The securities industry’s success depends on its commitment to service, values, and clarity, said Securities Industry Association president Marc Lackritz in his opening address to the SIA’s 33rd annual meeting in Boca Raton, Fla. today.

Lackritz said the industry has done a good job handling often adverse conditions and has made progress toward building a better future for issuers, investors, and securities firms. “I am proud of everything we have achieved in a public environment of skepticism and doubt,” Lackritz said.

However, major challenges still loom, Lackritz said. Despite a strong first quarter, the industry’s recovery stalled by mid-year with revenues showing a broad-based decline. Also, large numbers of investor survey respondents continue to cite greed and self-interest as key industry problems. Lackritz called on the industry to stay “laser-focused” on its core values of integrity, honesty, and putting clients’ interests first.

As part of a campaign to improve the quality, transparency, and efficiency of securities markets, outgoing SIA chairman Richard Thornburgh announced a new “Commitment to Clarity” initiative to enhance investor education and promote investor trust.

The initiative is based on a set of principles for investors and securities firms as well as specific recommendations on critical issues facing the industry.

SIA will begin this month to educate securities firms and investors about the campaign, which will include online initiatives, outreach to regulators, and proactive work with industry leaders. “Through Commitment to Clarity, we now have a strong framework for continued efforts to align the interests of the securities industry with the interests of investors,” Thornburgh said.

The initiative consists of four major principles, each of which is critical to the fair and efficient operation of the markets: clarity of costs, responsibility, performance and understanding.

Based on these guiding principles, Thornburgh announced five position statements, which were released by SIA today: The Investors’ Bill of Rights; Mutual-Fund Disclosure; Putting Investors First; Soft Dollars; and International Regulatory Transparency.

“We want to go beyond basic principles and develop specific recommendations on important issues,” Thornburgh said. “We are outlining recommendations for five issues today and over the next year we will develop recommendations for other topics critical to our industry.”

He added that SIA would release other recommendations on an ongoing basis.