA to industry trends that could present regulatory concerns;
  • consulting with FINRA on proposed policies and rule changes; and
  • serving on disciplinary panels in accordance with FINRA rules.
Committee members must have the experience, ability and commitment to fulfill these responsibilities, including:
  • 00 understanding the issues facing the securities industry and possessing the ability to apply knowledge and expertise to these issues to develop solutions;
  • educating firms in their district on the responsibilities of FINRA;
  • attending regularly and participating in a collegial manner in District Committee meetings; and
  • remaining objective and unbiased, regardless of the interest of their firm, in the performance of District Committee matters.
Committee members also must adhere to the following prohibitions and restrictions:
  • being sensitive to conflicts, such as those that can arise from firm-related work and service on industry committees, or as an expert witness, hearing panelist or arbitrator, and refraining from participating in a particular matter when a conflict exists;
  • refraining from using membership on the District Committee for commercial purposes, for qualifying as an expert or suggesting special access to FINRA; and
  • keeping sensitive, non-public or proprietary information confidential.
Changes to District Committee Composition. On 5/4/11, the SEC approved amendments to FINRA Regulation’s By-Laws to, among other things, adjust the size and composition of District Committees to align more closely with the industry representation on the FINRA Board of Governors and replace District Nominating Committees with a process of direct nomination and election based on firm size. Vacancies. In this election, the District Committees for Districts 1, 2, 3, 4, 5, 6, 7, 8, 9 and 11 each have 3 seats to fill - one representing small firms, one representing mid-size firms and one representing large firms.  District 10 has 5 seats to fill: two representing small firms, one representing mid-size firms, and two representing large firms. Firm size categories are:
  • Small firm—a firm that employs at least one and no more than 150 registered persons.
  • Mid-size firm—a firm that employs at least 151 and no more than 499 registered persons; and
  • Large firm—a firm that employs 500 or more registered persons.
Terms of District Committee Members. Members serve for 3 year terms and there is no limit on the number of terms that may be served by a member of a District Committee, except that a District Committee member may not serve 2 full terms consecutively. For futher details, go to:   [FINRA Election Notice, 9711]

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