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05-42 NASD Informs Members of Upcoming District Committee and District Nominating Committee Elections

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GUIDANCE

District Elections

SUGGESTED ROUTING

KEY TOPICS

Executive Representatives
Legal & Compliance
Operations
Registration
Senior Management

District Elections

Executive Summary

The purpose of this Special Notice to Members is to inform members of the upcoming nomination and election process to fill forthcoming vacancies on NASD District Committees and District Nominating Committees.

Information on District Committee and District Nominating Committee members currently serving through 2006, 2007, and 2008 is included in Attachment A. Information on District Election Procedures is included in Attachment B. A blank candidate profile sheet is also included (Attachment C).

Background

The NASD District Committees serve an important role within NASD by supporting NASD's mission to regulate securities markets for the ultimate benefit and protection of investors. Among other things, District Committee members:

  • Alert staff to industry trends that could be a potential regulatory concern.

  • Consult with NASD staff on proposed policies and rule changes brought to a District Committee for its views.

  • Serve on Disciplinary Panels in accordance with NASD Rules.

  • Promote NASD's mission and stated positions.

Committee members must have the experience, ability, and commitment to fulfill these responsibilities, including:

  • Understanding the issues facing the securities industry and possessing the ability to apply knowledge and expertise to these issues to develop solutions.

  • Fostering member interest and participation in NASD.

  • Educating members in their District on the work of NASD.

  • Attending regularly and participating professionally, effectively, and in a collegial manner in District Committee meetings.

  • Remaining objective and unbiased in the performance of District Committee matters.

Committee members must also adhere to certain prohibitions and restrictions. These include:

  • Refraining from serving as an expert witness in NASD disciplinary hearings or arbitrations.

  • Being sensitive to conflicts, and refraining from participating in a particular matter when a conflict exists.

  • Refraining from using membership on the District Committee for commercial purposes, or otherwise suggesting special access to NASD.

  • Keeping sensitive, non-public, or propriety information confidential.

Nomination Process

Individuals from member firms of all sizes and segments of the industry are encouraged to submit names for consideration for membership on the 11 District Committees and District Nominating Committees. In this election, each District Committee will have three vacancies to fill, with the exception of District 10, which will have four.1 The term of office for District Committee members is three years. Each District Nominating Committee will have five vacancies to fill for a one-year term. Persons who are interested in serving on the District Committee or the District Nominating Committee within their district must complete a candidate profile sheet (Attachment C) and submit it by hand delivery, courier service, mail, or facsimile to the District Director. Completed candidate profile sheets must be received by the District Director on or before July 29, 2005. Persons who submit candidate profile sheets after this date will not be considered. NASD encourages current and former committee members to assist NASD by soliciting candidates for both committees.

Article VIII, Sections 8.2 and 8.9 of the NASD Regulation By-Laws (By-Laws) establish formal eligibility requirements for members of the District Committee and District Nominating Committee. They provide that such members:

1) Be employed by an NASD member eligible to vote in the district for District Committee elections;2 and
2) Work primarily from such NASD member's principal office or a branch office that is located within the district where the member serves on a District Committee or District Nominating Committee.

Completed nomination forms that are received by July 29, 2005, will be provided to all members of the appropriate District Nominating Committee for review. It is anticipated that on or before September 9, 2005, each District Director, acting on behalf of the District Nominating Committee, will notify the Secretary of NASD of each candidate nominated by the District Nominating Committee and the committee to which the candidate is nominated.

Members are reminded of the importance to accurately maintain their Executive Representative name and email address information, as well as their firm's main postal address. This will ensure that member mailings, such as election information, will be properly directed. Failure to keep this information accurate may jeopardize the member's ability to participate in District elections as well as other member votes. To update the Executive Representative name and email address, firms should access the NASD Contact System, located on NASD's Web site at www.nasd.com/ncs.

To update postal address information, the firm must file a Form BD Amendment via the Web CRD system. For assistance updating either of these systems, you may contact our Call Center at (301) 590-6500.

Questions/Further Information

Questions concerning this Special Notice may be directed to the District Director noted, or to Barbara Z. Sweeney, Senior Vice President and Corporate Secretary, NASD, at (202) 728-8062 or via email at barbara.sweeney@nasd.com.


