(July 15, 2002) – “Passage of S. 2673, The Public Company Accounting Reform and Investor Protection Act of 2002, is a critical step toward restoring investor confidence in our securities markets,” said Joseph Borg, president of the North American Securities Administrators Association (NASAA) and director of the Alabama Securities Commission. “We commend the Senate for passing a meaningful, comprehensive reform package and Sens. Sarbanes and Leahy for their thoughtful approach. This bill forces corporate leaders to stand by their financial statements, directs regulators to set specific standards for analysts and gives prosecutors new and better tools to punish those who defraud our nation`s investors, including the power to prevent defendants from discharging certain debts in bankruptcy proceedings. As the bill goes to conference, we urge House and Senate conferees to work quickly and reject any amendments that would weaken state securities regulators` ability to investigate or punish wrongdoing.”