Three-man race for Finra small-firm seat

Three small-firm candidates will be competing for an open seat on the Financial Industry Regulatory Authority Inc. board, the industry regulator announced yesterday. Alan Davidson, president of Zeus Securities Inc.; John Moloney, chief executive of Moloney Securities Co. Inc.; and Ken Norensberg, chief operating officer of Tritaurian Capital Inc., all qualified by petition for the board ballot. Mr. Norensberg is the current holder of the open small-firm seat. Ballets are being sent this week, and final votes will be counted at Finra's annual meeting on Aug. 3. The election will be the first one conducted under a new nominating procedure for small-firm candidates announced by Finra earlier this year. The regulator no longer nominates representatives from small firms, leaving it up to member firms to make their own selections via a petition process. Sallie Krawcheck, president of global wealth and investment management at Bank of America Corp., will run unopposed for an open large-firm seat. She was nominated by Finra's nominating committee. The Finra board has 22 members. Three governors come from small broker-dealers (those with less than 150 representatives), three from large firms and one from a midsize firm. Member firms nominate and vote only for candidates who represent their category.