1 In some cases, a District Committee may have additional vacancies to fill if a member of the District Committee has resigned since the last election, as indicated in Attachment A.

2 NASD will be filing with the Securities and Exchange Commission, for immediate effectiveness, an amendment to Article VIII of the By-Laws to modify the eligibility requirements for membership on the District Committee and District Nominating Committee by providing that candidates must be "registered with" rather than "employed by" an NASD member. The rationale for this change is that any person who engages in the investment banking or securities business of a member must be registered with NASD and be an associated person of that member. There is, however, no requirement that associated persons be employees. They may, in fact, operate for employment law purposes as independent contractors. The staff believes the requirement of being "registered with" as opposed to "employed by" the member more accurately aligns the candidacy requirements with the qualification of persons who may represent a member.

NASD also will be filing a second change to Article VIII to permit each District Nominating Committee, at the time it nominates its slate of nominees, to identify one alternate nominee for the District Committee and one alternate nominee for the District Nominating Committee who will, in an uncontested election, replace a member of the slate of nominees who withdraws or is otherwise determined to be ineligible.


ATTACHMENT A

District 1 Committee and District Nominating Committee Members

Elisabeth P. Owens, District Director
525 Market Street, Suite 300, San Francisco, CA 94105

(415) 882-1201
(415) 546-6991 fax

District 1 Committee—Chair: Francis X. Roche, II

Members to be elected to terms expiring January 2009: 3

Committee members to serve until January 2006

Warren E. Gordon Charles Schwab & Co., Inc. San Francisco, CA
William P. Hayes Wells Fargo Investments, LLC San Francisco, CA
Francis X. Roche, II RBC Dain Rauscher, Inc. San Francisco, CA

Committee members to serve until January 2007

William A. Evans Stone & Youngberg, LLC San Francisco, CA
Mansoor Kisat Citigroup Global Markets, Inc. Santa Rosa, CA
Arthur E. Raitano Hoefer & Arnett, Incorporated San Francisco, CA

Committee members to serve until January 2008

Howard Bernstein Pacific Growth Equities, LLC San Francisco, CA
Bruce Nollenberger Nollenberger Capital Partners, Inc. San Francisco, CA
Daniel W. Roberts Roberts & Ryan Investments Inc. San Francisco, CA

District 1 Nominating Committee—Chair: Robert S. Basso

Committee members to be elected to terms expiring January 2006: 5

Committee Members

Robert S. Basso National Financial Services, LLC San Francisco, CA
L. Robert McKulla Wachovia Securities Walnut Creek, CA
Robert A. Muh Sutter Securities, Inc. San Francisco, CA
G. Stuart Spence UBS Financial Services, Inc. San Francisco, CA
Samuel Yates RBC Dain Rauscher San Francisco, CA

District 2 Committee and District Nominating Committee Members

Lani M. Sen Woltmann, District Director

300 South Grand Avenue, Suite 1600, Los Angeles, CA 90071

(213) 613- 2601
(213) 617-3299 fax

District 2 Committee — Chair: Don S. Dalis

Members to be elected to terms expiring January 2009: 3

Committee members to serve until January 2006

A. William Cohen Integrated Trading and
Investments, Inc.
Las Vegas, NV
Don S. Dalis UBS Newport Beach, CA
Ismael Manzanares, Jr. Foresters Equity Services, Inc. San Diego, CA

Committee members to serve until January 2007

Stephen B. Benton Financial Network Investment
Corporation
El Segundo, CA
James M. S. Dillahunty Fixed Income Securities, LLC San Diego, CA
John D. Lewis JDL Securities Corp. Newport Beach, CA

Committee members to serve until January 2008

Kenneth R. Hyman Partnervest Securities, Inc. Santa Barbara, CA
Bryan R. Plank Merrill Lynch San Diego, CA
Valorie Seyfert CUSO Financial Services, L.P. San Diego, CA

District 2 Nominating Committee—Chair: Richard B. Gunter

Committee members to be elected to terms expiring January 2006: 5

Committee Members

Richard B. Gunter Wedbush Morgan Securities Los Angeles, CA
James E. Biddle The Securities Center Incorporated Chula Vista, CA
Terry L. Chase Wachovia Securities, Inc. Pasadena, CA
Steven K. McGinnis   Irvine, CA
Joel H. Ravitz Quincy Cass Associates Los Angeles, CA

