Michael Solomon Becomes FINRA’s Senior Vice President of Examinations

The Financial Industry Regulatory Authority (FINRA) announced on Thursday that it had appointed Michael Solomon as its new Senior Vice President of Examinations. According to the press release, he will be responsible for supervising the strategic direction and execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term of FINRA’s national Examination Program.

Previously, Thomas Nelli held this role and retired from the watchdog in March. Solomon will take the lead in the role starting 6 June and will report to Greg Ruppert, the Executive Vice President and Head of Member Supervision of FINRA.

In his previous role, Solomon was the General Counsel and Chief Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term Officer for Rockefeller Financial LLC. Before joining Rockefeller, Solomon served as the Senior Vice President and Northeast Regional Director for FINRA. He was responsible for the Examination and Surveillance Programs and oversaw 350 people across FINRA’s five northeast offices.

Solomon's Background

Jefferies, UBS and Merrill Lynch were among the global financial services firms he worked at before joining FINRA. He began his career as an assistant district attorney in Manhattan, investigating and prosecuting violent street crime, narcotics trafficking and fraud.

“Michael is a seasoned professional with a long-demonstrated commitment to FINRA’s mission. His significant experience both as a regulator and in the industry makes him uniquely qualified to lead our Examination program. We are happy he is back at FINRA and are excited to have him join the Member Supervision senior leadership team,” Ruppert commented.

Solomon said: “I am thrilled to return to FINRA and work with such a talented team of professionals who are dedicated to investor protection and making sure the broker-dealer community operates fairly and honestly. I look forward to taking on this role to help ensure FINRA’s examinations are efficient, help enhance industry practices and root out misconduct.”

FINRA penalized Crown Capital Securities for paying nearly $19.3 million in transaction-based compensation to unregistered entities in March.