NOTE: Offers of Settlement (OS) and Letters of Acceptance, Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions and to the entry of findings.

Financial Industry Association 

2006 Contested Elections Nominations

CLICK HERE FOR A COPY OF THE PETITION

 
The Financial Industry Association (FIA) is dedicated to fair and reasonable securities-industry regulation. FIA supports for election to NASD district and national committees and boards candidates who represent the views of the majority of the NASD's Broker/Dealers, Registered Representatives, and Registered Investment Advisors.

FIA asks for your support for the nomination and election to all available seats on the 11 NASD District Committees and all available seats for the National Adjudicatory Council (NAC).

Last year, we were successful in five contested elections in one NASD District and the NASD National Board of Governors. Those dramatic victories have allowed each of you to be heard loudly and clearly.  It is crucial that we finish what we have started: the elimination of unreasonable and unfair NASD regulation.

FIA needs your support in its efforts to obtain 10% of Executive Representative signatures --- and we have no time to waste! If you do nothing, the NASD slate of candidates will be your elected committeepersons and NAC representatives---that means no election campaigns, no debates, and no dialogue!!! The views and the needs of your firm may not be heard or even considered.

FIA calls for the following reforms at the NASD:
  1. Education-not sanctions-for potential compliance problems before the imposition of disciplinary fines and suspensions.
  2. Increased and balanced membership participation in elected positions.
  3. Expediting and improving the fairness of the disciplinary process.
  4. Require membership vote and approval before any new rule is enacted or changed.
  5. Revision to the NASD Sanction Guidelines to provide for more appropriate sanctions for rule violations in which no public customer is harmed.
  6. Reaffirmation of the "reasonableness" standard in all supervisory systems and procedures.
  7. Expediting the membership approval process to not exceed 60 days.
  8. The passage of a Bill of Rights to better define the rights of all member firms and associated persons during investigations and examinations.
As a good-standing member of the NASD, please sign and fax our nomination petition so we can publicly raise the issues currently being widely ignored.

FIA believes that all 28 of its proposed candidates have extensive industry experience and have pledged to be fair and impartial in all matters brought before them. The NASD would not permit a contested race for the NAC public position. FIA is opposed to this NASD stance on the NASDR By-Laws as not being representative of the majority of NASD member/owner views.

Please immediately print the name of your firm, sign, date, and fax the enclosed petition to 407-571-1145. If you need more information, please call Richard Goble at 407-774-6281 or 800-770-9049.

Sincerely,


Richard L. Goble
FIA Director