The North American Securities Administrators Association has named Ralph Lambiase, Connecticut’s director of securities, as its new president.

Lambiase succeeds Christine Bruenn, Maine’s securities administrator, in the role.

Along with the new president, NASAA also named a new board of directors, including: Franklin Widmann of New Jersey; Bruenn; Craig Goettsch of Iowa; Guy Lemoine of Quebec; Scott Borchert of Minnesota’ Deborah Bortner of Washington; Daphne Smith of Tennessee; and Anthony Taggart of Utah.

Widmann, chief of New Jersey’s Bureau of Securities, will succeed Lambiase as NASAA president in the fall of 2004.

Addressing NASAA’s 86th annual conference, Lambiase stressed the importance of a complementary state and federal regulatory system that is designed to protect investors. He also highlighted the successful role of state securities regulators in protecting investors from fraud and abuse. “Protecting investors against fraud and punishing those who would commit fraud are fundamental roles of government, be it state, local or federal. Collectively, we can all work together, government, self-regulators and industry to achieve positive results,” Lambiase said.

Lambiase also invited the Securities and Exchange Commission, state regulators and the self-regulatory organizations to “thoroughly examine” and recommend changes to the arbitration process to increase transparency.

Lambiase said he intends to bring attention to the daily investor protection efforts of state securities regulators. “Our securities markets may operate on the Wall Streets of the world, but stocks, bonds and other securities are sold on Main Street, in our neighborhoods, even over our kitchen tables,” he said.