NASAA Installs New President, Board of Directors

North Dakota Securities Commissioner Karen Tyler Named NASAA President; Colorado Securities Commissioner Fred Joseph to Serve as President-Elect

SEATTLE, WASHINGTON (October 2, 2007) – North Dakota Securities Commissioner Karen Tyler today was elected to a one-year term as President of the North American Securities Administrators Association (NASAA). She succeeds Alabama Securities Commission Director Joseph P Borg. Colorado Securities Commissioner Fred Joseph will serve as NASAA’s President-elect.

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.

In an address at NASAA’s 90th annual conference here, Tyler said she will continue NASAA’s longstanding advocacy of the important investor protection role served by state and provincial securities regulators. “Strong regulation helps maintain investor confidence. And strong investor confidence is a necessary ingredient for a vibrant and competitive capital market,” she said.

Tyler reminded members of the financial services industry of the important role they play in the lives of investors. “Given the number and often the convergence of obstacles challenging the retail investor, the work of investment firms and professionals on behalf of small investors has perhaps never been as important as it is today,” she said. “Investing should not be an assembly-line, one size fits most, process. The millions of individual investors throughout North America deserve better.”

She also called for regulators to work collaboratively to eliminate investor confusion over the duties and responsibilities of financial industry professionals. “This confusion over “who provides what” needs to be eliminated,” she said. “Regulators must work collaboratively to eliminate regulatory arbitrage and afford investors protection parity.”

For the past year, Tyler has served as NASAA’s president-elect. Previously, she served as a member of NASAA’s Board of Directors and as chair of NASAA’s Investor Education Section and the NASAA committee on 529 Plans. Tyler was appointed by Governor John Hoeven in July 2001, and oversees the enforcement, registration, capital formation, and investor education divisions of the North Dakota Securities Department. Prior to her appointment as Securities Commissioner, Tyler served clients in the banking and brokerage sectors of the financial services industry for 14 years.

NASAA also announced its 2007-2008 Board of Directors, including: President-elect Fred Joseph, Colorado Securities Commissioner; Chris Biggs, Kansas Securities Commissioner; Glenda Campbell, Vice Chair of the Alberta Securities Commission; Denise Voigt Crawford, Texas Securities Commissioner; Melanie Lubin, Maryland Securities Commissioner; David Massey, North Carolina Deputy Securities Administrator and Michael Stevenson, Washington Securities Division Director. Borg will continue to serve on NASAA’s Board as Past President. Don B. Saxon, Commissioner of Florida’s Office of Financial Regulation, will serve as NASAA Ombudsman. Joseph will succeed Tyler as NASAA President in the fall of 2008.

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

2007 Headlines, Newsroom