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Two nominated for Finra review group

Charles Senatore, head of corporate compliance for Fidelity Investments, and James Williams, president of Financial Telesis Inc., have been nominated to run for seats on the Financial Industry Regulatory Authority Inc.'s National Adjudicatory Council.

Charles Senatore, head of corporate compliance for Fidelity Investments, and James Williams, president of Financial Telesis Inc., have been nominated to run for seats on the Financial Industry Regulatory Authority Inc.’s National Adjudicatory Council.

Finra announced the nominations last Friday.

The National Adjudicatory Council is the national committee that reviews initial decisions rendered in Finra disciplinary and membership proceedings.

Mr. Senatore would fill a NAC seat for a large-firm representative, and Mr. Williams would represent mid-sized firms.

The men were chosen by a Finra nominating committee.

The 14-member NAC hears appeals of Finra disciplinary proceedings, disqualifications and membership issues.

The five industry seats on the NAC are reserved for two small-firm representatives, two from large firms, and one person from a midsize firm.

The NAC seat would “give me an opportunity to give something back to the industry,” Mr. Williams said.

Through a spokesman, Mr. Senatore said he was “very honored to be nominated.”

Mr. Williams and Mr. Senatore could face competition if any challengers emerge. Outside challengers would need to gather enough member-firm signatures by Sept. 13 to qualify for the NAC ballot.

It’s unknown if any other candidates will emerge.

John Busacca, one of the founders of the Securities Industry Professional Association, which in the past has supported outside challengers for the Finra board, district committees and the NAC, said he’s still waiting to hear from SIPA members about the NAC race.

Most past challengers have been from small firms.

Last year, challengers Alan Davidson, owner of Zeus Securities Inc., and Stephen Kohn, founder of Stephen A. Kohn & Associates Ltd, won out over Finra-nominated candidates for small-firm NAC seats.