NASAA Installs New President, Board of Directors

Alabama’s Joseph P. Borg Named NASAA President; North Dakota’s Karen Tyler to Serve as President-Elect

SAN DIEGO, CALIFORNIA (September 19, 2006) – Joseph P. Borg, Director of the Alabama Securities Commission, today was elected to a second one-year term as President of the North American Securities Administrators Association (NASAA) after serving as NASAA President in 2001-2002. He succeeds Wisconsin Securities Administrator Patricia D. Struck. North Dakota Securities Commissioner Karen Tyler 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 89th annual conference here, Borg said he intends to build on the momentum of past NASAA presidents and will continue working with fellow regulators and industry representatives to serve the best interests of investors.

“When it comes down to it, while we may have our differences, they should not diminish our common goal of doing what’s right for investors to maintain their trust and confidence,” Borg said. “NASAA and its member jurisdictions are on the right path. I want to build on the progress we’ve made, the successes we’ve had, and help NASAA to continue to move forward.”

Borg also said he will actively work to increase coordination and cooperation with other regulators, specifically state and federal banking regulators and state insurance regulators. “Since my first term, I believe NASAA, and our colleagues at the SEC, as well as the New York Stock Exchange and NASD, have made great strides toward our mutual goal of cooperative and complimentary securities regulation. But as the financial services industry continues to evolve and as new financial products come to market, we need to try to cooperate even more,” he said.

For the past year, Borg has served as NASAA’s President-elect. Previously, he served as a member of NASAA’s Board of Directors and as chair of NASAA’s Enforcement Section. He is currently a delegate to an Intergovernmental Expert Group for the United Nations Commission on International Trade Law (UNCITRAL) to prepare a study on International Fraud and the Criminal Misuse and Falsification of Identity. Borg has held the position of Director for the Alabama Securities Commission since 1994.

He has testified before various committees of Congress in such areas as micro-cap securities fraud, criminal elements in the markets, and information-sharing among regulators.  His active participation led to the establishment of state-level task forces to investigate Wall Street firms and the promotion of legislation to increase the severity of punishment for white-collar crime offenders.

Prior to his public service career, Borg served as in-house corporate counsel to First Alabama Bank (n/k/a Regions Bank, 1979-1984). He has been an adjunct professor of law at Faulkner University Jones School of Law teaching securities law and banking (1982-2002), and has been a partner in the Montgomery law firm of Capouano, Wampold, Prestwood & Sansone (1984-1994). He is admitted to practice law in Alabama, Florida, New York, U.S. Federal District Courts in Alabama and Florida, the 5th and 11th Circuit Courts of Appeal and the U.S. Supreme Court.

NASAA also announced its 2006-2007 Board of Directors, including: President-elect Karen Tyler, North Dakota Securities Commissioner; Glenda Campbell, Vice Chair of the Alberta Securities Commission; Denise Voigt Crawford, Texas Securities Commissioner; Michael Johnson, Arkansas Securities Commissioner; Fred J. Joseph, Colorado Securities Commissioner; James O. Nelson II, Mississippi Assistant Secretary of State, Business Regulation and Enforcement; and James B. Ropp, Delaware Securities Commissioner. Struck 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. Tyler will succeed Borg as NASAA President in the fall of 2007.

Click here for the full text of President Borg’s speech.

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

2006 Headlines, Newsroom