The Financial Industry Regulatory Authority announce Tuesday that it has hired Robert Colby as its Chief Legal Officer, replacing the organization's General Counsel, Grant Callery, and its General Counsel for Regulation, Marc Menchel.

He will oversee the corporate and regulatory functions of the Office of General Counsel, along with the Regulatory Policy Group, which, among other things, is responsible for implementing FINRA’s Corporate Financing and Advertising rules. Colby will join FINRA on June 18.

“Bob is a perfect match for this key position and an excellent addition to our management team,” said Richard G. Ketchum, Chairman and CEO of FINRA. “Bob’s unparalleled expertise in both regulatory and corporate law makes him uniquely suited to be FINRA’s first Chief Legal Officer.”

Currently a partner in the Washington, D.C., office of Davis Polk & Wardwell LLP., Colby’s practice covers complex regulatory and compliance matters involving securities and derivatives for broker-dealers, financial institutions and markets and clearing organizations.

Before joining Davis Polk in 2009, Colby spent 28 years at the Securities and Exchange Commission – most recently as Deputy Director of the Division of Trading and Markets. He also served as the Chief Counsel of Trading and Markets and Chief of the Division’s Branch of Market Structure.

Callery announced he will retire October 1. He joined the organization's General Counsel's Office (OGC) in 1979 after five years in private practice. During his tenure there, he participated in the development of corporate governance and other listing standards for The Nasdaq Stock Market, and NASD's efforts to obtain "blue-sky" exemptions for Nasdaq national market issuers in numerous states. He became Deputy General Counsel in 1990—assuming day-to-day responsibility for the operation of the NASD Legal Department—and was named General Counsel in 1993. He assumed his current role as general counsel of corporate matters when NASD consolidated with NYSE Member Regulation in 2007 to form FINRA.

Menchel is leaving FINRA on June 1 for private practice. As Executive Vice President and General Counsel of Regulation, Office of General Counsel at FINRA, Menchel held the same title at NASD.