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 […]

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 […]

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 […]

Promises of ‘guaranteed returns’ fuel losses in the hundreds of millions of dollars; High commissions entice independent insurance agents to sell viatical settlements WASHINGTON (February 26, 2002) — Citing deceptive marketing practices and numerous instances of fraud, state securities regulators warned Tuesday that investors should not be misled by claims that viatical settlements – interests […]

(February 4, 2002) – “At a time when investors, the government and industry are looking for securities regulators to do more, we are troubled that there is no money in the proposed budget to raise the pay of staff at the Securities and Exchange Commission to match that of their counterparts at the federal banking […]

Low interest rates, distrust of government, Internet fuel billions in losses; Bogus schemes likened to Wall Street’s “X-Files,” called “Fraud of the Century.” WASHINGTON (January 17, 2002) – With low interest rates and volatile equity markets causing Americans to rethink their investment strategies, state securities regulators warned Thursday that losses from “prime bank” scams – […]

November 19, 2001 The North American Securities Administrators Association (NASAA) is advising brokerage firms that state securities regulators oppose any actions by firms that interfere with customers` requests to transfer their accounts to brokers or firms of their choice. Background Many securities firms routinely enter into written non-solicitation agreements with their brokers as a condition […]

October 25, 2001 – The North American Securities Administrators Association (NASAA) issued the following statement today following news of Stephen Cutler’s appointment as Director of the Division of Enforcement of the U.S. Securities and Exchange Commission: NASAA President Joseph Borg, director of the Alabama Securities Commission, said: “Steve Cutler is an excellent choice. He has the […]

WASHINGTON (October 25, 2001) – The North American Securities Administrators Association (NASAA) today issued the following statement after the Securities and Exchange Commission adopted final amendments to its broker-dealer books and records rules (Rule 17a-3 and Rule 17a-4 under the Securities Exchange Act of 1934): “These long awaited rules will promote uniform, efficient examination of […]

October 12, 2001, NASAA President Joseph Borg, SIA Small Firms Conference, Ft. Lauderdale, Florida