Secretary Cox Named Chair Of
National Association of Secretaries of State Securities Committee

Group Focus Is On State Securities Enforcement Issues
 

ATLANTA … Georgia Secretary of State Cathy Cox has been named Chair of the National Association of Secretaries of State (NASS) Standing Committee on Securities.  The appointment, made by NASS president and Minnesota Secretary of State Mary Kiffmeyer, extends through 2004.

State securities regulators have been at the forefront of several of the major investigations of industry practices that have occurred in recent years.  State regulators, led by New York Attorney General Eliot Spitzer, initiated investigations into investment banking conflicts among analysts and research departments, resulting in a multi-billion dollar national “global settlement” with many of the leading firms in the nation.  A new cycle of investigations into late trading and market timing at several of America’s largest mutual funds was likewise initiated by state regulators and later joined by the Securities and Exchange Commission (SEC).

“I am very pleased to have the opportunity to chair the NASS Standing Committee on Securities at such an important time for the industry, and when the value of state regulation has never been more clear,” said Secretary of State Cox.  “Even in the midst of some of the most disturbing revelations about how America’s investors have been misled and mistreated, there are, amazingly, some in the Congress who have proposed legislation reducing the role and authority of state securities regulators.  Recent events have made clear that the SEC and the self-regulatory industry organizations alone cannot adequately address the need for investigation, enforcement and reform.  As chair of the NASS Securities Committee I am eager to carry forward the message that state regulators, in cooperation with the SEC and others, have a vital role to play to correct the abusive practices that have plagued the securities industry.  We need the right policies and the right enforcement tools in place if we are to protect the financial futures of millions of American families, who deserve an investment marketplace that is transparent and free from ethical conflicts,” Secretary Cox added.