FINRA announced today that it has promoted Jonathan Sokobin to Executive Vice President and Head of the newly created Office of Regulatory Economics and Market Analysis (REMA).
Sokobin, previously Senior Vice President and Chief Economist, will remain Chief Economist and a member of FINRA's management committee, and continue to report to FINRA President and CEO Robert Cook.
REMA brings together the Office of the Chief Economist (OCE) and the Office of Financial Innovation (OFI) to create a single team delivering industry analysis, regulatory impact assessments and quantitative research on the regulation of securities markets. The 40-member team informs FINRA's rulemaking and regulatory policy agenda, identifies emerging regulatory risks, develops new methods to identify and measure harms and benefits to investors, and serves to strengthen FINRA's surveillance, examination and enforcement programs.
OCE conducts research and analysis in support of FINRA's rulemaking and policy agendas. The Office works closely with the Office of General Counsel and other departments in assessing the economic implications of FINRA's policies and programs. OCE also works collaboratively with FINRA's Regulatory Operations team to provide data, statistical and economic analyses to identify and measure regulatory risks and investor harm. OCE regularly publishes its research, including the Industry Snapshot, which provides a high-level overview of the industry informed by regulatory data collected by FINRA.
OFI assists FINRA in identifying emerging trends in the securities industry ? including financial technology-related developments ? and understanding how they impact investors, markets and FINRA's regulatory programs.
"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," said Cook. "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," said Sokobin. "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."
Before joining FINRA in 2013, Sokobin was at the U.S. Treasury Department, which he joined in 2011 as Chief of Analytical Strategy in the Office of Financial Research, before becoming Acting Deputy Director and head of the Research Center in the Office of Financial Research in 2012. Prior to joining the Treasury Department, he was at the Securities and Exchange Commission (SEC), which he joined in 2000 and held various positions, including Deputy Chief Economist, Director of the former Office of Risk Assessment, and Acting Director of the Division of Risk, Strategy, and Financial Innovation. He began his career as a member of the faculty of the Cox School of Business at Southern Methodist University. He received his Ph.D. and MBA in finance from the Graduate School of Business at the University of Chicago, and his bachelor's degree in economics from the Ohio State University.
FINRA is a not-for-profit organization dedicated to investor protection and market integrity. It regulates one critical part of the securities industry ? brokerage firms doing business with the public in the United States. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit www.finra.org.