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05-43 NASD Announces Nomination Procedures for Regional Industry Member Vacancies on the National Adjudicatory Council

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GUIDANCE

NAC Nominations

Nomination Deadline: August 1, 2005

SUGGESTED ROUTING

KEY TOPICS

Legal & Compliance
Senior Management

National Adjudicatory Council

Executive Summary

The purpose of this Special Notice to Members is to advise members of the nomination procedures to fill one upcoming vacancy on the National Adjudicatory Council (NAC). The three-year term of the NAC regional Industry member from the North Region expires in January 2006. Exhibit I contains information regarding the NAC regional Industry member whose term expires in January 2006. Exhibit II contains a list of all NAC members. The procedures to fill the NAC regional Industry vacancy is outlined in Exhibit III. Also, a Candidate Profile Sheet is included in Exhibit IV.

Nomination Process

Members are encouraged to submit nominations for the upcoming NAC vacancy. To nominate a candidate, members should submit a cover letter and the Candidate Profile Sheet (Exhibit IV) to the Regional Nominating Committee Chair, the NASD District Directors, or the NASD Corporate Secretary (listed in Exhibit I) by August 1, 2005.

The completed Candidate Profile Sheets will be provided to all Regional Nominating Committee members for review. On or about August 12, 2005, the Regional Nominating Committee will provide NASD members with written notice of the NAC candidate that the Committee proposes for nomination to the National Nominating Committee. Pursuant to Article V, Section 5.3(a) of the NASD Regulation By-Laws, the NASD National Nominating Committee shall nominate all candidates for the NAC for subsequent appointment by the Board.

Questions/Further Information

Questions concerning this Special Notice may be directed to the District Directors listed in Exhibit I or to Barbara Z. Sweeney, Senior Vice President and Corporate Secretary, NASD, at (202) 728-8062 or via e-mail at barbara.sweeney@nasd.com .

National Adjudicatory Council Membership and Function

Membership

The NAC consists of 14 members—seven Industry members and seven Non-Industry members. Exhibit II contains a list of all current NAC members. Two Industry members are appointed by the NASD Regulation Board of Directors as at-large members. Five Industry members each represent one of the following geographic regions:

West Region: Hawaii, California, Nevada, Arizona, Colorado, New Mexico, Utah, Wyoming, Alaska, Idaho, Montana, Oregon, Washington, and the former U.S. Trust Territories.
South Region: Alabama, Arkansas, Louisiana, Mississippi, Oklahoma, Tennessee, Texas, Florida, Georgia, North Carolina, South Carolina, Puerto Rico, the Canal Zone, and the Virgin Islands.
Midwest Region: Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Illinois, Indiana, Kentucky, Michigan, and Wisconsin.
North Region: Delaware, Maryland, Pennsylvania, Virginia, West Virginia, the District of Columbia, New Jersey, Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont, and New York (except for the counties of Nassau and Suffolk, and the five boroughs of New York City).
New York: The counties of Nassau and Suffolk, and the five boroughs of New York City.

We are seeking nominations for the North Region.

Function

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

  • appeals or reviews of disciplinary proceedings, statutory disqualification proceedings, or membership proceedings;

  • the exercise of exemptive authority; and

  • other proceedings or actions authorized by NASD rules.

The NAC also considers and makes recommendations to the Board on enforcement policy and rule changes relating to the business and sales practices of NASD members and associated persons.


EXHIBIT I

NAC Industry Member with a Term Expiring in January 2006

North Region (Districts 9 and 11)

NAC Incumbent: A. Louis Denton

If you are interested in nominating yourself or a colleague to represent the North Region for a three-year term on the NAC, please submit a cover letter and a completed Candidate Profile Sheet (Exhibit IV) to any of the following individuals by August 1, 2005.

