FINRA recently announced that it has promoted Jonathan Sokobin as its new Executive Vice President and Head of the new office in charge of Regulatory Economics and Market Analysis (REMA).
Published in a press release identified by Finance Magnates, Jonathan Sokobin, previously the Senior VP and Chief Economist, has been elevated by FINRA, the Financial Industry Regulatory Authority, to the rank of Executive Vice President and Head of Regulatory Economics and Market Analysis.
Sokobin will continue as the Chief Economist and as a member of its management committee. Additionally, he will report to the President and CEO of FINRA, Robert Cook.
The new REMA office will combine the Office of the Chief Economist (OCE) and the Office of Financial Innovation (OFI) into a single team providing industry analysis, regulatory impact assessments and quantitative research on the regulation of securities markets. The team consisting of around forty employees will notify the regulator's rulemaking and regulatory policy agenda, identify emerging regulatory risks, develop new processes to spot and measure harm and benefit to investors. Additionally, its purpose will be to enhance the surveillance, examination and enforcement programs at FINRA.
Sokobin’s Background
Sokobin has been employed at FINRA since 2013, but before that, he served the US Treasury Department from 2011. Initially, he joined as the Chief of Analytical Strategy in the Office of Financial Research. After nineteen months, he received the promotion to Acting Deputy Director of Research and Analysis in the Office of Financial Research in 2012.
Before his work at the US Treasury, he was onboarded by the Securities and Exchange Commission, (SEC) in 2000. During this time, he served in three independent roles, first as Deputy Chief Economist (Sept 2004 – Feb 2008, then as the Director of the Office of Risk Assessment (Mar 2008 – Dec 2009), and finally as the Deputy Director of the Division of Risk, Strategy and Financial Innovation.
Sokobin’s earliest role was as an Assistant Professor at the SMU Cox School of Business from Aug 1993 to July 1998. Additionally, he was awarded his PhD and MBA in Finance from the University of Chicago’s Graduate School of Business. He also acquired a BA in Economics from Ohio State University.
Commenting on the announcement, Cook stated: “The move to bring together the expertise of the Office of the Chief Economist and the Office of Financial Innovation better leverages the respective strengths of both groups to protect investors and promote market integrity. I am confident that under Jonathan’s leadership, and guided by his extensive regulatory experience and expertise in economic and market analyses, REMA will serve to inform FINRA’s regulatory policies and programs and help advance our mission.”
“I am excited to lead the Office of Regulatory Economics and Market Analysis and our team of talented professionals. REMA’s work will help inform operations and regulatory policy, providing a unique perspective to help make them more agile and effective in the pursuit of FINRA’s mission of protecting investors and safeguarding market integrity,” added Sokobin.
