(March 1, 2001) – “The North American Securities Administrators Association supports congressional efforts to provide the staff of the Securities and Exchange Commission with much-needed pay parity with their counterparts at the federal banking agencies,” said Marc Beauchamp, NASAA`s executive director. State securities regulators understand the difficulties the SEC faces in recruiting and retaining a professional workforce; state regulators face the same challenges. Dedicated and well-trained staff are essential to protecting investors and maintaining market integrity. As technology and globalization continue to change our markets, the SEC must have the staffing resources to meet the regulatory challenges.

“As for SEC fees, NASAA wants to ensure a formula that eliminates the possibility of a funding shortfall should there be a dramatic reduction in securities transactions in the future. The SEC must receive full funding to continue to carry out its essential investor protection mission. Strong, effective and efficient regulation is in the interest of both investors and the securities industry.”