All: 2006 Headlines

State Securities Regulators Report Increases in Enforcement Actions, Money Ordered Returned to Investors & Years of Incarceration for Securities Law Violations

WASHINGTON (December 12, 2006) – State securities regulators today reported significant increases in the number of enforcement actions, money ordered returned to investors, and years of incarceration for securities law violations during the most recent reporting period. “These statistics reflect the ongoing vigilance of state securities regulators to protect Main Street investors from fraud,” said Joseph [...]

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NASAA Statement on Consolidation of Securities Industry SROs

WASHINGTON (November 28, 2006) – The following is a statement from Joseph P. Borg, President of the North American Securities Administrators Association (NASAA) and Director of the Alabama Securities Commission, on the announcement by NASD and NYSE Group, Inc. that they have signed a letter of intent to consolidate their member regulation operations into a new [...]

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SEC, NASAA Announce Continuation of IARD System Fee Waiver

WASHINGTON, D.C. (October 26, 2006) – The U.S. Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) today announced they will continue to waive for two years the annual system fees paid by investment adviser firms to maintain the Investment Adviser Registration Depository (IARD) system.  The SEC and NASAA also announced a [...]

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NASAA Warns Online Investors to Beware of Hack Attacks

Investors Urged to Carefully Monitor Online Trading Accounts WASHINGTON (October 26, 2006) – The North American Securities Administrators Association today warned investors to carefully monitor their online trading accounts in the wake of “hack attacks” in which predators have broken into customer accounts at online brokerages in the United States and Canada and made unauthorized trades [...]

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NASAA Applauds Enactment of Legislation to Protect Military Personnel From Unscrupulous Sales of Insurance and Investment Products

The Military Financial Services Protection Act Signed Into Law WASHINGTON, D.C. (September 29, 2006) —The North American Securities Administrators Association Inc. today applauded the enactment of legislation to protect military personnel from unscrupulous sales of insurance and investment products. Joseph P. Borg, NASAA President and Director of the Alabama Securities Commission, said he is pleased that [...]

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NASAA Installs New President, Board of Directors

Alabama’s Joseph P. Borg Named NASAA President; North Dakota’s Karen Tyler to Serve as President-Elect SAN DIEGO, CALIFORNIA (September 19, 2006) – Joseph P. Borg, Director of the Alabama Securities Commission, today was elected to a second one-year term as President of the North American Securities Administrators Association (NASAA) after serving as NASAA President in 2001-2002. [...]

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NASAA Examinations Identify Top BD Compliance Deficiencies

State Securities Regulators Propose Series of Best Practices SAN DIEGO, CALIFORNIA (September 18, 2006) – The North American Securities Administrators Association (NASAA) at its annual conference here today announced a series of recommended best practices for broker-dealers to consider in order to improve their compliance practices and procedures. NASAA President Patricia D. Struck said the [...]

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NASAA to Host Annual Conference in San Diego September 17-19

Conference to Feature Panels, Forums on Topics of Interest to Securities Regulators and Financial Services Industry WASHINGTON (September 6, 2006) - The North American Securities Administrators Association (NASAA) will host its 89th Annual Conference in San Diego, California, from September 17-19 to examine investor protection issues of importance to securities regulators and the financial services industry, [...]

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State Financial Regulators Seek to Retain State Enforcement Role in Data Security Legislation

WASHINGTON, D.C. (August 16, 2006)  – Groups representing state financial services regulators today announced their strong support of preserving the role of states in enforcement of the law in any federal data security legislation that might be enacted. The Conference of State Bank Supervisors (CSBS) joined with the National Association of State Credit Union Supervisors (NASCUS) [...]

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NASAA Survey Shows Senior Investment Fraud Accounts for Nearly Half of all Complaints Received by State Securities Regulators

Unregistered Securities, Variable and Equity Indexed Annuities Most Pervasive Financial Products Involved in Senior Investment Fraud WASHINGTON (July 17, 2006)—With the first ‘Baby Boomers’ turning 60 this year, state securities regulators warned today that investment fraud among seniors, which already accounts for nearly half of all investor complaints received by state securities regulators, could grow significantly [...]

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