District 3 Committee and District Nominating Committee Members

Joseph M. McCarthy, District Director

James G. Dawson, District Director

370 17th Street, Suite 2900 Two Union Square, 601 Union Street, Suite 1616
Denver, CO 80202 Seattle, WA 98101-2327
(303) 446-3100
(303) 620-9450 fax
(206) 624-0790
(206) 623-2518 fax

District 3 Committee—Chair: Bridget M. Gaughan

Members to be elected to terms expiring January 2009: 3

Committee members to serve until January 2006

Gene G. Branson Partners Investment Network, Inc. Spokane, WA
Bridget M. Gaughan SunAmerica Securities, Inc. Phoenix, AZ
John W. Goodwin Goodwin Browning & Luna Securities, Inc. Albuquerque, NM

Committee members to serve until January 2007

Curtis J. Hammond Morgan Stanley Dean Witter Inc. Bellevue, WA
J. Keith Kessel AFS Brokerage, Inc. Greenwood Village, CO
Arlene M. Wilson D.A. Davidson & Co. Great Falls, MT

Committee Members to serve until January 2008

Kathryn M. Dominick TCAdvisors Network Inc. Englewood, CO
Craig A. Jackson Northwest Consulting, LLC Roseburg, OR
Harry L. Striplin Paulson Investment Company, Inc. Portland, OR

District 3 Nominating Committee—Chair: Kathryn A. Supko

Committee members to be elected to terms expiring January 2006: 5

Committee Members

Gregory R. Anderson TIAA-CREF Individual & Institutional Services, Inc. Denver, CO
Elyssa S. Baltazar Morgan Stanley Dean Witter, Inc. Denver, CO
Thomas R. Hislop Peacock, Hislop, Staley & Given, Inc. Phoenix, AZ
Clarence Fredrick Roed McAdams Wright Ragen, Inc. Bellevue, WA
Kathryn A. Supko Northwestern Mutual Investment
Services, LLC
Boise, ID

District 4 Committee and District Nominating Committee Members

Thomas D. Clough, District Director

120 West 12th Street, Suite 900, Kansas City, MO 64105 (816) 802-4708
(816) 421-5029 fax

District 4 Committee—Chair: Deborah M. Castiglioni

Members to be elected to terms expiring January 2009: 3

Committee members to serve until January 2006

Michael D. Burns USAllianz Securities, Inc. Minneapolis, MN
Deborah M. Castiglioni Cutter & Company, Inc. Chesterfield, MO
Kevin P. Maas PrimeVest Financial Services, Inc. St. Cloud, MN

Committee members to serve until January 2007

Joseph D. Fleming Piper Jaffray & Co. Minneapolis, MN
Mark T. Lasswell Wells Fargo Brokerage Services, LLC Minneapolis, MN
Vacancy1      

Committee members to serve until January 2008


Allen J. Moore SMITH HAYES Financial Services Lincoln, NE
Stephen R. Oliver Gold Capital Management, Inc. Overland Park, KS
Minoo Spellerberg Princor Financial Services Corporation Des Moines, IA

District 4 Nominating Committee—Chair: Pamela R. Ziermann

Committee members to be elected to terms expiring January 2006: 5

Committee Members


Frank H. Kirk Wachovia Securities, LLC Kansas City, MO
Jeffrey A. Schuh Residential Funding Securities Corporation Minneapolis, MN
James H. Warner The Warner Group Sioux City, IA
Pamela R. Ziermann Dougherty & Company LLC Minneapolis, MN
Vacancy2      

District 5 Committee and District Nominating Committee Members

Warren A. Butler, Jr., Regional Director

1100 Poydras Street, Energy Centre, Suite 850
New Orleans, LA 70163
(504) 522-6527
(504) 522-4077 fax

District 5 Committee—Chair: Carolyn R. May

Members to be elected to terms expiring January 2009: 3

Committee members to serve until January 2006

John J. Dardis Jack Dardis & Associates, Ltd. Metairie, LA
Carolyn R. May Simmons First Investment Group, Inc. Little Rock, AR
F. Eugene Woodham Sterne, Agee & Leach, Inc. Birmingham, AL

