finra

FINRA

For Release:
Contact:
Tuesday, July 22, 1997
Nancy A. Condon - (202) 728-8379

 

NASD Regulation Enhances Web Site; Worldwide Regulatory Links and Treasury Department Connection Added

Washington, D.C.--NASD RegulationSM today announced two major enhancements to its Web site effective immediately.

 

Investors and regulators can now use the NASD Regulation Web site to:

  • Access information on securities regulators and stock markets around the world.
  • Consult the Treasury Department’s Office of Foreign Asset Control’s (OFAC) list of individuals and companies subject to economic or trade sanction. Securities firms are prohibited from dealing in securities issued from target countries and governments and must "block" or "freeze" accounts, assets and obligations of a large number of blocked entities and individuals from around the world.

To date, information from securities regulators in more than 50 countries can be accessed through the NASD Regulation Web site. In addition, links have been established with the International Organization of Securities Commissions (IOSC), which is composed of governmental regulators and the International Federation of Securities Markets (FIBV). FIBV members are securities markets that exercise some regulatory authority.

 

"We have put today’s technology to work to provide easy access to information on international regulation and to assist our member firms in determining those people with whom they should not do business. Providing this series of links is the first step in NASD Regulation’s effort to build a worldwide database of information on securities regulation," said Mary L. Schapiro, President of NASD Regulation. When the foreign regulator lacks a Web site, an e-mail address has been substituted so that additional information can be obtained.

 

Through its link to the Treasury Department’s OFAC Web site (http://www.ustreas.gov/treasury/services/fac/), NASD Regulation is able to provide brokers around the world with access to the information they need to help prevent money laundering and other illegal activities. The National Association of Securities Dealers (NASD) regularly shares important financial and other advisory data with broker/dealer firms.

 

"Adding this enhancement is tremendously valuable to all NASD member broker/dealer firms," Schapiro said. "In fact, the idea for this link came directly from one of our members. We are delighted to be able to use our technology to make this information available and in the process help the Treasury Department block or freeze accounts that violate the law. This new level of interconnectivity allows all regulators to increase their efficiency and offers stepped-up enforcement and increased investor protection."

 

As part of its mandate to administer U.S. government trade sanctions against targeted foreign countries, states that sponsor terrorism, and international narcotics traffickers, OFAC maintains a list of companies and individuals barred from doing business with the U.S. These "Specially Designated Nationals and Blocked Persons," include assets and accounts held by the governments and certain individuals from those nations. Currently, OFAC administers sanctions against Libya, Iraq, Iran, North Korea, Cuba, Serbia (and other Serb-controlled areas in the former Yugoslavia), and certain factions in Angola under the control of UNITA.

 

In addition to the OFAC list, the NASD Regulation Web site now links to the OFAC Web site itself and the Foreign Assets Control regulations for the securities industry.

 

NASD Regulation polices all U.S. stock brokers and brokerage firms. NASD Regulation is a subsidiary of the National Association of Securities Dealers, Inc. (NASD), the largest securities-industry self-regulatory organization in the United States.

 

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