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99-64 NASD Informs Members Of Upcoming Nomination Procedures For Industry Member Vacancies On The National Adjudicatory Council

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NASD Informs Members Of Upcoming Nomination Procedures For Industry Member Vacancies On The National Adjudicatory Council

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Executive Summary

The purpose of this Special Notice to Members is to advise members of the nomination procedures to fill upcoming vacancies on the National Adjudicatory Council (NAC). The terms of NAC members from the West Region and New York City are expiring in January 2000.

Members are encouraged to submit names of candidates to the appropriate Regional Nominating Committee Chairs (listed in Exhibit I), the NASDRSM District Director (listed in Exhibit I), or National Association of Securities Dealers, Inc. (NASD®) Corporate Secretary Joan Conley by September 1, 1999. The Chair or a District Director in the Region will provide each nominee with a biographical form for completion. The completed form will be provided to all Regional Nominating Committee members for review. On or about October 1, 1999, the Regional Nominating Committees will provide members with written notice of NAC candidates.

Current Industry members of the NAC and their terms are listed in Exhibit I. The procedures to fill the NAC vacancies are outlined in Exhibit II. Questions concerning this Special Notice to Members may be directed to the District Directors in the Region noted or to Joan C. Conley, Corporate Secretary, NASD, at (202) 728-8381.

National Adjudicatory Council Membership And Function

Membership

The NAC consists of 12 members—six Industry members and six Non-Industry members. Five Industry members each represent one of the following geographic regions and the sixth Industry member is selected at large.

West Region: Hawaii, California, Nevada, Arizona, Colorado, New Mexico, Utah, Wyoming, Alaska, Idaho, Montana, Oregon, and Washington.

South Region: Alabama, Arkansas, Kentucky, Louisiana, Mississippi, Oklahoma, Tennessee, Texas, Florida, Georgia, North Carolina, South Carolina, Puerto Rico, Virginia, Canal Zone, and the Virgin Islands.

Central Region: Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Illinois, Indiana, Michigan, and Wisconsin.

North Region: Delaware, Maryland, Pennsylvania, West Virginia, District of Columbia, New Jersey, Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont, and New York (except for New York City).

New York: New York City.

Function

According to the NASD By-Laws, the NAC is authorized to act for the NASD Board of Governors in matters concerning:

  • an appeal or review of a disciplinary proceeding, a statutory disqualific a t i o n proceeding, or a membership proceeding;


  • a review of an offer of settlement; a letter of acceptance, waiver, and consent; and a minor rule violation plan letter;


  • the exercise of exemptive authority;


  • and such other proceeding or actions authorized by the Rules of the Association.

The NAC also shall consider and make recommendations to the Board on policy and rule changes relating to the business and sales practices of NASD members and associated persons and enforcement policies, including policies regarding fines and other sanctions.

EXHIBIT I

1999 National Adjudicatory Council Industry Members

West Region
Districts 1, 2, 3a, and 3b
NAC Industry Member Term Expiration
Nicholas C. Cochran January 2000
American Investors Company

NASD members are encouraged to submit names of candidates for this NAC member seat. Please submit candidates' names to any of the following:

Joan B. Seidel, Regional Nominating Committee Chair
Morton Seidel & Company, Inc.
8730 Wilshire Blvd., Suite 530
Beverly Hills, CA 90211
(310) 360-7541

Elisabeth P. Owens, District 1 Director
525 Market Street, Suite 300
San Francisco, CA 94105
(415) 882-1200

Lani M. Sen Woltmann, District 2 Director
300 South Grand Avenue, Suite 1600
Los Angeles, CA 90071
(213) 627-2122

Frank J. Birgfeld, District 3a Director
Republic Plaza Building
370 17th Street, Suite 2900
Denver, CO 80202-5629
(303) 446-3100

James G. Dawson, District 3b Director
Two Union Square
601 Union Street, Suite 1616
Seattle, WA 98101-2327
(206) 624-0790

Joan Conley, NASD Corporate Secretary
1735 K Street NW
Washington, D.C. 20006
(202) 728-8381

South Region
Districts 5, 6, and 7
NAC Industry Member Term Expiration
Raymond E. Wooldridge January 2001
Southwest Securities, Inc.
Central Region
Districts 4, 8a, and 8b
NAC Industry Member Term Expiration
Ronald D. Brooks January 2001
Banc One Capital Markets, Inc.
North Region
Districts 9a, 9b, and 11
NAC Industry Member Term Expiration
Richard J. DeAgazio January 2001
Boston Capital Services, Inc.
New York
District 10
NAC Industry Member Term Expiration
David DeMuro January 2000
Lehman Brothers, Inc.

NASD members are encouraged to submit names of candidates for this NAC member seat. Please submit candidates' names to any of the following:

Joan Caridi, Regional Nominating Committee Chair
Citigroup, Inc.
425 Park Ave., 3rd Floor
New York, New York 10043
(212) 793-7181

David Leibowitz, District 10 Director
NASD Financial Center
33 Whitehall Street
New York, NY 10004
(212) 858-4000

Joan Conley, NASD Corporate Secretary
1735 K Street NW
Washington, D.C. 20006
(202) 728-8381

At Large NAC Industry Member
NAC Industry Member Term Expiration
Theodore A. Levine January 2000
PaineWebber Group, Inc.

EXHIBIT II

1999 National Adjudicatory Council Nomination Procedures

1. NASD Regulation maintains Regional Nominating Committees in the manner specified in Article VI of the By-Laws of NASD Regulation, Inc.
2. Members located in the West Region and New York City are hereby notified of the upcoming election of members to the National Adjudicatory Council and are encouraged to submit names of potential candidates to their respective Chair of the Regional Nominating Committee, District Director (see Exhibit I), or to NASD Corporate Secretary Joan Conley by September 1, 1999.
3. Nominees will be asked to complete a biographical form which will be reviewed by the Regional Nominating Committee.
4. The Regional Nominating Committee shall review the background of the candidates and the description of the NASD membership provided by NASD Regulation staff and shall propose one or more candidates for nomination to the National Nominating Committee on or before September 24, 1999. In proposing a candidate for nomination, the Regional Nominating Committee shall endeavor to secure appropriate and fair representation of the region.
5. On or before October 1, 1999, the Regional Nominating Committee shall notify in writing the Executive Representatives and branch offices of the NASD members in the region the name(s) of the candidate(s) proposed for nomination to the National Adjudicatory Council.
6. If an officer, director, or employee of an NASD member in the region is not proposed for nomination by the Regional Nominating Committee and wants to seek the nomination, he or she shall send a written notice to the Regional Nominating Committee Chair or the Secretary of NASD Regulation within 14 calendar days after the mailing date of the Regional Nominating Committee's notice (#5 above) and proceed in accordance with the Contested Nomination Procedures found in Article VI of the NASDR By-Laws.
7. If no additional candidate comes forward within 14 calendar days, the Regional Nominating Committees shall certify their candidates to the National Nominating Committee.

Additional information pertaining to the District Election Procedures can be found in Article VI of the By-Laws of NASD Regulation. The By-Laws can be found in the on-line NASD Manual at www.nasdr.com.


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