FINRA Names Timothy C. Scheve to Board of Governors

WASHINGTON — The Financial Industry Regulatory Authority (FINRA) has named Timothy C. Scheve, President and Chief Executive Officer of Janney Montgomery Scott LLC, as a new Large Firm Governor on its Board of Governors. Scheve was appointed to complete the term of former Governor John W. Thiel, who left the Board earlier this year.

Scheve became Janney’s President and CEO in August 2007, and has more than 30 years of experience in the securities industry. Before joining Janney, Scheve held a variety of leadership roles at Legg Mason, including Executive Vice President beginning in 1998 and Senior Executive Vice President in 2000; and then President and CEO of Legg Mason’s broker-dealer – the former Legg Mason Wood Walker, Inc. – beginning in 2003. Prior to that, he was a senior consultant for the Management Information Consulting Group of Price Waterhouse & Co.

Scheve obtained his bachelor's degree summa cum laude from Catholic University and a master’s degree in economics from Brown University. He was elected to Phi Beta Kappa.

“Tim’s extensive securities industry experience offers important perspectives to FINRA’s Board,” said FINRA Chairman Bill Heyman. “We welcome Tim and look forward to working with him.”

“FINRA will benefit greatly from Tim’s insights regarding the firms and markets we regulate as we advance our mission of investor protection and market integrity," said Robert Cook, FINRA's Chief Executive Officer. “We are very fortunate to have him join our Board.”

“FINRA performs an important role not only in safeguarding the markets but also facilitating a vibrant securities industry,” said Scheve. “I am excited about the opportunity to support that work as a member of the FINRA Board.”

FINRA is overseen by a Board of Governors, the majority of whom are public representatives. The 10 industry governors include three from large firms, one from a medium-size firm, three from small firms, one floor member, one independent dealer/insurance affiliate and one investment company affiliate.

FINRA is 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.