Some independent member firms of FINRA have managed to land seats on the regulator's board.
At the regulator's annual meeting in Washington DC last Thursday, the election of seven new governors was announced together with the approval of several proxy proposals. Three of them came from independent firms.
The newly elected governors will serve as part of its 22-member board. Three of them will be aligned to represent small firms, while one will be designated to mid-sized firms. According to FINRA, its members also voted on approving seven non-binding proxy proposals, which are designed to make the regulator more transparent.