Notice of Election and Ballots for FINRA Large Firm and Small Firm NAC Member Seats

Summary

The purpose of this Election Notice is to notify FINRA large and small member firms of contested elections for a large firm seat and a small firm seat on the National Adjudicatory Council (NAC) and the distribution of ballots.

Voting concludes on February 10, 2025. 

Questions regarding this Election Notice may be directed to Jennifer Piorko Mitchell, Vice President and Deputy Corporate Secretary, via email or at (202) 728-8949.

Election of NAC Members

Election Notice 11/7/2024 previously announced these two upcoming vacancies on the NAC, FINRA’s nominees, and the process by which interested individuals could seek petitions in support of their nomination to be included on the ballot.¹

Below is the list of candidates who were either nominated by FINRA’s Nominating and Governance Committee (Nominating Committee) or submitted the requisite number of petitions and were certified by the Corporate Secretary as eligible candidates.

Large Firm NAC Member Candidates

• Nominating Committee Nominee: Richard Kuhlman, Senior Vice President and Chief Legal Officer, Cambridge Investment Research, Inc.
• Petition Nominee: Lana Calton, Executive Managing Director/Head of Clearing, Custody and Lending, Hilltop Securities, Inc.

Small Firm NAC Member Candidates

• Nominating Committee Nominee: Trinity Lee, President and Executive Director, Heim, Young & Associates, Inc.
• Petition Nominee: Matthew T. Hoffman, Chief Compliance Officer, Cascadia Capital, LLC

Profiles of the large firm candidates are included in Attachment A and profiles of the small firm candidates are included in Attachment B. The elected individuals will serve four-year terms ending on December 31, 2028.

Voting Information

FINRA large firm and small firm members as of the close of business on January 9, 2025, are eligible to vote for candidates running for the NAC seat in the same size category as their own firm. The Executive Representative² of each eligible firm can vote by telephone, internet or U.S. mail. Voting instructions are included in the email sent today from [email protected] and on the hard copies of the ballots that will be mailed soon to eligible firms. 

Voting concludes on February 10, 2025.

Background on the NAC

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, considers appeals of membership proceedings, exercises exemptive authority and acts in other proceedings as set forth in the Code of Procedure.

The NAC comprises 15 members—seven industry members and eight non-industry members. The seven industry members of the NAC include two small firm, one mid-size firm, two large firm and two at-large industry members. Of the eight non-industry NAC members, at least three are public members.

Pursuant to Article V, Section 5.3 of the FINRA Regulation By-Laws, the FINRA Board appoints all members of the NAC. The FINRA Board appoints the at-large industry and non-industry members of the NAC from candidates recommended by the Nominating Committee. The FINRA Board also appoints the small firm, mid-size firm and large firm members of the NAC from candidates recommended by the Nominating Committee. In the event of a contested election, the candidate who receives the largest number of qualified votes is declared the nominee, and the Nominating Committee sends a written certification of the results to the FINRA Board, nominating such candidate for appointment to the NAC.

Endnotes