There are disagreements in the industry on the type of person FINRA should hire to fill the enforcement position being vacated by Susan Merrill. But there is a general consensus that the industry regulator should take this opportunity to beef up oversight.

Merrill announced last week that she plans to step down, although no date is set for her departure. FINRA did not return phone calls to talk about its search, and outsiders say that it is too early for a short-list of names, or even rumors swirling around specific people. It could take months before the slot is filled, according to some in the industry. But with scandals like the oft-cited Madoff case that went undetected for years, there is certainly a high level of anticipation to see more regulatory oversight.

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