NASAA Regulatory Reform Roundtable

The North American Securities Administrators Association (NASAA) convened a public roundtable discussion in December 2008 to outline changes in the financial services regulatory structure that are necessary to promote Main Street investor protection, which state securities regulators have provided for nearly 100 years.
“At this critical time in our nation’s history, it is imperative that our system of financial services regulation be improved to better protect our investors, our markets and our economy. The unique experiences of state securities regulators on the front lines of investor protection provide the framework of NASAA’s five-point plan for regulatory reform,” said NASAA President and Colorado Securities Commissioner Fred Joseph.

Commissioner Joseph moderated the Roundtable and participants discussed each of NASAA’s five core principles of regulatory reform and offer specific recommendations for building a collaborative, efficient, comprehensive and strong system of financial services regulation.

Participants included:

  • Denise Voigt Crawford, Texas Securities Commissioner, who addressed the importance of preserving the system of state/federal collaboration while streamlining where possible.
  • Tanya Solov, Illinois Securities Department Director, who discussed the necessity of closing regulatory gaps by subjecting all financial products and markets to regulation.
  • Melanie Senter Lubin, Maryland Securities Commissioner, who addressed strengthening standards of conduct and using “principles” to complement rules, not replace them.
  • Joseph P. Borg, Alabama Securities Commission Director, who highlighted the need for improved oversight through better risk assessment and interagency communication, and;
  • James Ropp, Delaware Securities Commissioner, who discussed toughening enforcement and shoring up private remedies.
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Issues & Advocacy, Regulatory Activity