WASHINGTON, D.C. December 18, 2008 — The following is a statement from Fred Joseph, President of the North American Securities Administrators Association, on the selection today by President-elect Obama of Mary Schapiro to lead the U.S Securities and Exchange Commission:

“The selection of Mary Schapiro to lead the SEC sends a clear signal that the Obama Administration intends to move quickly on reforming our nation’s financial services regulatory structure. With experience as an SEC Commissioner, head of the CFTC and most recently as the Chair and CEO of Wall Street’s self-regulatory organization, she brings a solid background of investor protection to the agency.

“As Chairman of the SEC, I know that she will continue the longstanding cooperative relationship between state and federal securities regulators and recognizes along with us that efforts to reform the financial services regulatory structure must provide Main Street investors with a system that is strong, comprehensive, collaborative and efficient.”

For More Information:
Bob Webster
NASAA Director of Communications
202-737-0900