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By 
May 28, 2021 at 10:18 AM
What You Need to Know
- Advisory committee members will now serve a maximum of two three-year terms.
- FINRA’s advisory committees provide critical expertise that enhances FINRA’s ability to develop rules, CEO Cook said.
- CE fees will change from $55 every three years to $18 per year.
The Financial Industry Regulatory Authority’s board recently approved term limits for members of FINRA’s 12 advisory committees to promote diversity as well as a reallocation of the fees for the Regulatory Element of FINRA’s continuing education program.
Members of FINRA’s advisory committees will now serve a maximum of two three-year terms, with an additional three-year term for chairpersons and the potential for an additional one-year extension for members on a limited basis.
The term limits were recommended by FINRA’s Racial Justice Task Force to allow for greater diversity on these committees and improve opportunities for those who are interested in serving, the broker-dealer self-regulator said.
“FINRA’s advisory committees provide critical expertise that enhances FINRA’s ability to develop rules and implement operations that best meet the needs of the investing public and a vibrant industry,” said FINRA President and CEO Robert Cook in a statement. “Adopting term limits will help ensure that FINRA continually receives feedback that represents the diverse experiences and perspectives of industry participants and the customers they serve.”
