Incoming NASAA President Struck to Stress Respect and Collaboration

“We must share a high level of respect for investors”

MINNEAPOLIS, MINNESOTA (September 13, 2005) – Patricia D. Struck, Administrator of the Wisconsin Division of Securities, today was named to a one-year term as President of the North American Securities Administrators Association (NASAA), succeeding Franklin L. Widmann, Chief of the New Jersey Bureau of Securities. 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, the U.S. Virgin Islands, Puerto Rico, Canada, and Mexico.

In an address at NASAA’s 88th annual conference here, Struck asked regulators and the securities industry to keep two practices in mind: respect and collaboration. “These are the basic principles that will guide my presidency,” she said. “When I speak of respect, I am addressing fellow regulators and industry representatives. We must share a high level of respect for investors and I urge each of us to respect one another as well. For those of you in the securities business, compliance with securities laws is a reflection of your respect for investors and the systems in place for their protection. We expect you to play by the rules.”

Struck said NASAA will be engaged on several fronts in its efforts to protect investors during the coming year. She highlighted three areas upon which NASAA expects to focus: variable annuities, investment advice, and arbitration.

Struck has served for the past year as NASAA’s president-elect. She has served three terms on NASAA’s Board of Directors and has served as Chair of NASAA’s Investment Adviser Section. She has also served as a trustee of the Investor Protection Trust, a member of the CFP Code of Ethics Review Task Force, and a member of the Professional Ethics Committee of the State Bar of Wisconsin.

Before her career in state securities regulation, Struck worked as an attorney with a large regional bank. She has been a visiting lecturer in Securities Law at the University of Wisconsin Law School and has served as chair of the Business Law Section of the State Bar of Wisconsin. She also is a frequent speaker on issues relating to investor education, broker-dealer and investment-adviser compliance.

The NASAA Board of Directors for 2005-2006 will consist of President Struck, President-elect Joseph P. Borg, of Alabama, Past President Widmann, Tanya A. Durkee of Vermont, Fred J. Joseph of Colorado, Donald G. Murray of Manitoba, James O. Nelson II of Mississippi, James B. Ropp of Delaware, and Karen Tyler of North Dakota. Christine A. Bruenn of Maine, will serve as NASAA ombudsman. Borg, Director of the Alabama Securities Commission, will succeed Struck as NASAA President in the fall of 2006.

President’s Remarks: 2005 Annual Conference

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

2005 Headlines, Newsroom