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FOR IMMEDIATE RELEASE           
           

NAIBD Member Advocacy Committee Helps Impact Federal Legislation

Association Remains Critical of Other Provisions Contained in Financial Reform Bill

PRINCETON JUNCTION, NJ – July 21, 2010 – The Member Advocacy Committee (MAC) representing the National Association of Independent Broker/Dealers (NAIBD) applauded the inclusion of modified language that protects broker/dealers from increased audit fees in the Financial Reform Bill passed by Congress last week.

Starting in early 2009, NAIBD began an ongoing initiative to fight unfair labels on independent broker/dealers in pending federal legislation. Most recently, NAIBD Chairman, Steve Distante and Member Advocacy Committee Chairperson and past NAIBD Chairman, Lisa Roth, contacted key members of Congress and staff members of the U.S. Senate reform conferees to express the association’s position on PCAOB (Public Company Accounting Oversight Board) audit control. Both stressed NAIBD’s support of the American Institute of CPAs (AICPA) position to adopt the House-passed language authored by Congressmen Paul Kanjorski (D-PA) and Congressman Scott Garrett (R-NJ) in late 2009.

As an advocate for small and independent firms for almost 30 years, the association became increasingly concerned with language in the Financial Reform bill that would require the PCAOB to conduct inspections and examinations of firms that audit non-public broker/dealers. If the non-public category of PCAOB registration was eliminated, small broker/dealers’ audit costs would have risen dramatically, possibly putting NAIBD members out of business.

“The Financial Reform Bill overall contains many other provisions, including the fiduciary standard, that we are taking a careful look at, but we are confident that the language regarding PCAOB oversight will protect the interests of small firms,” said Roth.

“NAIBD provided a voice for the Main Street firms who would be powerless against the dramatic increase in audit costs,” said NAIBD Chairman, Steve Distante. “We will be careful with our review of the Financial Reform Bill, as it may have other serious consequences for our members.”

NAIBD was formed in 1979 and continues as a networking group of broker/dealers who meet regularly to discuss areas of common interest such as due diligence, compliance, personnel and regulation. The organization is open to broker/dealers and industry providers and suppliers from across the country. For more information on NAIBD, please visit www.naibd.org.

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About the National Association of Independent Broker/Dealers (NAIBD)
NAIBD was formed in 1979 and continues as a networking group of broker/dealers who meet regularly to discuss areas of common interest such as due diligence, compliance, personnel and regulation. The organization works to keep members and regulators aware of the real effects that regulations have on broker/dealer firms of all sizes and business models. Hundreds of broker/dealers, industry providers and suppliers from across the country have taken advantage of the many NABID member benefits including advocacy, education, health insurance and networking. To become part of the voice of the broker/dealer community, please visit www.naibd.org for more information.