The Financial Industry Regulatory Authority has named Robert Colby as chief legal officer and has announced the departure of general counsel Grant Callery, and Marc Menchel, general counsel for regulation.

Callery is due to retire on 1 October while Menchel will leave on 1 June for private practice, the organization said.

Colby, who starts his new role on 18 June, will oversee the corporate and regulatory functions of the office of general counsel, along with the regulatory policy group, which is responsible for implementing FINRA’s corporate financing and advertising rules.

At present, Colby is a partner in the Washington DC office of David Polk & Wardwell. In this role, he deals with regulatory and compliance issues involving securities and derivatives for broker-dealers, financial institutions and markets and clearing organizations.

Prior to Davis Polk, Colby spent 28 years at the Securities and Exchange Commission, most recently as deputy director within the trading and markets division. He has also served as the chief counsel of trading and markets, as well as chief of the group’s branch of market structure.

2012 has so far been busy for FINRA, which in January fined Citigroup Global Markets $725,000 for failing to disclose certain conflicts of interest in its research reports and in public appearances by its research analysts.

Additionally, a hearing officer from the regulator expelled Pinnacle Partners Financial Corporation in April, barring its president from the industry over fraudulent sales of securities.

And last week it also fined Wells Fargo ($2.1 million plus $641,489 in restitution), Citigroup ($2 million fine and $146,431 in restitution), Morgan Stanley ($1.75 million fine and $604,584 in restitution), and UBS ($1.5 million fine and $431,488 in restitution), over sales of certain exchange-traded funds.