FINRA proposes an industry-majority board, shrinking it to a maximum of 20
In a notice dated 10 Nov, FINRA proposed amending its By-Laws so that Industry Governors would form a majority of the Board, replacing the public-majority requirement that dates from a 1996 By-Law change by its predecessor, NASD. The Board would shrink from a maximum of 25 seats to no more than 20, and Public Governors would represent 41.7% to 47.4% of Industry and Public Governor seats. The change would need SEC approval.