November 1, 2017
Paige Pierce For 2017 FINRA NAC Small Firm Member
November 1, 2017
As set forth on the Financial Industry Regulatory Authority's ("FINRA's") website:
The National Adjudicatory Council (NAC) is a FINRA committee that reviews initial decisions rendered in FINRA disciplinary and membership proceedings. While a decision is on appeal, the sanction is not actively enforced against the firm or individual. The NAC may affirm, dismiss, modify, or reverse any finding, or remand for further proceedings. The NAC may affirm, modify, reverse, increase, or reduce any sanction or impose any other fitting sanction.
Unless FINRA's Board of Governors decides to review the NAC's appellate decision, the NAC's decision represents FINRA's final action. A firm or individual can appeal FINRA's decision to the Securities and Exchange Commission.
In "Notice of Election and Ballots for FINRA Small Firm NAC Member" (FINRA Election Notice, October 20, 2017), the self-regulatory-organization announced that there will be a contested election for the 2017 FINRA NAC Small Firm Member. A FINRA Small Firm is defined has having up to 150 registered representative. Ballots from eligible FINRA Small Firms must be received by FINRA as of the close of business on November 20, 2017.
A personal message from Bill Singer, Esq.,publisher of
the BrokeAndBroker.com Blog
Securities Industry Commentator
Elect PAIGE PIERCE 2017 FINRA NAC Small Firm Member
As a founder of the NASD / FINRA Dissident Movement (See, "THE MARKETS; Two Independents Are Elected To Serve on N.A.S.D.'s Board" (New York Times, December 22, 1998) and a 35-year industry veteran, I support Paige Pierce's candidacy for the 2017 FINRA Small Firm NAC Member and urge all FINRA Small Firm Executive Representatives to cast a ballot in support of her candidacy.
With over 25 years of industry experience, Paige Pierce is in a unique position to effectively serve on the NAC. During her impressive career, she has gained the perspective necessary to understand the significant financial, compliance and regulatory challenges facing the industry's firms and employees.
Electing competent and diligent men and women to serve on the NAC is critical if FINRA is to discharge its obligation to the public and the industry as a fair and effective self-regulatory organization. This election is not -- and should not -- be a popularity contest because there is far too much at stake.
FINRA member firms and associated persons may be found guilty of misconduct and subjected to often crippling sanctions. At times, such decisions are appropriate and in the best interests of maintaining integrity in the FINRA member community. Other times, however, such decisions may require reconsideration by the NAC. Given the delicate balance between protecting the public investor and also ensuring regulatory fairness for the industry, it is necessary that the men and women serving on the NAC approach their roles with seriousness and have the background to understand the issues before them. Moreover, those serving on the NAC cannot do so with a predisposition to rubber stamp whatever FINRA Staff requests or to avoid rocking the boat by leaving undisturbed meritless findings of misconduct or excessive sanctions. As a former member of the NAC from 2013 to 2015, Paige Pierce understands the necessity to adjudicate the matters that come before her with intelligence and fairness.
Paige W. Pierce,
President, PSP Consulting
Paige W. Pierce brings over 25 years of senior level investment industry experience with small firms and major corporate entities to her corporate positions, consulting practice, and board work. Paige is an accomplished executive with strong leadership, vision and strategy development, talent acquisition and operational expertise gained through a breadth of experience in ownership and executive management roles, as well as consulting engagements. She specializes in start-ups and transformations in fast-paced environments, as well as regulatory and legislative affairs in the investment industry. She has proven success in strategy design, leading change, driving execution, and influencing boards and large teams. With extensive qualifications structuring, negotiating and closing M&A by building consensus among diverse stakeholders she has taken her financial service industry expertise and expanded into other industries with her consulting work.
Paige has significant regulatory and legislative experience working with and lobbying members of U.S. Congress, staff, the Federal Reserve, and regulators for the interests of Small Firms in the investment industry. With vast Executive Committee experience serving on numerous corporate, regulatory and industry association committees and boards, she is innovative, strategic, passionate, customer and performance-focused, and effective. Driven by purpose and the desire to make a difference, she challenges norms and conventions to forge new paths with fierce conviction and boundless energy.
Recently, as CEO of RW Smith, a leading fixed income Interdealer Broker (IDB), Paige was responsible for overseeing all facets of the business. A highly skilled negotiator and consensus builder with a proven track record in restructuring operations and re-building failing teams, she has extensive experience in structuring, negotiating, and closing multi-million-dollar deals. At RW Smith, Paige took a distressed family-run investment firm operating in crisis mode, and restored both morale and sales & trading profitability. She then solicited and attracted multiple M&A offers, ultimately facilitating a successful exit for the shareholders, as well as continued job security for the company's employees. After managing a lengthy transition for the strategic buyer, Paige looks forward to her next chapter, having successfully carried out her mission at RW Smith.
Paige was the first Interdealer Broker executive to be elected to represent the interests of Small Firms on both the Financial Industry Regulatory Authority (FINRA) Small Firms Advisory Board (Chair 2017) and FINRA's National Adjudicatory Council (2013-15), the appellate body for regulatory actions brought by FINRA, as well as member appeals. She was elected in 2008 and again 2016 to serve 3-year terms on the FINRA District 3 Committee (Chair 2010) and was the first IDB chosen to participate on the FINRA Fixed Income Committee.
Paige recently completed her terms as a member of the Securities Industry and Financial Markets Association Municipal Executive Steering Committee (Elected 2008-11, 2015-17), Municipal Broker's Broker Committee (Chair 2008-11, 2015-17), Small Firms Advisory Committee, Municipal Operations Committee, and the Emergency Markets & Calendar Committee. Additionally, she remains a hearing panelist for disciplinary cases brought through FINRA, is a frequent speaker at industry events, and has represented the Small Firm sector of the investment industry in meetings with the Chair and Governors of the Federal Reserve, members of Congress, SEC Commissioners and other regulatory agencies.
She was a co-founder of the PSA Women in the Investment Industry group, the SIFMA Municipal Securities Broker's Broker Committee, the Bond Dealers of America Small Firm Division, and the Municipal Bond Information System. She is a member of the Utah Chapter of the Young Presidents' Organization (YPO Gold). Previously, she held both the Network Chair position with both YPO and YPO Gold Utah and was Chair of the YPO Pacific Region Women's International Network.
In 2008, Paige was appointed by the United States Air Force 388th Fighter Wing as Honorary Commander and Falcon at Hill Air Force Base in Utah, and serves to this day with pride. She is also a BOD for TWL Holdings, RWS Acquisition Corp, and the National Association of Independent Broker Dealers. She attended the YPO Harvard Business School Presidents' Program from 2011-2014 and is an alumnus of the London Business School having completed the 5-year YPO London Business School Program May 2017. Following graduation, she was named Chair of the YPO London Business School Executive Education Program (2018-2020).