W. Dean Karrash

Regional Nominating Committee Chair

Burke, Lawton, Brewer & Burke
516 N. Bethlehem Pike
P.O. Box 950-C
Spring House, PA 19477

(215) 643-9100

Gary K. Liebowitz Frederick F. McDonald
District 9 Director (New Jersey) District 11 Director
NASD
581 Main Street, 7th Floor
Woodbridge, NJ 07095

(732) 596-2000
NASD
99 High Street, Suite 900
Boston, MA 02110

(617) 532-3400
John P. Nocella Barbara Z. Sweeney
District 9 Director (Philadelphia) Senior Vice President and
Corporate Secretary
NASD
11 Penn Center
1835 Market Street, 19th Floor
Philadelphia, PA 19103

(215) 665-1180
NASD
1735 K Street, NW
Washington, DC 20006

(202) 728-8062

EXHIBIT II

2005 National Adjudicatory Council

Geoffrey F. Aronow    Heller Ehrman White & McAuliffe LLP

Constance Bagley    Harvard Business School

A. Louis Denton    Philadelphia Corporation for Investment Services

W. Dennis Ferguson    Sterne Agee Clearing

Amy Bowerman Freed    Hogan & Hartson, L.L.P.

Kathleen M. Hagerty    Northwestern University

Timothy Henahan    Baker & Co., Inc.

David A. Lipton    Catholic University of America

Judith R. MacDonald    Rothschild, Inc.

Neal E. Nakagiri

James M. Rogers    J.J.B. Hilliard, W.L. Lyons, Inc.

Brian T. Shea    Pershing LLC

William Wang    Hastings College of Law

Samuel Wolff    Akin Gump Strauss


EXHIBIT III

National Adjudicatory Council Nomination Procedures

1. NASD maintains Regional Nominating Committees in the manner specified in Article VI of the By-Laws of NASD Regulation, Inc.
2. Members located in the North Region are hereby notified of the upcoming election of a member to the National Adjudicatory Council and are encouraged to submit names of potential candidates to the Chair of the Regional Nominating Committee, District Directors, or to the NASD Corporate Secretary, Barbara Z. Sweeney (see Exhibit I) by August 1, 2005.
3. Nominees will be asked to complete a Candidate Profile Sheet, 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 staff and shall propose to the National Nominating Committee a candidate for the National Adjudicatory Council. In proposing a candidate for nomination, the Regional Nominating Committee shall endeavor to secure appropriate and fair representation of the region.
5. On or about August 12, 2005, the Regional Nominating Committee shall notify in writing the Executive Representatives and branch offices of the NASD members in the region of the name of the candidate it will propose to the National Nominating Committee for 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 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 NASD Regulation By-Laws.
7. If no additional candidate comes forward within 14 calendar days, the Regional Nominating Committee shall certify their candidate to the National Nominating Committee. Additional information pertaining to the National Adjudicatory Council Election Procedures can be found in Article VI of the By-Laws of NASD Regulation. The By-Laws can be found in the online NASD Manual at www.nasd.com.

EXHIBIT IV

Candidate Profile Sheet

Current Registration

Name: CRD#:
Firm: #RRs at Firm:
Title/Primary Responsibility:
Address:
City: State: Zip:
Phone: Fax:
Email:

Prior Registration (List the most recent first. Feel free to include extra pages if necessary.)

Firm:
Title/Primary Responsibility:
Firm:
Title/Primary Responsibility:


General Areas of Expertise (please check all that apply) Product Expertise (please check all that apply)
Compliance/Legal Investment Advisory Corporate Bonds Investment Company
Corporate Finance Retail Sales Direct Participation Programs Options
Financial/Operational Trading/Market Making Equity Securities Variable Contracts Securities
Institutional Sales Other Municipal/Government
Securities
Other

Memberships/Positions Held in Trade or Business Organizations

____________________________________________________________________________________________________

____________________________________________________________________________________________________

____________________________________________________________________________________________________

Past NASD Experience and Dates of Service (please check all that apply)

Committee Member (Identify committee:    ) Approx. Dates:
Arbitrator Approx. Dates:
Mediator Approx. Dates:
Expert Witness (arbitrations; disciplinary proceedings): Approx. Dates:
Other: Approx. Dates:

Educational Background

School: Degree:
School: Degree:

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