2025 NASAA President Marni Rock Gibson
Presidential Address to NASAA Membership
September 9, 2025
NASAA 2025 Fall Annual Meeting
Scottsdale, Arizona
As prepared for delivery
Thank you, Leslie, for your kind introduction. And thank you for your service, guidance, support, and friendship this year as NASAA President. I have learned so much from you and look forward to building on what you have accomplished in your time as president.
I want to thank the amazing team at the Arizona Securities Division for helping pull off this massive event. My sincere thanks to Mark Dinell and Wendy Coy, who have worked so hard to make sure everything is running smoothly.
I’d also like to thank our panel moderators, Section Chairs, and NASAA members who made this conference a reality.
Last, but certainly not least, thank you to NASAA’s Corporate Office for your efforts to support this event and our members. Please join me in a round of applause in thanking our hosts at the Arizona Securities Division, the many volunteers involved in this Conference and the NASAA team.
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I started my career in state securities regulation almost 20 years ago, and my involvement in NASAA began not long after.
Through my time working with NASAA, I’ve had more opportunities than I ever could have dreamed when I joined that very first Investor Education project group. Over the years, my involvement grew as I had the chance to serve as Chair of the Broker-Dealer Section, Vice Chair of the CRD/IARD Steering Committee, and a member of NASAA’s Finance and Audit Committee, among others. I’ve also been honored to serve and represent the members for three terms on the Board of Directors and as President-Elect. I understand the responsibilities that come with these positions and their importance in shaping the future of NASAA.
And I would not be standing up here today if it wasn’t for a few people that have helped me along the way. Melanie Lubin, Andrew Hartnett, Claire McHenry, Andrea Seidt, and Pam Epting.
Claire:
Andrew:
Andrea:
Melanie:
Pam:
These folks are more than colleagues or mentors, they are friends who helped me so much more than words can adequately express. Thank you. Thank you all from the bottom of my heart.
Within NASAA you’ll find a deep bench of talented, capable, and generous people committed to our investor protection mission. Accomplishing our work takes more work than any one person can do and I so am pleased to introduce NASAA’s 2025-2026 leadership team. As I call your name, please stand, and remain standing. Please hold your applause until I have announced everyone.
First, the NASAA Board of Directors:
- President-Elect Elizabeth Bowling of Tennessee
- Past-President Leslie Van Buskirk of the Wisconsin Securities Division
- Treasurer-designate – Jane Anderson of Nova Scotia
- Secretary-designate – Stephen Bouchard of DC
- Board members:
- Melanie Lubin of Maryland
- Jesse Devine of Maine
- Chet Taylor of Illinois
- Eric Slee of Mississippi
And subject to Board approval, I’d like to introduce NASAA’s Section Chairs:
- Broker Dealer- Jim Nix of Illinois and Amber Crouch of Arkansas
- Corporation Finance- Erin Houston of Nevada and Claire McHenry of Nebraska
- Enforcement- Anthony Leone of Massachusetts
- Investment Adviser- Stephen Brey of Michigan
- Investor Education- Kelly Janes of Wyoming and Amanda Kelting of Minnesota
Please join me in a round of applause for our NASAA leadership team!
***
Today, I have the privilege and honor to stand here as NASAA president.
Leading NASAA into the future starts with a clear vision: one that builds on the great work of our members and inspires us to forge ahead. It requires listening to our members, understanding their evolving needs, and adapting our work to meet those needs.
To be successful, I believe we must seek to understand the innovative thinking that is shaping the future of the markets, and by extension, how we will carry out our work. This does not mean that we must abandon investor protection principles, but rather focus on ensuring those principles are maintained in our evolving regulatory frameworks. To do this, we must continue to invest in developing NASAA’s future leaders and equipping them with the tools and knowledge they need to do their jobs effectively. And we must look for ways to nurture and deepen the collaboration that is at the core of our mission. This common sense approach will prepare us to meet the challenges of the future and serve the investors we are charged with protecting.
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As any NASAA president can attest, you come to this role with the lessons and values imparted by family, friends, and mentors. The same is certainly true for me. My grandfathers, a disabled WWII veteran and a Korean War veteran, worked tirelessly for their families, inspiring a tradition of hard work, education, and financial discipline that were passed on to my parents. From a young age, I learned to save, invest, and dream about the future. I was just a little girl in Kentucky, but I had my jar of money that I counted just about every day. I added to it when I helped on the farm or received birthday money. From a young age, my daddy and I shared a love of math. He and my mom talked to me about saving and my future. I never wanted to spend anything. As I got older, he offered to match what I could put away and invest it. My savings grew exponentially- this was my first step into the world of investing.
But once in college, I found something I loved as much as saving money: buying shoes. I also saw my friends spending rather than saving and, to be honest, what they were doing seemed more exciting than watching money grow. I soon jumped on board the spending train and did my part to help power the economy, more than I wish to admit. In hindsight, I came to realize that I should have stayed the course and stuck with the financial wisdom passed down to me by my family. I made missteps; I spent instead of saved and, as you can probably guess, blew through my investments.
This experience taught me a valuable lesson: if someone who has been given all the right tools from a young age could still stumble, young people without guidance are at an even greater disadvantage. That sense of both pride and regret fuels a deep belief in me that financial education isn’t just helpful—it’s essential– to give the next generation a fair chance at financial security and success.