Committee members to serve until January 2007

Jennifer Carty Scola Carty & Company, Inc. Memphis, TN
R. Patrick Shepherd Avondale Partners, L.L.C. Nashville, TN
Donald Winton Crews & Associates, Inc. Little Rock, AR

Committee members to serve until January 2008


Philip J. Dorsey Dorsey & Company, Inc. New Orleans, LA
Fred G. Eason Delta Trust Investments, Inc. Little Rock, AR
Harold L. Gladney Vining Sparks IBG, L.P. Memphis, TN

District 5 Nominating Committee—Chair: David A. Knight

Committee members to be elected to terms expiring January 2006: 5

Committee Members

David A. Knight Stephens Inc. Little Rock, AR
LeRoy H. Paris, II InvestLinc Securities, LLC Jackson, MS
Tom R. Steele Equitable Advisors, Inc. Nashville, TN
David W. Wiley, III Wiley Bros., Aintree, LLC Nashville, TN
John J. Zollinger, III Morgan Keegan & Company, Inc. New Orleans, LA

District 6 Committee and District Nominating Committee Members

Virginia F. M. Jans, District Director

12801 N. Central Expressway, Suite 1050, Dallas, TX 75243 (972) 701-8554
(972) 716-7646 fax

District 6 Committee—Chair: John R. Muschalek

Members to be elected to terms expiring January 2009: 3

Committee members to serve until January 2006

Brent T. Johnson Multi-Financial Securities Corporation Houston, TX
John R. Muschalek First Southwest Company Dallas, TX
Robert L. Nash Southwest Securities, Inc. Dallas, TX

Committee members to serve until January 2007:

Karen Banks Frost Brokerage Services, Inc. San Antonio, TX
Cynthia E. Besek Maplewood Investment Advisors, Inc. Dallas, TX
Sennett Kirk, III3 Kirk Securities Corporation Denton, TX

Committee members to serve until January 2008

Bryan T. Emerson Starlight Investments, LLC Houston, TX
William H. Lowell Lowell & Co., Inc. Lubbock, TX
Michael A. Pagano 1st Global Capital Corp. Dallas, TX

District 6 Nominating Committee—Chair: William B. Madden

Committee members to be elected to terms expiring January 2006: 5

Committee Members

Christoper R. Allison M.E. Allison & Co., Inc. San Antonio, TX
William B. Madden Madden Securities Corporation Dallas, TX
V. Keith Roberts Stanford Group Company Houston, TX
David W. Turner Wachovia Securities, Inc. Fort Worth, TX
Vacancy4      

District 7 Committee and District Nominating Committee Members

Daniel J. Stefek, District Director

One Securities Centre, Suite 500, 3490 Piedmont Road (404) 239-6128
NE, Atlanta, GA 30305 (404) 237-9290 fax

District 7 Committee—Chair: Dennis S. Kaminski

Members to be elected to terms expiring January 2009: 3

Committee members to serve until January 2006

Joseph B. Gruber FSC Securities Corporation Atlanta, GA
Dennis S. Kaminski Mutual Service Corporation West Palm Beach, FL
James A. Klotz FMSBonds, Inc. North Miami Beach, FL

Committee members to serve until January 2007

Susan J. Hechtlinger Banc of America Investment Services, Inc. Charlotte, NC
Landrum H. Henderson, Jr. Legg Mason Wood Walker, Inc. Charlotte, NC
Alan L. Maxwell, Jr. Wachovia Capital Markets, LLC Charlotte, NC

Committee members to serve until January 2008

Erick R. Holt, Esq. AMVESCAP Atlanta, GA
William G. McMaster Scott & Stringfellow, Inc. Columbia, SC
Charles F. O'Kelley Atlantic Coast Securities Corporation Tampa, FL

District 7 Nominating Committee—Chair: Kenneth W. McGrath

Committee members to be elected to terms expiring January 2006: 5

Committee Members

Jeffrey P. Adams Balentine & Company Atlanta, GA
Richard G. Averitt, III Raymond James Financial Services, Inc. St. Petersburg, FL
Kenneth W. McGrath Popular Securities, Inc. Hato Rey, PR
Richard V. McGalliard Wachovia Securities, Inc. Atlanta, GA
Roark A. Young Young, Stovall and Company Miami, FL

