State securities regulatory group installs new head, board of directors

New NASAA President Deborah Bortner promotes uniformity, use of technology, online investor education

MONTREAL (September 19, 2000) – Deborah Bortner, Washington State’s Director of Securities, today took over as President of the North American Securities Administrators Association (NASAA). She succeeded Bradley Skolnik, Indiana’s Securities Commissioner.

In an address at NASAA’s 83rd annual conference here, Bortner said her priorities for her year-long term are to further uniformity of state securities regulation; expand state-sponsored programs to help small businesses raise capital; promote investor education, particularly of online investors, and implement an electronic database for investment advisers similar to the Central Registration Depository (CRD) for stock brokers.

Previously, Bortner served on NASAA’s Board of Directors as well as several committees and task forces.

“During my 20 years as a securities regulator,” Bortner noted, “I’ve seen incredible changes in the marketplace and regulation. The globalization of our securities markets and the rise of technology have made uniformity of regulation more important than ever before.”

Bortner pledged to work to make state licensing and registration easier for brokers and firms with clean disciplinary records and to promote increased use of electronic forms and technology by state regulatory agencies.

Bortner noted that she is heading a NASAA task force looking at state licensing issues. “We’re exploring ways to promote and increase uniformity wherever possible. I believe people in the securities industry should be able to easily get licensed in different jurisdictions—as long as they have clean records.”

One of her highest priorities, Bortner said, is implementation of the Investment Adviser Registration Database (IARD), an electronic system being built by state securities regulators and the Securities and Exchange Commission and administered by NASD Regulation.

Bortner said the IARD is good for investors, good for regulators and good for investment advisers. “The IARD levels the playing field between investment advisers and stock brokers. Investors should be able to find out about an investment adviser just as they do a stock broker.” Bortner said that is why her state, Washington, plans to mandate filing over the IARD for small investment adviser firms and their representatives, which the states regulate. “I strongly urge other states to consider this mandate to make the database as useful to investors as it can be,” she said.

NASAA’s new Board of Directors consists of Deborah Bortner of Washington, Joseph Borg of Alabama, Bradley Skolnik of Indiana, Christine Bruenn of Maine, Melanie Senter Lubin of Maryland, Robert Terry of Georgia, Patricia Struck of Wisconsin, David Jonson of South Carolina and Marcel de la Gorgendiere of Saskatchewan.

Joseph Borg, Director of Alabama’s Securities Commission, will succeed Bortner as NASAA President in the fall of 2001.

2000 Headlines, Newsroom