W&L Law’s Woody Appointed to FINRA National Adjudicatory Council As a member of the NAC, Woody will review decisions rendered in FINRA disciplinary and membership proceedings.

By Law Communications
February 1, 2023

Washington and Lee law professor Karen Woody has been appointed to a four-year term on the National Adjudicatory Council (NAC) of the Financial Industry Regulatory Authority (FINRA).

FINRA is a government-authorized not-for-profit organization that works to ensure the integrity of financial markets through oversight of the more than 624,000 securities brokers and dealers across the country. Using AI and machine learning, FINRA analyzes billions of market events daily to support investors, regulators, policymakers and other stakeholders.

The National Adjudicatory Council (NAC) is a FINRA committee that reviews initial decisions rendered in FINRA disciplinary and membership proceedings. It is comprised of fifteen members, seven of which are part of the securities industry, and the remaining eight are non-industry members. The NAC often hears oral arguments by those appealing the decision of FINRA’s Office of Hearing Officers, and has complete control to affirm or otherwise modify findings and sanctions. Unless FINRA’s Board of Governors decides to review the NAC’s appellate decision, the NAC’s decision represents FINRA’s final action in any dispute, although a firm or individual can appeal FINRA’s decision to the Securities and Exchange Commission (SEC).

“I’m beyond honored to have been selected to be part of this prestigious group dedicated to the self-regulation of the securities industry,” said Woody. “The NAC plays an important role in regulating broker-dealers and ensuring that the market and investors are protected.”

Woody joined the W&L Law faculty in 2019. Her scholarship focuses on securities law, financial regulation, and white-collar crime. She has published her work in a number of journals including the American University Law Review, Arizona State Law Journal, Maryland Law Review, Stanford Law Review Online, Cardozo Law Review, Fordham Law Review, and the Journal of Corporation Law, among others. Her work on conflict minerals is widely cited, and she has testified for the U.S. House of Representatives Financial Services Committee regarding federal conflict minerals regulation.

Prior to joining W&L Law, Woody was on the faculty of the Indiana University Kelley School of Business. Prior to entering academia, she practiced law in Washington, D.C. at Cadwalader, Wickersham & Taft LLP, Bracewell LLP, and Skadden, Arps, Slate, Meagher & Flom LLP. In her practice, she advised corporate and individual clients on issues related to white collar crime and compliance issues, with a particular focus on international corruption, securities and accounting fraud, and internal corporate investigations. While practicing law, she also served as an adjunct professor and taught a variety of law courses at Georgetown University Law Center, George Washington Law School, and American University Washington College of Law.

Woody received her LL.M. with distinction in Securities and Financial Regulation from Georgetown University Law Center. She received her J.D. from American University Washington College of Law, where she served on the American University Law Review. She also has a graduate degree in theology from Regent College (Vancouver, B.C.), and a B.A. from the University of Virginia.

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