The outgoing chief of Investment Industry Regulatory Organization of Canada (IIROC), Susan Wolburgh Jenah, is joining the board of her U.S. counterpart, the Financial Industry Regulatory Authority (FINRA), as a public governor.
Following its annual general meeting in Washington, DC, Thursday, FINRA announced that Wolburgh Jenah, president and CEO of IIROC until the end of October, has been appointed to its board, along with former chairman of the U.S. Securities and Exchange Commission (SEC), Elisse Walter, as the self-regulatory organization’s two new public governors.
“Elisse and Susan bring an extraordinary knowledge of securities regulation and a steadfast commitment to the interests of investors to FINRA,” said Richard Ketchum, FINRA’s chairman and CEO.
Two industry governors were also elected to the FINRA board. Mark Cresap, president and owner of Cresap, Inc., has been tapped to represent small firms, and Gregory Fleming, president of Morgan Stanley Wealth Management and Morgan Stanley Investment Management, has been chosen to again represent large firms. This is Cresap’s first term on FINRA’s board, whereas Fleming has already served as a large firm governor for the past two years and was re-elected to a second term.
FINRA is overseen by a 24-person board comprised of 14 public representatives, 10 industry governors, and the regulator’s CEO. Its governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.