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NASAA statement on President Bush`s speech on corporate responsibility

(July 9, 2002) – “The North American Securities Administrators Association (NASAA) welcomes President Bush`s call for tougher penalties for financial fraud,” said Joseph Borg, president of NASAA and director of the Alabama Securities Commission. “The innovation that has made America the world`s economic leader is being threatened by allegations of lying, cheating and stealing in […]

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NASAA statement on WorldCom, Wall Street investigations, SEC resources, investor confidence

The following is a statement from NASAA President and Alabama Securities Director Joseph Borg (June 26, 2002): “The latest Wall Street revelation, that WorldCom manipulated its revenues and profits, continues to undermine investor confidence. Who can blame investors for feeling skittish or scared — when they read about phony accounting numbers, double talking stock analysts […]

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Wall Street to Congress: Shut down states` analyst probe

NASAA President Borg calls attempt “shameful and cynical;” asks “What does the industry have to hide?” WASHINGTON (June 17, 2002)- In a brazen attempt to undermine investor protection, the securities industry is trying to amend a bill scheduled for mark-up Tuesday by the Senate Banking Committee with language that would end a probe by state […]

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NASAA statement on NASD reorganization

WASHINGTON (June 7, 2002) — “At a time when investor complaints are up and confidence in our markets is down, we trust that this reorganization will have no negative impact on the National Association of Securities Dealers` commitment to investor protection,” said Marc Beauchamp, executive director of the North American Securities Administrators Association. “NASAA and […]

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NASAA statement on Merrill Lynch settlement

The North American Securities Administrators Association (NASAA) released the following statement today (May 21, 2002) after New York Attorney General Eliot Spitzer announced a settlement agreement with Merrill Lynch on behalf of New York, the other states, the District of Columbia and Puerto Rico. “New York Attorney General Eliot Spitzer performed a public service by […]

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NASAA statement on adoption of analyst rule changes

(May 8, 2002) - “We commend the National Association of Securities Dealers for addressing the vital issue of analyst conflict of interest beginning last year and then working with the New York Stock Exchange, the Securities and Exchange Commission, Congress and the states to ensure adoption of today`s rule changes,” said Marc Beauchamp, executive director of […]

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NASAA forms task force on analyst independence issues

Statement by NASAA President Joseph Borg (April 23, 2002): WASHINGTON– “Last week, the board of directors for the North American Securities Administrators Association voted to form a multi-state task force that will focus on the issues raised by New York Attorney General Eliot Spitzer in investigating underwriting and analysts` research issues and possible securities law […]

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NASAA Urges SEC, NASD to Bar Analysts From Investment Banking

WASHINGTON (April 19, 2002) –The North American Securities Administrators Association (NASAA) today called on the Securities and Exchange Commission and the National Association of Securities Dealers (NASD) to prohibit stock analysts from appearing at “road shows” to promote new stock offerings by the investment banks that employ them. NASAA’s proposal came in response to a […]

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States move to register investment adviser representatives online starting March 18

WASHINGTON (March 11, 2002) – Beginning March 18, investment adviser representatives will be able to register with regulators online, saving both time and money by eliminating paper filings. Online filings will become part of the Investment Adviser Registration Depository (IARD) program, developed jointly by the North American Securities Administrators Association (NASAA)¹ and the Securities and […]

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NASAA President Joe Borg`s Statement on SEC Funding

WASHINGTON (March 7, 2002) – “Not giving securities regulators the money they need to police our growing markets is pennywise and pound-foolish, and a bad investment,” said Joseph Borg, president of the North American Securities Administrators Association and director of the Alabama Securities Commission. “As the attention surrounding Enron’s collapse has shown, we’re a nation […]

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