NASAA Opens Conference with Strong Affirmation of Investor Protection Role of State and Provincial Securities Regulators

DENVER (September 14, 2009) – The North American Securities Administrators Association (NASAA) opened its annual conference here with a strong affirmation of the vital investor protection role served by state and provincial securities regulators.

Massachusetts Securities Division Director and conference chairman Bryan Lantagne said the theme of the 92nd annual conference, “The STATE of Regulatory Reform: Putting Investors First,” reflects both the important contributions of state and provincial securities regulators and the position of state securities regulators in the ongoing debate over the modernization of financial services regulation.

“Whatever the outcome – a new federal consumer protection regulator, a systemic risk regulator, the mandatory registration of hedge funds and/or derivative overhaul – the investor must come first,” Lantagne said. “There is no regulator in a better position to champion that cause than state securities regulators.”

Lantagne said state securities regulators have been fighting for investor protection since 1911 “and we are not going away.” He noted that states have not been alone in this fight. “For more than three quarters of a century, state securities regulators and the SEC have provided a dual layer of protection for investors seeking to grow and safeguard their financial futures. This partnership has served investors well and must remain strong,” he said.

NASAA President and Colorado Securities Commissioner Fred Joseph told the audience of regulators, securities law experts and industry executives that he is proud of the proactive steps that NASAA and its membership have taken over the past year to help the nation along the road to reform and recovery.

“NASAA members have called upon Congress to strengthen investor protection, restore state authority in certain areas and provide greater transparency and accountability for those in the financial services industry who share responsibility for the prosperity and safety of investors,” Joseph said.

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.

2009 Headlines, Newsroom