FINRA Announces Two New Members of Board of Governors

The Financial Industry Regulatory Authority (FINRA) announced today that two new public members have been appointed to its Board of Governors.

Gary H. Stern, who recently retired as president of the Federal Reserve Bank of Minneapolis, will fill the term of Sir Brian Corby, who passed away in April. Corby was the retired chairman of Britain's Prudential Corporation, plc.

John W. Schmidlin, a current public member of the NYSE Regulation Board, has been chosen to replace Mark Sargent, who resigned his governor's seat this summer.

FINRA is overseen by a 23-person Board of Governors, with 11 seats held by Public Governors and 10 by Industry Governors. FINRA's CEO and the CEO of NYSE Regulation comprise the remaining two seats. Large firms, consisting of 500 or more registered persons, and small firms, consisting of 150 registered persons or fewer, each have three seats on the Board. Medium-sized firms — those with 151 to 499 registered persons — NYSE floor members, independent dealer/insurance affiliated firms and investment companies each have one seat.