Compliance January 23, 2009

FINRA Board Launches Search to Replace Schapiro

The Board of Governors of the Financial Industry Regulatory Authority (FINRA) said it has established a search committee to find candidates to replace FINRA CEO Mary L. Schapiro, set to become chairman of the Securities and Exchange Commission (SEC).
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Shcapiro’s nomination to serve as head of the SEC was approved by the U.S. Senate yesterday. Her service as FINRA’s CEO ends at close of business Friday, according to a release from FINRA. Stephen Luparello, FINRA’s senior executive vice president for Regulatory Operations, will serve as Interim CEO while the board committee conducts its search for a permanent CEO.

Luparello has been with FINRA and its predecessor organization, NASD, since 1996, the release said. Prior to joining FINRA, he served in various capacities at the Commodity Futures Trading Commission and the SEC.

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FINRA’s Board has also accepted the resignations of two board members representing large securities firms, the agency said. Robert MCann left the Board when he resigned recently from Merrill Lynch (see “McCann Exits Merrill after Bank of America Takeover’). Lehman Brothers’ Thomas Russo vacated his board seat when his firm underwent organizational changes and, as a result, no longer qualifies as a large firm because it now has fewer than 500 brokers.

The board is expected to nominate two new large firm board candidates in February. Following formal publication of those nominations on FINRA’s website, the more than 180 registered large firms will have the opportunity to nominate additional candidates by petition. If no additional candidates are nominated within 45 days, the board’s nominees will take office. If additional candidates are nominated, a vote by large firms will take place in accordance with FINRA’s By-Laws, according to FINRA.


Deals & People January 23, 2009

Bloom Named CEO of Commonwealth

Commonwealth Financial Network announced that Wayne Bloom has been appointed as CEO.
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The appointment is the result of Commonwealth’s ongoing succession planning process and is effective immediately, according to a press release. Bloom, a managing principal at Commonwealth since 1999, succeeds Chairman Joseph Deitch, who will continue serving as chairman of the firm. Peter Wheeler will continue as president.

Bloom joined Commonwealth in 1989 and previously served as the firm’s managing principal of wealth management. During this time, Bloom was responsible for the firm’s Research, Insurance, Retirement, and Registered Investment Advisory divisions. He is a founder of the firm’s Preferred Portfolio Services program, Commonwealth’s fee-based asset management infrastructure, and is also one of the pioneers of Commonwealth’s wealth management initiative, according to the release.

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“Since joining Commonwealth 20 years ago, Wayne’s leadership and strategic business acumen have been instrumental in growing Commonwealth’s fee-based asset management program into a driving force for the firm,’ said Deitch, in a statement.

Among Bloom’s immediate efforts will be the firm’s 2009 initiative to strengthen the core of the firm, Commonwealth said. The company said “the campaign will integrate best business practices of targeting projects that increase revenues, ease expenses, and improve processes, while taking an opportunistic approach to developing new and enhanced services for the firm’s advisers, their staff, and investors.’

Prior to joining Commonwealth, Bloom was employed at Fidelity Investments. He is also a past chairman of the IAFP’s Financial Products Advisory Council.

Commonwealth Financial Network is privately owned independent broker/dealer, with offices in Waltham, Massachusetts, and San Diego, California. The firm said it supports more than 1,200 independent registered representatives nationwide.

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