The North American Securities Administrators Association’s (NASAA) new president pledges to strive to make state and provincial securities regulators heard by policymakers as reform efforts proceed.
Arkansas Securities Commissioner, A. Heath Abshure, began a one-year term at NASAA’s new president at its annual conference, by saying he will concentrate on NASAA’s responses to a rapidly changing regulatory environment. “I want to focus on what we can do, and if we harmonize our efforts, what we can become,” he said in his inaugural address.
“We stand poised to be the most thoughtful, appropriate, and influential voice whenever changes to the system of securities regulation are being considered,” Abshure said. “It is clear to me that we should have an active voice that is not only heard by lawmakers, but heeded. However, history has proved that not to be the case. This is what we must change.”
Abshure pointed to recent U.S. reforms to allow companies to raise money by crowdfunding as an example where NASAA has not been heard in recent reform efforts. It opposed that legislation, fearing that it compromises investor protection. Abshure said that that new legislation demonstrates that, “lawmakers appear willing to sacrifice reasonable regulation for perceived economic growth.”
“However, reasonable regulation is essential to facilitate the investor trust necessary for economic growth,” Abshure said. “But all too often, lawmakers believe that unregulated markets promote growth. We must persuade lawmakers that this belief is misguided and prove that we are the best option to promote capital formation while at the same time maximizing safe and secure investing for consumers.”
Along with Abshure, NASAA also announced the rest of its new board, including: Doug Brown, the Manitoba Securities CommissionIncome s director of legal, enforcement & registrations; and, president-elect, Steven Irwin, Pennsylvania Securities Commissioner; along with regulators from Colorado, Indiana, Missouri, Maryland and Wisconsin.