(July 30, 2002) – “Signing The Sarbanes-Oxley Act of 2002 is a critical step toward restoring investor confidence in our securities markets,” said Joseph Borg, president of the North American Securities Administrators Association and director of the Alabama Securities Commission. “We commend President Bush and the House and Senate leadership. The Act improves oversight of the […]

(July 15, 2002) – “Passage of S. 2673, The Public Company Accounting Reform and Investor Protection Act of 2002, is a critical step toward restoring investor confidence in our securities markets,” said Joseph Borg, president of the North American Securities Administrators Association (NASAA) and director of the Alabama Securities Commission. “We commend the Senate for […]

(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 […]

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 […]

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 […]

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 […]

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 […]

(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 […]

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 […]

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 […]