The newly christened president of the North American Securities Administrators Association (NASAA), David Massey, said at NASAA’s annual conference in Baltimore on Tuesday that as implementation of the Dodd-Frank Act takes hold over the next several months, securities regulators will “seize” every opportunity to play an active role in how the regulations take shape.

Massey noted in a separate interview with AdvisorOne that as implementation of Dodd-Frank begins, it will be crucial for state regulators to “monitor how [the Act] is applied and whether [there are areas] that need to be modified.” Massey, who’s also the Deputy Securities Administrator for the North Carolina Securities Division, will also serve as a member of the Financial Stability Oversight Council, which holds its first meeting on Friday. The Council, created under Dodd-Frank, is made up of the top U.S. financial regulators. Massey told AdvisorOne that he envisioned one of his roles on the Council would be to “give insight into the trends that need to be addressed.”

As for the fiduciary duty debate that is currently playing out at the SEC, Massey said that the arguments against applying a fiduciary duty to brokers are “hollow.” The added cost burden of a fiduciary duty will be minimal, he said, and the costs will be “outweighed by the benefits to the investors.”