The New York Stock Exchange has completed the transition of its regulatory services, along with the appointment of the head of Listings and Regulation. Most of the stock exchanges regulatory functions are now being overseen by an in-house team.
Anthony J. Albanese has joined NYSE as the new Chief Regulatory Officer (CRO). Previously, Albanese served as the Acting Superintendent for the New York State Department of Financial Services, where he led a team of 1,400 staffers with oversight of 3,800 financial services entities. Albanese spent 13 years at Weil, Gotshal & Manges, where he was a partner specializing in securities litigation. Albanese oversees all regulatory compliance for NYSE listed companies and the reorganized NYSE regulatory affairs teams.
Mary Brienza, the current Chief Regulatory Officer, will retire from the NYSE in June.
Also, John Tuttle has been promoted to Global Head of Listings. Tuttle has spent nearly a decade with NYSE in a variety of management positions, most recently Chief of Staff, where he developed strong relationships with business and political leaders around the world.
Garvis Toler, Global Head of Capital Markets will continue driving new business growth for initial public offerings and will work closely with Tuttle. Both report to Tom Farley, NYSE Group President.
Prior to this overhaul, NYSE Groups regulatory oversight was performed primarily by the Financial Industry Regulatory Authority (FINRA). This recent transition marks the completion of a two-year plan to prepare and build the staff and information technology infrastructure responsible for monitoring the increasingly complex, high-volume equity and equity option markets, according to a press statement.
As part of the new effort, each Exchange Board of Directors has formed a Regulatory Oversight Committee that consists of independent Directors. The exchanges Chief Regulatory Officer reports to each of the Committees.
