On August 5, 2011, the Financial Industry Regulatory Authority ("FINRA") announced the upcoming election for two open seats (one each for the Large Firm and the Small Firm members) on its National Adjudicatory Council ("NAC"), which comprises 14 members: 7 industry (two Small Firm, one Mid-Size Firm, two Large Firm, and two At-Large Industry Members); and 7 non-industry (at least three are Public Members).
Service is typically for a three-year term. Those wishing to contest FINRA's Nominating and Governance Committee nominees will have 45-days to file the requisite petitions entitling them to be certified for the ballot.
The NAC is not an unimportant cog in the FINRA regulatory wheel -- to the contrary, it is among the most critical components. The NAC reviews all FINRA hearing panel decisions, statutory disqualification applications, and serves in the additional role as FINRA's appellate panel.
Small Firm Nominee David M. Sobel
FINRA's Nominating and Governance Committee nominated David M. Sobel for the Small Firm NAC seat.
I have known David Sobel for many years as someone who is unequivocally committed to regulatory reform. He is an industry veteran who's been there and done that -- he understands the pressures of your business and has the legal training to recognize the merits (or lack thereof) in the various FINRA matters that will be presented to him. Frankly, I can't think of many individuals that I have known after some three decades on the Street who are more qualified and suited for the position.
I urge you to cast your Small Firm vote for NAC candidate David M. Sobel.
David M. Sobel, Esq. is currently executive vice president, general counsel and chief compliance officer of Abel/Noser Corp., a FINRA/NYSE member broker-dealer. He was previously a partner at The Goldstein Law Group, P.C., where he concentrated in the areas of broker-dealer compliance/regulation, securities litigation, including arbitration and mediation, and disciplinary/enforcement matters at the SEC, NYSE, AMEX and FINRA. Mr. Sobel was a floor member of the New York Stock Exchange from 1982 through 1991 as a floor broker for both H.A. Brandt & Co. and First Options of Chicago, and he was president of his own NYSE member firm, Ampro Securities, Inc. After leaving the NYSE floor, he was a senior equity trader/market maker for Trimark Securities.
Mr. Sobel has a Master of Science degree from Brooklyn College and a law degree from Pace Law School, where he was an editor of the International Law Review and recipient of the Dean's Award. He has served as a FINRA arbitrator, on FINRA's District 10 Committee and on FINRA's Small Firm Advisory Board. He has also served on the Board of Directors of the National Society of Compliance Professionals and as chairman of the board of the NAIBD. August 5, 2011
Mr. Sobel has been quoted in or interviewed by: Compliance Reporter, WSJ.com, Complinet, Trader's Magazine, Wall Street Letter, BD Week, Op/Risk and Compliance Magazine, Institutional Investor News and Dow Jones Newswire, and is a frequent speaker at securities conferences for SIFMA, NSCP, NRS, NAIBD, FMW and Strategy Institute. Recent conference topics include Managing Risk at Small BD; Internal Audits; Supervisory Responsibility, Financial Responsibility, Fraud Prevention in Portfolio Management, Social Networking, Foundations of Compliance, Best Practices and Forensic Compliance.
He is admitted to practice before the Supreme Courts of New York and Connecticut, the U.S. District Courts for the Southern and Eastern Districts of New York and the Second Circuit Court of Appeals. He is a member of the New York County Lawyers Association, the New York State Bar Association and the American Bar Association.