Vanguard Marketing Corporation installed Andrew Michael Kadjeski as Chairman, President, Director, and CEO, FINRA barred William Bryan from the securities industry, and the CFTC withdrew its event contracts rule proposal across 122 total events.

Vanguard Marketing Corporation: New Chairman and CEO

Vanguard Marketing Corporation (CRD 7452) in Malvern, Pennsylvania, completed a CEO transition, with Matthew John Benchener (CRD 5569805) departing as Chairman, President, Director, and CEO-Designee, and Andrew Michael Kadjeski (CRD 4708335) assuming the full title of Chairman, President, Director, and CEO. The transition from "CEO-Designee" to "CEO" indicates this was a planned succession that has now been formalized.

Vanguard Marketing Corporation is the broker-dealer subsidiary of Vanguard Group, one of the world's largest asset managers with over $9 trillion in global assets under management. Leadership changes at Vanguard's distribution arm affect how the firm markets and sells its mutual funds and ETFs to retail and institutional investors. The appointment of Kadjeski to the combined Chairman/CEO role consolidates leadership at the top of Vanguard's distribution operation.

FINRA Bars William Bryan

FINRA barred William Bryan from the securities industry (Case No. 2025086765401) — the most severe disciplinary sanction the regulator can impose. Industry bars permanently prohibit an individual from associating with any FINRA member firm in any capacity. The bar is the only FINRA enforcement action recorded for the day, but its permanence makes it the most consequential regulatory event.

Fed Finalizes Stress Test Scenarios

The Federal Reserve Board finalized hypothetical scenarios for its annual stress test and voted to maintain current stress-test-related capital requirements until public feedback can be considered. The decision to hold capital requirements steady while soliciting additional input signals that the Fed is proceeding cautiously on changes to the stress testing framework — a process that directly affects capital planning at the nation's largest banks and their broker-dealer subsidiaries.

CFTC Withdraws Event Contracts Rule Proposal

The CFTC withdrew its event contracts rule proposal and the accompanying staff advisory on sports event contracts. The withdrawal is a significant regulatory development for the prediction markets industry, which had been awaiting clarity on how the CFTC would regulate contracts linked to events such as elections, sports outcomes, and other non-traditional derivatives. The withdrawal could signal either a fundamental rethinking of the regulatory approach or a decision to pursue a different rulemaking path.

Hilltop Securities Restructures C-Suite

Hilltop Securities Inc. (CRD 6220) in Dallas executed a notable leadership restructuring. Joseph Michael Edge (CRD 4326551) moved from Chief Financial Officer to Board Director, while Laura Leventhal (CRD 1175259) moved from Board Director to Treasurer, Chief Accounting Officer, and Principal Financial Officer. The swap — a CFO moving to the board while a director takes on the CFO-equivalent duties — suggests a planned succession at the Dallas-based firm, which is one of the largest independent broker-dealers in Texas.

OpenCash Replaces CCO; Collage Venture Hires Head of Investment Banking

OpenCash (CRD 317007) in Haverford, Pennsylvania, replaced CCO Alexander Noskov (CRD 4133577) with Stacey Lynn Lavender (CRD 4365033). Collage Venture Partners, LLC (CRD 316063) in Miami Beach hired Thomas Bernard Tyson III (CRD 7235200) as Head of Investment Banking — a growth-oriented hire that signals the firm is expanding its capital markets advisory capacity.

eToro USA Securities Inc. (CRD 298361) in Hoboken replaced Director Salomon Sredni (CRD 4439138) with Ziv Biron (CRD 7306620), reflecting continued board-level rotation at the U.S. subsidiary of the Israeli social trading platform.

18 Disclosures, 10 Advisor Moves

Eighteen RIA disclosure events were recorded, including new customer complaints and regulatory actions at major firms. Ten advisor moves were tracked, with movements across Raymond James, LPL Financial, and several independent advisory firms. Two RIA firms graduated from their 120-day registration, while two failed the process.

Across the Wire

Fourteen registration changes, seven BD disclosure changes, four status changes, and one address change rounded out the broker-dealer vertical. Three FINRA regulatory notices were published. Four SEC announcements were issued, including a keynote address at AFME's Annual Financial Services Policy Dinner. Three FOCUS reports were filed. The OCC processed two actions and three branch closings.

All data sourced from FINRA BrokerCheck, SEC EDGAR, Federal Reserve, CFTC, OCC, and the Finleet Terminal as of February 4, 2026. Entity profiles are available at terminal.finleet.com.