May 2022 Board Update

FINRA’s Board of Governors met on May 11 and 12, and it approved three rule proposals and the organization’s 2021 Annual Financial Report, and appointed new members to FINRA's Advisory Committees.

May 20, 2022

Last week, FINRA’s Board of Governors met in Fort Lauderdale, FL, and I am pleased to share some updates from our discussions.

The Board took several actions with respect to governance, including nominating a large-firm Governor for an upcoming Board election and discussing nominees for the National Adjudicatory Council. In addition, the Board appointed new members to FINRA’s Advisory Committees. These appointments begin on June 1, and follow the Board’s 2021 decision to apply term limits for Advisory Committee membership—upon the recommendation of FINRA’s Racial Justice Task Force—to facilitate greater diversity and increase opportunities for those who are interested in serving. We look forward to benefiting from the new members’ experiences and perspectives.

The Board also approved FINRA’s 2021 Annual Financial Report. Each year, FINRA publishes an Annual Financial Report in accordance with U.S. generally accepted accounting principles that—along with an Annual Budget Summary—describes how we manage our finances to support our mission of protecting investors and promoting market integrity in a manner that facilitates vibrant capital markets. The 2021 report will be published this summer.

In addition, the Board approved three rulemaking items, which are listed below. Our next meeting is scheduled for July 13-14, 2022. 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
President and CEO

Rulemaking Items Approved at the March 2022 Board Meeting

Amendments Reducing the Syndicate Account Settlement Timeframe for Corporate Debt Offerings

The Board approved the submission to the SEC of proposed rule amendments to reduce the timeframe in which syndicate managers of public corporate debt offerings share syndicate revenues with syndicate members.

Proposed Amendments Relating to Dissemination of Aggregated TRACE Data for Treasury Securities

The Board approved the submission to the SEC of proposed amendments to permit more frequent publication of aggregated transaction information on Treasury Securities, in response to a request from the U.S. Treasury Department.

Changes to the Previously Filed Proposal for Special Arbitration Procedures for Expungement Relief

The Board approved proposed amendments to a proposal that was previously filed with the SEC establishing specialized arbitration panels for expungement requests.

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