[ By Howard Haykin ] Robert L. D. Colby, who, in 2009, left the SEC after 28 years to become a partner in the Washington, D.C., office of Davis Polk & Wardwell LLP, is returning to public life.  FINRA announced on Monday that it has hired Mr. Colby to be its Chief Legal Officer.  Mr. Colby will join FINRA on 6/18/12.  [See C-I's related story in Monday's Behind The News, "Huge Management Shake-Out ..".] In that role, Bob Colby 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.

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

Davis Polk & Wardwell;  Before That, The SEC. Currently a partner in the  Colby's practice encompasses complex regulatory and compliance matters involving securities and derivatives for broker-dealers, financial institutions and markets and clearing organizations. Before joining Davis Polk, Colby served as the Chief Counsel of Trading and Markets and Chief of the Division's Branch of Market Structure and was Deputy Director of Trading & Markets . Who's Out. FINRA General Counsel Grant Callery, who joined FINRA (then NASD) in 1979, announced he'll retire 10/1/12.  Marc Menchel, General Counsel for Regulation, is leaving FINRA 6/1/12, and returning to the private sector.   [FINRA News Release, 5/7/12]