David Massey of North Carolina to Lead NASAA

BALTIMORE, MARYLAND (September 28, 2010) – North Carolina Deputy Securities Administrator David S. Massey today began a one-year term as President of the North American Securities Administrators Association (NASAA), the oldest international organization devoted to investor protection.

“Our primary goal has been – and remains – to advocate and act for the protection of investors, especially those who lack the expertise, experience and resources to adequately protect their own interests. Our job is to make sure investors get a fair deal based on full and accurate information,” Massey said in a speech during NASAA’s annual conference, noting that the organization will be recognizing the centennial anniversary of the enactment of the first state securities law throughout his term.

“We have 100 years of experience and expertise to contribute to a cohesive regulatory system, and we welcome the opportunity to work with other regulators to achieve our common investor protection goals,” Massey said.

Massey emphasized that he will build on the organization’s accomplishments during the legislative phase of the landmark Dodd-Frank Wall Street Reform and Consumer Protection Act to ensure that the reform bill’s investor protection intent is reflected in the ongoing rulemaking process.

“Dodd-Frank gives the Securities and Exchange Commission unprecedented rulemaking opportunities to achieve both the Commission’s and NASAA’s overarching goal of putting investors first,” Massey said.

Specifically, Massey said NASAA members are working to ensure that all financial professionals who provide investment advice about securities be held to the fiduciary duty currently applicable to investment advisers under the Investment Advisers Act of 1940. NASAA members also are preparing to assume additional responsibility for investment adviser firms with up to $100 million in assets under management.

Massey spotlighted the reallocation of responsibility for the oversight of investment advisers between the SEC and state securities regulators as a good example of how the new law recognizes the capabilities of state securities regulators. “Investors will benefit from this change because it will enable the SEC to focus on the largest investment advisers, while mid-sized and smaller advisers will be subject to the strong state system of oversight and regulation.”

Massey also announced NASAA’s new Board of Directors, including: Past President Denise Voigt Crawford, Texas; President-Elect Jack Herstein, Nebraska; Secretary, Rick Hancox, New Brunswick; Treasurer Fred Joseph, Colorado; Joseph Borg, Alabama; Preston DuFauchard, California; Patricia Struck, Wisconsin; and Franklin Widmann, Florida.

For the past year, Massey has served as NASAA’s president-elect. Previously, he served as a member of NASAA’s Board of Directors, treasurer, and Enforcement Section chair. He has been Director of the North Carolina Securities Division since June of 1997. Prior to that, he served as General Counsel for the Department of the Secretary of State of North Carolina and as General Counsel for the North Carolina Securities Division, a division within the Department of the Secretary of State.

The complete text of President Massey’s speech is available here.

NASAA is the oldest international organization devoted to investor protection. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada and Mexico.

For more information:
Bob Webster, Director of Communications
202-737-0900

2010 Headlines, Newsroom