WASHINGTON (October 21, 1999) – The North American Securities Administrators Association (NASAA) announced today that its executive director, Philip A. Feigin, plans to resign by the end of the year.
Feigin, 50, came to Washington a year ago after 10 years as Colorado Securities Commissioner. Feigin cited his desire to return to Colorado as the reason for his resignation. “It’s been a productive year for NASAA and a thrill for me to live and work in Washington—something I’ve always wanted to do. But after a year away from home and family in Colorado, I decided that the mountains loomed larger in my life than The Hill.” Feigin said he is considering options in private legal practice. Feigin and his wife, Barbara Walker, who heads an association of community banks in Colorado, live in Denver.
Bradley Skolnik, NASAA president and Indiana Securities Commissioner, cited some of NASAA’s accomplishments during Feigin’s tenure as executive director. “We exposed problems in the day trading industry, raised concerns about advertisements by online brokerage firms and highlighted the growing problem of investment fraud on the Internet.
On Capitol Hill, Skolnik noted, NASAA worked to preserve state regulatory authority in the Financial Services Modernization legislation, now nearing passage, and lobbied successfully to eliminate a proposal by the Securities Industry Association (SIA) for inclusion in the pending Securities Markets Enhancement Act (SMEA) that would have undermined investor protection by seriously eroding the authority of state securities regulators to license brokers and brokerage firms doing business within their borders.
NASAA President Skolnik praised Feigin for his accomplishments as a NASAA member and the organization’s executive director. “Phil has made an extraordinary contribution to this association and to investors all across North America.”
A native of Levittown, on New York’s Long Island, Feigin moved to Colorado in 1982 to join the Colorado Securities Division. He has been active in NASAA since the early Eighties. He served as NASAA president in 1994-95. In addition, in 1993, he chaired a task force that reached a multimillion-dollar settlement with Salomon Brothers that resulted in the creation of the non-profit Investor Protection Trust, which dispenses grants for investor education. In 1996, Feigin chaired a task force that reached a 40 million pound sterling settlement with Lloyd’s of London , giving thousands of American Lloyd’s “names” the opportunity to reduce claimed obligations to back up catastrophic insurance losses incurred by the British insurance market’s syndicates.
At its next regular meeting, at the end of this month, the NASAA board of directors plans to appoint a search committee to find Feigin’s successor.