According to FINRA's filing published on November 10, 2026, the Financial Industry Regulatory Authority proposed reducing its board to 20 governors from the current maximum of 25, with industry representatives outnumbering public governors. Under the new structure, the board would have 7 to 10 industry governors and 5 to 9 public governors, compared to the current 10 industry and 11 to 14 public representatives.

The proposal, filed as SR-FINRA-2026-024 on November 2, reverses a governance requirement introduced in 1996 following an SEC investigation that found the NASD, FINRA's predecessor, had failed to adequately oversee Nasdaq due to market maker influence.

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