Advisory Committees

FINRA has 13 advisory committees that provide feedback on rule proposals, regulatory initiatives and industry issues. More than 160 industry members and 35 non-industry members serve on these committees. The advisory committees meet in-person or via teleconference typically between two and five times a year.

Clearing Firm Advisory Committee

The Clearing Firm Advisory Committee is composed of member firm representatives from clearing firms, with introducing firm representatives regularly invited to participate. The committee is a forum for clearing and introducing firms to advise FINRA on issues arising from member firms’ activities relating to the clearance, carrying and settlement of securities, including issues, practices and activities affecting or relating to small member firms, such as their access to clearance and settlement services. The committee also assists FINRA in identifying and promoting best practices regarding clearing and carrying activities and making recommendations regarding FINRA rules relating to the clearance, carrying and settlement of securities.

Membership effective June 1, 2023

Corporate Financing Committee

The Corporate Financing Committee is comprised of senior representatives of member firms. The Committee advises FINRA on regulatory and public policy issues arising from firms' capital-raising activities. Committee members typically have capital markets, investment banking, and legal and regulatory compliance experience and are familiar with underwriting terms and distribution arrangements in public and private securities offerings. The Committee provides FINRA with industry perspectives on offerings of corporate equities, debt, closed-end investment companies, real estate investment trusts and direct participation programs, and related regulatory requirements.

Membership effective June 1, 2023

Economic Advisory Committee

The Economic Advisory Committee (EAC) is composed of economic and finance experts with a wide range of expertise, including banking, credit markets, market structure, international finance and behavioral economics. The committee advises FINRA on academic research and macroeconomic developments that may impact its regulatory programs. EAC members present original research and discuss economic developments to better inform FINRA initiatives.

Membership effective June 1, 2023

Financial Responsibility Committee

The Financial Responsibility Committee is composed of member firm representatives. The committee advises and makes recommendations to FINRA primarily about FINRA and the Securities Exchange Commission's rules and policies affecting the financial and operational activities of firms. The committee also provides input on proposed FINRA rules and initiatives, or suggests amendments to existing FINRA rules, related to financial responsibility, clearance and settlement of securities transactions or other operational matters.

Membership effective June 1, 2023

Fixed Income Committee

The Fixed Income Committee is composed of member firm representatives. The committee advises and makes recommendations to FINRA about regulatory initiatives, rules and policies and public policy issues involving debt securities, including municipal securities and municipal advisory activity. The committee addresses a broad range of issues concerning fixed income transactions, fixed income market participants, transaction reporting, transparency and pricing, suitability, advertising and disclosure, debt mark-ups and commissions, conflicts of interest, debt research, and training and supervision of persons engaged in debt securities business activities.

Industry Diversity Advisory Committee

The Industry Diversity Advisory Committee (IDAC) identifies effective DEI practices at financial services organizations, and provides guidance to FINRA and its members on enhancing diversity, equity and inclusion (DEI) across the financial services industry in support of FINRA’s commitment to mitigate the lack of full participation of underrepresented groups in the financial markets and industry. The IDAC is guided by the belief that its work can augment FINRA’s mission of protecting investors and promoting market integrity in a manner that facilitates vibrant capital markets in which everyone can participate with confidence.

Membership effective September 22, 2022

Investor Issues Committee

The Investor Issues Committee is composed of subject matter experts, including academics, consumer advocates, former securities regulators, institutional investors and individuals affiliated with non-broker-dealer asset management firms. The committee advises FINRA staff on matters that significantly affect individual and institutional investors, including proposed rulemaking, policy initiatives and other issues, and to help inform FINRA's economic analysis from the perspective of investors. In addition, the committee routinely reviews rule proposals and regulatory initiatives before they are brought before the FINRA Board.

Membership effective June 1, 2022

Large Firm Advisory Committee

The Large Firm Advisory Committee is composed of the senior compliance officers of FINRA's largest member firms. The committee routinely reviews rule proposals and regulatory initiatives before they are brought before the FINRA Board. In addition, the committee advises FINRA regarding the effect of current and proposed securities rules and regulations—including FINRA rules—on members engaged in retail and institutional brokerage and investment banking activities. The committee also assists FINRA in identifying and promoting best practices regarding broker-dealer compliance activities.

Membership effective June 1, 2023

Market Regulation Committee

The Market Regulation Committee is composed of industry and non-industry representatives. The committee advises FINRA on market regulation and trading issues. The committee provides input and perspective on proposed rule changes and other initiatives relating to quotations, executions, trade reporting, short sales and trading practices. Committee members also provide input on the administration of various FINRA market regulation and trade reporting systems, such as the Trade Reporting and Compliance engine (Trace), the Trade Reporting Facilities, as well as national market system plans, such as the Consolidated Audit Trail (CAT) Plan. Committee members may also serve on FINRA hearing panels that hear issues related to market regulation and trading.

Membership effective June 1, 2023

Membership Committee

The Membership Committee represents a cross-section of the securities industry, including representatives from medium-size member firms and member firms that are independent dealers or are affiliated with insurance companies. It routinely reviews rule proposals and regulatory initiatives before they are brought before the FINRA Board. In addition, the committee's responsibilities include, but are not limited to, providing insight on industry trends, issues and needs regarding regulatory compliance; assistance in identifying and promoting sound compliance practices; advice on FINRA's regulatory systems; and ideas for compliance offerings and educational programs to meet firm needs.

Membership effective June 1, 2023

National Arbitration and Mediation Committee

The National Arbitration and Mediation Committee (NAMC) makes recommendations to FINRA regarding recruitment, qualification, training, and evaluation of arbitrators and mediators. The NAMC also makes recommendations on rules, regulations and procedures that govern the conduct of arbitration, mediation, and other dispute resolution matters before FINRA.

The NAMC members include investors, securities industry professionals and FINRA arbitrators and mediators. A majority of the NAMC members and its chair are non-industry representatives. This diverse composition ensures a neutral approach in the administration of Dispute Resolution's forum, promoting fairness to all parties.

Membership effective June 1, 2022

Small Firm Advisory Committee

The Small Firm Advisory Committee (SFAC) is composed of ten members – 5 elected and 5 appointed – all senior executives of small firms. It exists to ensure that issues of particular interest and concern to small firms are effectively communicated to and considered by FINRA. The SFAC also routinely reviews rule proposals and regulatory initiatives before they are brought before the FINRA Board of Governors. FINRA’s three small firm representatives to the Board of Governors serve as ex-officio, non-voting members of the SFAC.

You may contact SFAC members directly by visiting the Small Firm Advisory Committee web page.

Membership effective January 1, 2024

Uniform Practice Code Committee

FINRA's Uniform Practice Code (UPC) Committee is composed of member firm representatives. The committee advises and makes recommendations to FINRA on issues relating to the UPC and over-the-counter (OTC) market trading, processing and operations. For example, the committee considers issues related to the clearance and settlement of OTC securities transactions, FINRA's Rule Series on Clearly Erroneous Transactions, and UPC corporate actions processing issues.

Membership effective June 1, 2023