During my term as president, I want to invest in the future generation by increasing our efforts to build partnerships with colleges, universities, and trade schools to help students gain the financial skills they need, not just to survive, but to thrive. By working together, we can bring practical young adult financial literacy programs into institutions of higher learning across North America and uniformly provide tools to budget wisely, manage debt, and make smart investment decisions, especially as they enter the workforce. But we can’t stop there. We have to empower novice investors with the tools to spot the red flags of scams. The young adults in school today will soon become “middle aged” and, one day, seniors. We face more sophistication than ever in relation to fraud, and the best way to prevent scams while supporting innovation and choice is knowledge.
I recognize that not everyone who has had an opportunity to learn about the basics of investing and avoiding scams will put those skills to use, but some, perhaps many, will, and that is the type of sound return on investment I know we would all be pleased to see.
As I think about priorities, I must highlight NASAA’s robust investor education program that draws from the great work of our members in the U.S. and Canada. We also leverage strong relationships with the SEC’s Office of Investor Education and Advocacy and the FINRA Foundation to help bolster our collective efforts and reach. NASAA’s new Investor Protection and Education Foundation will be an important contributor to this work. The Foundation’s mission is to conduct research to support investor protection and education initiatives. With its new Board of Directors in place, I look forward to the contributions the Foundation will make to investor protection.
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Financial security and success starts with trust. Trust by investors in the financial professionals they depend upon for guidance, trust in our public markets and products, and trust that someone has their backs. We as state, provincial, and territorial securities regulators play a large part in ensuring that trust remains intact regardless of how our markets evolve.
You need to look no further than our annual enforcement reports to see the work we do in the U.S. and Canada to fight for investors and police the markets against fraud. Online scams purporting to offer opportunities to get rich through investments in crypto or other digital assets dominate our enforcement dockets and we see similar alarming trends in the data reported by federal authorities.
Those numbers only tell part of the story. Behind each is a resident of our state, province, or territory, and when they become the victims, they often look to us for help. That is why we will not stand down and cannot lose our ability to protect investors. We are the first line of defense, especially for everyday people, many of whom are our families, neighbors, and friends, who are most vulnerable to fraud and abuse. State regulators are closest to their communities; we spot scams and respond quickly in ways that federal agencies cannot. Stripping states of anti-fraud authority would weaken investor protections, create dangerous gaps in oversight, and remove an important safeguard that has worked for decades to ensure investors have a fighting chance to succeed
That is why we are calling on Congress, as it considers market structure legislation for digital assets to preserve state authority and remove provisions that would undermine the investment contract analysis.
Preserving state anti-fraud authority ensures a robust market and benefits new and exciting innovations and entrepreneurs. NASAA has been a voice for investors for over 100 years and we plan to stay that way for the next 100 years.
I am proud to be part of the work that NASAA members do every day to protect and educate investors, provide pathways for businesses in our communities seeking to raise capital, and ensure the integrity and efficiency of our capital markets that power our economy. We do this work in collaboration with one another and welcome opportunities to partner with others.
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As I close, I want to thank the NASAA membership for the trust you’ve placed in me to lead this year. I’m energized to push our strategic goals forward and ready for the work ahead. Together we’ll keep investor protection front and center while tackling the pressing issues shaping our markets. Change is constant. It brings both challenges and opportunities, and I’m committed to making sure we’re prepared to meet the challenges head-on and seize the opportunities that lie ahead.
I can’t walk off this stage without thanking the many Kentucky Department of Financial Institutions staff that are here with me today:
- Chad Harlan
- Tasha Stewart
- Jesse Vaughn
- Lindsey Stout
- Brandon Adcock
- And I also want to thank the Governor’s Office and Public Protection Cabinet for their support, especially Secretary Ray Perry and Deputy Secretary D.J. Wasson
And as I think about what lies ahead, I can’t help but feel encouraged by those who have supported me throughout my journey.
I talked about my family earlier. My mom and daddy are here today – Randal and Jill Rock, could you please stand up so everyone can see you? (applause). You have given me undying support and taught me life lessons that I carry on today. Every day, I strive to be more like you.
I also want to say a very special thank you to my children Jack, James, Campbell, Ella, and Evan. You have been patient and supportive as I have balanced traveling across the country and being your mom. I am so proud of all of you, and I love you very much.
I am especially proud to be part of an organization with a strong tradition of diverse and inclusive leadership from all across North America. An organization that truly values the unique perspectives each of us brings to the table. NASAA’s history includes a remarkable legacy of women presidents, and it is an honor to continue that tradition. It’s meaningful to note that I am the third consecutive woman to serve as NASAA president. This is a reflection of the progress and commitment we share to opening doors for future leaders.
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Finally, I am honored to lead such a special organization and carry on a legacy built by so many amazing members. We are more than colleagues, we are family. I’ve been told that a former NASAA president said that he was comforted by the fact that if he were to embark on a drive across the country and had a flat tire he would have someone to reach out to everywhere he went, including north or south of the border. And I’ve come to understand what he meant by that. You see, five years ago, I never imagined I would be standing here as NASAA president, or, frankly, even at all. During a time when I was experiencing serious health challenges, hardly a day went by when someone in my NASAA family didn’t check on me. Looking out for others is part of our DNA.
I am grateful and humbled to be given the opportunity to lead such an incomparable organization over the coming year and to conquer the challenges coming our way as one team, one NASAA.
Thank you.
