Mary Shapiro To Take Reigns At NASD

NASD's board of governors elected Mary L. Schapiro to succeed Robert R. Glauber as chairman and CEO at the end of 2006. Schapiro is currently the company's vice chairman and president of NASD's regulatory policy and oversight division. "In announcing

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NASD’s board of governors elected Mary L. Schapiro to succeed Robert R. Glauber as chairman and CEO at the end of 2006. Schapiro is currently the company’s vice chairman and president of NASD’s regulatory policy and oversight division.

“In announcing Mary’s election now, the Board of Governors is acting to ensure a smooth handover in NASD’s leadership as Bob Glauber prepares to step down late this year at the end of his current term,” said Richard F. Brueckner, CEO of Pershing LLC and presiding governor of NASD’s board of governors. Brueckner also served on the special Board committee charged with selecting NASD’s next Chairman and CEO. The search committee was composed of a majority of non-industry members of the NASD Board, a private-sector financial regulatory body.

“Mary is a highly respected and effective regulator who has proven herself time and again to be a strong investor advocate,” Brueckner said. “She is a proven leader and is uniquely qualified to take over as the head of NASD as it continues to execute its vital mission of protecting investors and ensuring market integrity. I am confident the securities industry will work closely with Mary and support NASD’s efforts to make regulation both more efficient and effective.”

Schapiro joined NASD in 1996 as President of NASD Regulation and was named vice chairman in 2002. As head of NASD’s regulatory policy and oversight division, she serves as the primary regulator of 5,100 securities brokerage firms and the nearly 700,000 registered brokers who do business with the public. The division is responsible for writing rules that govern industry sales practices and financial and operational integrity; examining firms for compliance with those rules; and enforcement of NASD rules as well as those of the Municipal Securities Rulemaking Board and federal securities laws. It also has regulatory responsibility for The NASDAQ Stock Market, the American Stock Exchange and the International Stock Exchange.

Before joining NASD, Schapiro was the Chairman of the Commodity Futures Trading Commission (CFTC), a post to which President Bill Clinton appointed her in 1994. The CFTC is the federal agency responsible for regulation of the US futures markets, including financial, agricultural and energy markets.

Prior to the CFTC, Schapiro served for six years as a Commissioner of the Securities and Exchange Commission. She was appointed in 1988 by President Reagan, reappointed by President Bush in 1989 and named Acting Chairman by President Clinton in 1993.

Schapiro is an active member of the International Organization of Securities Commissions (IOSCO) and was elected Chairman of the IOSCO Consultative Committee in 2002 and 2004.

“Mary Schapiro is a great choice and the natural choice as the next leader of NASD, Glauber said. We have had an effective partnership through challenging times. Her election ensures that we don’t skip a beat through the transition and that NASD continues to build on its positive momentum in the years ahead.”

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