Brian Kovack Announces Candidacy For Mid-Sized Firm Seat In Upcoming FINRA Board Of Governors Election

Campaign to Focus on Regulatory Reform, Needs of Fellow Mid-Size FINRA Member Firms

Receives Key Endorsement from Financial Services Institute (FSI)

Jul 06, 2015, 06:00 ET from Kovack Securities

FT. LAUDERDALE, Fla., July 6, 2015 /PRNewswire/ -- Brian Kovack, President and Co-Founder of independent broker-dealer and FINRA member firm Kovack Securities, Inc., today announced his candidacy for the vacant Mid-Size Firm seat in the upcoming FINRA Board of Governors election. The announcement follows Mr. Kovack's successful effort to gather petition signatures to be included on the ballot, per FINRA requirements. At the same time, Mr. Kovack and the Financial Services Institute (FSI) – the only advocacy organization focused solely on the needs of independent financial advisors and independent financial services firms – announced that FSI has endorsed Mr. Kovack, a longtime FSI member, in his campaign for the open seat.

Mr. Kovack's campaign will focus on bringing about crucial regulatory reform by serving as a strong and credible voice for the interests of mid-size member firms on the FINRA Board of Governors. The election will be held at the FINRA Annual Meeting on or about July 30, 2015.

Mr. Kovack said, "I am grateful to my peers throughout the industry for their abundant support, and for their recognition that mid-sized FINRA member firms deserve a representative on the Board of Governors who understands their needs and concerns first-hand. I am especially grateful to FSI, which has served as a champion for our industry in Washington, DC, and across the country for years, for their support and their example of effective advocacy."

Mr. Kovack continued, "With only one seat on the FINRA Board of Governors allotted to mid-size firms, our segment of the industry cannot afford anything less than a strong, credible advocate serving as their voice. With my extensive experience as a financial advisor, securities attorney, broker-dealer leader and entrepreneur – and my commitment to reforming FINRA for the good of our industry and our clients – I believe I can fill that role."

Mr. Kovack will focus on regulatory issues of vital importance to his fellow mid-size FINRA member firms, including:

  • Standardizing and enhancing the efficiency of the examination process;
  • Improving FINRA's arbitration process;
  • Advocating for a fair and reasonable system for BrokerCheck disclosures;
  • Reforming the current Form U-4 language relating to disclosable financial events;
  • Influencing future regulatory requirements on cybersecurity to ensure they efficiently protect investors;
  • Pursuing broker-dealer and investment advisor regulatory harmonization; and
  • Working with FINRA to protect the independent contractor business model and shape any new proposals on the CARDS system if and when FINRA re-launches that initiative.

In addition to his experience as Co-Founder and President of Kovack Securities, Mr. Kovack's extensive background includes serving on the NASD Board of Governors and the FINRA Interim Board of Governors as a mid-size firm representative in 2006. He also recently completed his three-year term on the FINRA District 7 Committee, and served a one-year term on the FINRA Regulatory Advisory Committee in 2013. In addition, he has served as a FINRA Dispute Resolution arbitrator since 2003, and in 2004 completed the FINRA Institute at Wharton Program, where he earned the Certified Regulatory and Compliance Professional (CRCP) designation.

Mr. Kovack received a Bachelor of Science in Finance from the University of Florida and earned Master of Accounting and Juris Doctorate (JD) degrees from Nova Southeastern University. He has been a Member of the Florida Bar and American Bar Association since 2000.

Mr. Kovack concluded, "My candidacy for a seat on the Board is based on my conviction that we can help FINRA become more effective in protecting investors and preserving market integrity without unnecessarily antagonizing member firms who are trying to do the right thing for their clients. This fundamental change, however, can only happen when the organization is guided by a Board of Governors drawn from the leadership teams of broker-dealers themselves, so that the Board truly represents FINRA member firms. I look forward to connecting with my fellow mid-size firm leaders to ensure that their voice is represented on the Board of Governors, and to making our urgent message of regulatory change front-and-center for FINRA."

About Kovack Securities
Kovack Securities is a privately owned, national, full-service independent broker-dealer based in Fort Lauderdale, Florida. Founded in 1998 by Mr. Kovack and his father & Chairman Dr. Ronald Kovack, they have grown from zero financial advisors to approximately 400 affiliated independent financial advisors across the country. Mr. Kovack oversees the firm's day-to-day operations and serves as a strategic partner and advisor.

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SOURCE Kovack Securities