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SCOTTSDALE, ARIZONA (October 2, 2004) – Franklin L. Widmann, Chief of New Jersey’s Securities Bureau, today was named to a one-year term as President of the North American Securities Administrators Association (NASAA), succeeding Ralph A. Lambiase, Director of the Connecticut Division of Securities. NASAA is the oldest international organization devoted to investor protection. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, Canada, and Mexico.

In an address at NASAA’s 87th annual conference here, Widmann called upon regulators and the securities industry to continue to work together to restore market integrity. “We must focus our priorities to help investors regain confidence in our financial markets,” he said. “Together, we must honor our responsibilities to ensure that all investors are treated fairly.”

“We’re all in this together and we each have to live up to our own responsibilities,” Widmann said. To that end, Widmann asked the securities industry to “take every step possible” to strengthen its supervision efforts to ensure that employers comply with the law. “We will do our part to fulfill our responsibilities to do all that we can do as regulators to ensure that financial markets provide for economic growth and offer a level playing field for all investors.”

Widmann has served for the past year as NASAA’s president-elect. Prior to that post, he served as the chairman of the NASAA Broker-Dealer Section Committee for five years. He was co-chair of the NASAA task force investigating and negotiating the global settlement of research analyst conflicts of interest and also served as a member of the NASAA CRD Steering committee.

Widmann is the Bureau Chief of the New Jersey Bureau of Securities, which is part of the Division of Consumer Affairs of the Department of Law & Public Safety in the Office of the New Jersey Attorney General. He received a J.D. degree from Rutgers University School of Law, Camden, New Jersey and an A.B. degree in Political Science from Rutgers University. He is admitted to the bar in New Jersey, Pennsylvania, Massachusetts and Washington, as well as the United States District Court in New Jersey and the U.S. Court of Appeals for the Third Circuit.

The NASAA Board of Directors for 2004-2005 will consist of President Widmann, President-elect Patricia D. Struck of Wisconsin, Past President Lambiase, Fred J. Joseph of Colorado, Donald G. Murray of Manitoba, James O. Nelson II of Mississippi, James B. Ropp of Delaware, Karen Tyler of North Dakota, and Ryan S. Ushijima of Hawaii, as well as John H. Hanley, ex officio, NASAA Executive Director. Robert M. Lam, of Pennsylvania, will continue to serve as NASAA ombudsman. Struck, Administrator of Wisconsin’s Division of Securities, will succeed Widmann as NASAA President in the fall of 2005.

For More Information:
Bob Webster, Director of Communications