FINRA appoints former SEC director as CEO

The former SEC director replaces Richard Ketchum.

The US Financial Industry Regulation Authority (FINRA), the banking industry’s self-regulatory body, has named former Securities and Exchange Commission (SEC) director Robert Cook, as its new president and chief executive officer.

Cook, previously director of trading and markets, is to succeed Richard Ketchum, who served as CEO of FINRA since 2009, from the second half of this year.

Cook was also a partner at law firm Cleary Gottlieb Steen & Hamilton, where he specialised in the regulation of broker-dealers, exchanges and clearing agencies.

He joined the SEC in 2010 and headed up the regulatory policy as director of the division of trading and markets.

Lead governor of FINRA Jack Brennan, also former CEO of Vanguard Group explained Cook’s “great understanding of the securities markets” and “broad regulatory expertise” is set to benefit investors.