July 2023 Board Update

During its July 12 and 13 meeting, the FINRA Board of Governors re-elected Eric Noll as chair, re-appointed public governors Deborah Bailey, Lisa Fairfax and Maureen Jensen, and approved three rulemaking items.

July 19, 2023

The FINRA Board of Governors met last week for the third time this year, and I am pleased to share some updates from our discussions.

In recognition of his impactful leadership and expertise, the Board re-elected Context Capital Partners’ CEO Eric Noll as our chair. In addition, the Board re-appointed three public governors—Deborah Bailey, Lisa Fairfax and Maureen Jensen—for additional three-year terms, beginning at FINRA’s September 2023 annual meeting. We look forward to continuing to work with all four of these governors as we further advance FINRA’s mission.

The Board also approved three rulemaking items—listed below—and heard from SEC Commissioner Hester Peirce on her priorities and perspectives regarding issues impacting the securities markets and the broker-dealer industry.

Our next 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. 

Sincerely,

Robert W. Cook
CEO

Rulemaking Items Approved at the July 2023 Board Meeting

  • 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.

Visit FINRA’s website for more information about FINRA’s rulemaking process.