District 8 Committee and District Nominating Committee Members

Carla A. Romano, District Director

55 West Monroe Street, Suite 2700, Chicago, IL 60603 (312) 899-4324
(312) 606-0742 fax

District 8 Committee—Chair: Thomas M. McDonald

Members to be elected to terms expiring January 2009: 3

Committee members to serve until January 2006

Wilbur H. Burch Newbridge Securities Corporation Saginaw, MI
Thomas M. McDonald Wayne Hummer Investments, L.L.C. Chicago, IL
James J. Roth Pershing A BNY Securities Group Co. Oak Brook, IL

Committee members to serve until January 2007

Michael E. Bosway City Securities Corporation Indianapolis, IN
Mari Buechner5 Coordinated Capital Securities, Inc. Madison, WI
Robert J. Michelotti Ferris, Baker Watts Incorporated Auburn Hills, MI

Committee members to serve until January 2008

Richard M. Arceci ValMark Securities, Inc. Akron, OH
Ronald J. Dieckman J.J.B. Hilliard, W.L. Lyons, Inc. Louisville, KY
Julie E. Vander Weele Mesirow Financial, Inc. Chicago, IL

District 8 Nominating Committee—Chair: Bruce J. Young

Committee members to be elected to terms expiring January 2006: 5

Committee Members

Bernard A. Breton Carillon Investments, Inc. Cincinnati, OH
William K. Curtis M & I Brokerage Services, Inc. Milwaukee, WI
Carol P. Foley Podesta & Company Chicago, IL
Gregory W. Goelzer Goelzer Investment Management Indianapolis, IN
Bruce J. Young Mesirow Financial, Inc. Chicago, IL

District 9 Committee and District Nominating Committee Members


John P. Nocella, District Director Gary K. Liebowitz, District Director
1835 Market Street, Suite 1900 581 Main Street, 7th Floor
Philadelphia, PA 19103 Woodbridge, NJ 07095
(215) 963-1992 (732) 596-2025
(215) 496-0434 fax (732) 596-2001 fax

District 9 Committee—Chair: W. Dean Karrash

Members to be elected to terms expiring January 2009: 3

Committee members to serve until January 2006

Richard Grobman Oppenheimer & Co. Inc. Philadelphia, PA
W. Dean Karrash Burke, Lawton, Brewer & Burke Spring House, PA
Gregg A. Kidd Pinnacle Investments Inc. East Syracuse, NY
Jerome J. Murphy Janney Montgomery Scott LLC Philadelphia, PA

Committee members to serve until January 2007


Peter P. Jenkins Credit Suisse First Boston LLC Baltimore, MD
Harold N. Peremel Peremel & Co., Inc. Baltimore, MD
Vacancy6      

Committee member to serve until January 2008

Scott L. Fagin The Jeffrey Matthews Financial Group, L.L.C. Millburn, NJ
Rebecca L. Kohler American Express Financial Advisors Inc. Roanoke, VA
Vacancy7      

District 9 Nominating Committee—Chair: J. Lee Keiger, III

Committee members to be elected to terms expiring January 2006: 5

Committee Members

James E. Bickley Cresap, Inc. Horsham, PA
J. Lee Keiger, III Davenport & Company, LLC Richmond, VA
Michael S. Mortensen PNC Investments Pittsburgh, PA
Michael B. Row Pershing LLC Jersey City, NJ
Howard B. Scherer Janney Montgomery Scott LLC Philadelphia, PA

District 10 Committee and District Nominating Committee Members

Hans L. Reich, Regional Director

One Liberty Plaza, 49th Floor, 165 Broadway, New York, NY 10006 (212) 858-4180
(212) 858-4189 fax

District 10 Committee—Chair: Richard J. Paley

Members to be elected to terms expiring January 2009: 4

Committee members to serve until January 2006

Margaret M. Caffrey Schonfeld & Company, LLC Jericho, NY
Raymond C. Holland, Sr. Triad Securities Corp. New York, NY
Andrew H. Madoff Bernard L. Madoff Investment Services LLC New York, NY
Richard J. Paley Carey Financial Corporation New York, NY

