News Room::National Association of Independent Broker/Dealers

NAIBD ANNOUNCES SUPPORT OF PRESIDENT-ELECT OBAMA’S APPOINTMENT OF MARY SCHAPIRO AS SEC CHAIRPERSON

PRINCETON JUNCTION, NJ – December 19, 2008 – The Board of Directors of the National Association of Independent Broker/Dealers (NAIBD), an advocate for small and independent firms for almost 30 years that aims to improve the regulatory and business environment for broker-dealers, announced their support of President-Elect Barack Obama’s selection of Mary Schapiro for the position of Chairperson of the Securities Exchange Commission (SEC).

“As the national association whose membership represents Main Street, NAIBD wholeheartedly congratulates Mary on her appointment of Chair of the SEC. We feel that Mary’s leadership of FINRA has resulted in a cultural change in the organization, leaving it better suited to effectively regulate our industry through constructive dialogue with member firms. In particular, Mary’s vision for the organization has shown respect for the role small firms play in keeping investor confidence alive in America,” said NAIBD President, Stephen Distante.

“Mary has spoken at several NAIBD events, providing important insights to members on the direction of future regulation and demonstrating openness to the needs of small and independent firms. Unlike any other past regulator, Mary has been willing to hear the voice of NAIBD, helping us further achieve our mission as an association. We anticipate that Mary’s role with the SEC will further expand on the communications among small firms and our regulator,” said Lisa Roth, NAIBD Chairperson.

NAIBD was formed in 1979 by five southern California broker/dealers who met regularly to discuss areas of common interest such as due diligence, compliance and regulation. The organization is now national in scope with over 350 broker/dealer and industry associate members. Its members enjoy numerous benefits including educational meetings and symposiums held across the country, up-to-date compliance notices and commentary regarding regulatory changes, rebates and discounts from industry vendors and numerous networking opportunities.

Serving as a small and independent firm advocate for almost 30 years, the NAIBD and its board of directors work together with Independent Broker/Dealer owners & principals, industry product & service providers, and the SEC, NASD, and state’s regulatory organizations to improve the securities industry as a whole. Recognizing the specific needs of Independent Broker/Dealers (which make up over 85 percent of all US securities firms), the National Association of Independent Broker/Dealers provides specialized, widely acclaimed advocacy by hosting national informational meetings, catering specialized website programs, rapidly distributing critical regulatory details and product/service offers, supplying feedback to SEC, NASD, and state regulators, and offering its Annual Technology and Compliance Symposium event. For more information, please visit www.naibd.org.