WASHINGTON (October 25, 2001) – The North American Securities Administrators Association (NASAA) today issued the following statement after the Securities and Exchange Commission adopted final amendments to its broker-dealer books and records rules (Rule 17a-3 and Rule 17a-4 under the Securities Exchange Act of 1934):
“These long awaited rules will promote uniform, efficient examination of broker-dealer local offices, thereby helping to protect investors from sales abuse and fraud,” said Joseph Borg, NASAA president and director of the Alabama Securities Commission. These rules represent years of work, negotiation and compromise by SEC staff, state regulators and members of the securities industry, Borg noted. “It’s a testament to how regulators and industry can work together to protect the interests of main street investors,” Borg said.
Click here for comments delivered on behalf of NASAA by Don Saxon, director of the Florida Department of Banking and Finance’s Securities Division, at today’s SEC Open Meeting.