Committee members to serve until January 2007

Richard Berenger Sky Capital, LLC New York, NY
Lon T. Dolber American Portfolios Financial Services, Inc. Holbrook, NY
George T. Mimura Nomura Securities International, Inc. New York, NY
Howard R. Plotkin Lehman Brothers Inc. New York, NY

Committee members to serve until January 2008

Vincent A. Buchanan Buchanan Associates, Inc. New York, NY
Clifford H. Goldman Marco Polo Securities Inc. New York, NY
Jeffrey T. Letzler Instinet, LLC New York, NY
Howard Spindel Integrated Management Solutions New York, NY

District 10 Nominating Committee—Chair: Charles V. Senatore

Committee members to be elected to terms expiring January 2005: 5

Committee Members

William Behrens Northeast Securities, Inc. New York, NY
Jennifer A. Connors Lehman Brothers Inc. New York, NY
Ruth S. Goodstein UBS Financial Services, Inc. New York, NY
Mark W. Ronda Oppenheimer & Co. Inc. New York, NY
Charles V. Senatore Fidelity Brokerage Services, LLC New York, NY

District 11 Committee and District Nominating Committee Members

Frederick F. McDonald, District Director

99 High Street, Suite 900, Boston, MA 02110 (617) 532-3401
(617) 451-3524 fax

District 11 Committee—Chair: Mark R. Hansen

Members to be elected to terms expiring January 2009: 3

Committee members to serve until January 2006

Mark R. Hansen State Street Global Markets, LLC Boston, MA
Lee G. Kuckro Advest, Inc. Hartford, CT
Wilson G. Saville Barrett & Company Providence, RI

Committee members to serve until January 2007

David K. Booth Jefferson Pilot Securities Corp. Concord, NH
Thomas F. Hollenbeck J.P. Morgan Invest, LLC Boston, MA
Curtis L. Snyder, Jr. American Technology Research, Inc. Greenwich, CT

Committee members to serve until January 2008

Frank L. Chandler Boston Capital Services, Inc. Boston, MA
Joseph Gritzer USI Securities, Inc. Glastonbury, CT
Moira Lowe Tower Square Securities, Inc. Hartford, CT

District 11 Nominating Committee—Chair: John I. Fitzgerald

Committee members to be elected to terms expiring January 2006: 5

Committee Members

Michael C. Braun Moors & Cabot, Inc. Boston, MA
Andrew F. Detwiler Vandham Securities Corp. Boston, MA
John I. Fitzgerald Leerink Swann & Company Boston, MA
Gregory D. Teese Equity Services, Inc. Montpelier, VT
Peter T. Wheeler Commonwealth Financial Network Waltham, MA

1 This vacancy was created by the resignation of Richard M. Hurwitz. The term expires in January 2007.

2 This vacancy was created by the resignation of Timothy J. Lyle. The term expires in January 2006.

3 Mr. Kirk resigned from the District 6 Nominating Committee and was appointed to fill a vacancy on the District 6 Committee created by the resignation of Darryl W. Traweek. Mr. Kirk must stand for election to serve out the remaining term on the District 6 Committee, which expires in January 2007.

4 This vacancy was created by the resignation of Sennett Kirk, III. The term expires in January 2006.

5 Ms. Buechner was appointed to fill a vacancy created by the resignation of Lora Rosenbaum. Ms. Buechner must stand for election to serve out the remaining term, which expires in January 2007.

6 This vacancy was created by the resignation of Barry M. Cash. The term expires in January 2007.

7 This vacancy was created by the resignation of Dorothy G. Sanders. The term expires in January 2008.


ATTACHMENT B

Procedures for Electing District Committee and District Nominating Committee Members1

