Alabama Securities Director Borg Steps Up as NASAA President

Borg starts one-year term, notes growing BD interest in NASAA Model Fee Disclosure Schedule

Alabama Securities Commission Director Joseph Borg on Tuesday began a one-year term as the new president of the North American Securities Administrators Association.

Borg, who for the past year has been serving as NASAA’s president-elect, said in a Tuesday speech at NASAA’s annual conference in Seattle that while enforcement against fraud is “the heart” of state securities regulators’ work, “there are unresolved matters on our table that we need to address, including unpaid arbitration awards.”

Borg, who also announced NASAA’s leadership for his term, noted in his speech that NASAA is “encouraged by the industry’s response to the NASAA Model Fee Disclosure Schedule,” with several broker-dealers recently joining the “growing list” of BDs using a fee schedule based on a model developed by NASAA’s Model Fee Disclosure Working Group to enhance disclosure to investors.

The following firms agreed to use the NASAA Model Fee Disclosure Schedule: Merrill Lynch; Voya Financial Advisors Inc.; Cetera Financial Group; and Ladenburg Thalmann Financial Services Inc.

The new NASAA Board of Directors includes President-elect Michael Pieciak of Vermont; Past President Mike Rothman of Minnesota; Shonita Bossier of Kentucky; Tom Cotter of Alberta; Pamela Epting of Florida; Bryan Lantagne of Massachusetts, Melanie Senter Lubin of Maryland; and Tanya Solov of Illinois.

Borg will seek board approval of the following administrators to serve as chairs of NASAA’s sections: Broker-Dealer, Frank Borger-Gilligan of Tennessee; Corporation Finance, William Beatty of Washington; Enforcement, Keith Woodwell of Utah; Investment Adviser, Andrea Seidt of Ohio; and Investor Education, Karen Tyler of North Dakota.

Borg was first elected as NASAA president in 2001, and again in 2006.

He also has served NASAA as a member of the board and as chair of the Enforcement Section Committee, Cybersecurity Committee and International Committee. He is also a board member for the National White Collar Crime Center and previously served as a member of the board of the Investor Protection Trust.

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