Statement by NASAA President Joseph Borg (April 23, 2002):

WASHINGTON– “Last week, the board of directors for the North American Securities Administrators Association voted to form a multi-state task force that will focus on the issues raised by New York Attorney General Eliot Spitzer in investigating underwriting and analysts` research issues and possible securities law violations by Wall Street firms. The task force will be co-chaired by California, New Jersey and New York. The investigation will center on practices that adversely affected thousands of Main Street investors nationwide. By forming the task force, we are coordinating that effort and leveraging resources.”