1. Each NASD District shall maintain a District Nominating Committee in the manner specified in Article VIII of the By-Laws of NASD Regulation, Inc.
2. The Secretary of NASD has sent Notice to Members 05-42 to each District Nominating Committee member and each District Director identifying the members of the District Committee and the District Nominating Committee whose terms expire in January 2006. The notice describes the election procedures to be followed in filling these positions.
3. The Secretary of NASD and the Corporate Communications Department will email a reminder to all members of their responsibility, and obligation, to keep current and accurate the information on their Executive Representatives. The email will contain a reference to the NASD Contact System, located on NASD's Web site at www.nasd.com/ncs, for changing a firm's Executive Representative name, email, and postal address. This email will note that failure to keep this information accurate may jeopardize the member's ability to participate in the district elections, as well as in other member votes.
4. The Secretary of NASD will send a Notice to Members announcing the forthcoming elections to the Executive Representative of all NASD members eligible to vote in each district. The Notice to Members will identify: (a) the number of positions that need to be filled in each district; and (b) the incumbent members of each District Committee. Persons who are interested in serving on the District Committee or the District Nominating Committee within their district must complete a candidate profile sheet and submit it by hand delivery, courier service, mail, or facsimile to the District Director. Completed candidate profile sheets must be received by the District Director on or before July 29, 2005. Persons who submit candidate profile sheets after this date will not be considered.

Completed candidate profile sheets received by the District Director on or before July 29, 2005, will be provided to all members of the appropriate District Nominating Committee for review. During this stage of the election process, the District Nominating Committee identifies and solicits candidates to nominate for election to the District Committee and the District Nominating Committee.
5. Soon after the expiration of the time allotted in the Notice to Members to submit names and candidate profile sheets for consideration, the District Nominating Committee will meet to determine its slate of candidates for the election. NASD staff will provide the District Nominating Committee members with information considered to be relevant to the nomination process, including:
  • analytical data pertaining to the district's membership; and

  • candidate profile sheets.

6. In determining its slate of candidates for the election, the District Nominating Committee will review the background and qualifications of the proposed candidates, and endeavor to secure appropriate and fair representation on the District Committee and on the District Nominating Committee of the various sections of the district and various classes and types of NASD members engaged in the investment banking or securities business within the district. The slate must include the same number of nominees as there are positions to be filled on the District Committee and the District Nominating Committee.
7. On or before September 9, 2005, the District Director, acting on behalf of the District Nominating Committee, will notify the Secretary of NASD of each candidate nominated by the District Nominating Committee and the committee to which the candidate is nominated.
8. On or before October 1, 2005, the Secretary of NASD will send a Notice to Members to the District Committees and the Executive Representatives of NASD members eligible to vote in each district, identifying the nominees for the District Committees and the District Nominating Committees.

If the District Nominating Committee nominates the same number of nominees as there are positions to be filled on the District Committee and the District Nominating Committee and no additional candidate comes forward by delivering written notice to the appropriate District Director within 14 calendar days after the date of the Notice to Members identifying the nominees, the candidates nominated by the District Nominating Committee are considered duly elected.

9. If a person who is otherwise eligible to serve on the District Committee or the District Nominating Committee was not nominated by the District Nominating Committee and wants to be considered for election as an additional candidate, he/she must notify the District Director in writing within 14 calendar days after the date of the Notice to Members referenced in item 8 above. The District Director must make a written record of the time and date of the receipt of such notification.
10. Promptly following receipt of the additional candidate's timely notice, the Secretary of NASD will provide to the additional candidate a list of all NASD members eligible to vote in the district, their mailing addresses, and their Executive Representatives.
11. An additional candidate is considered nominated if a petition signed by the Executive Representative of at least 10 percent of the NASD members eligible to vote in the district is filed with the District Nominating Committee within 30 calendar days after the mailing date of the list to the additional candidate referenced in item 10 above.
12. If an additional candidate secures the required petition within the 30-day designated timeframe, the election is considered a contested election. The Secretary of NASD will send a Notice to Members to the Executive Representatives of NASD members eligible to vote in the district announcing the names of all candidates and describing the contested election procedures.

Additional information pertaining to the District Committee and District Nominating Committee Election Procedures may be found in Article VIII of the By-Laws of NASD Regulation.


1 NASD will be filing with the Securities and Exchange Commission, for immediate effectiveness, amendments to Article VIII of the By-Laws relating to District Committee and District Nominating Committee elections to: (1) clarify the eligibility requirements for membership on the District Committee and District Nominating Committee by providing that candidates must be "registered with," rather than "employed by," an NASD member; and (2) permit each District Nominating Committee, at the time it nominates its slate of nominees, to identify one alternate nominee for the District Committee and one alternate nominee for the District Nominating Committee who will, in an uncontested election, replace a member of the slate of nominees who withdraws or is otherwise determined to be ineligible.


ATTACHMENT C

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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