News Release

Annapolis Area Executive Daniel M. Sibears Promoted to Vice President for District Oversight, Nasd Regulation, Inc.

Washington, D.C.--The regulatory arm of the National Association of Securities Dealers (NASD), NASD Regulation, Inc., announced the immediate promotion of Daniel M. Sibears, from Director of Regulatory Policy, NASD Regulation, to Vice President for District Oversight, Member Regulation Department.

In addition to his position as Director of Regulatory Policy, Sibears served 8 years as the Director of the Anti-Fraud (Enforcement) Department. Previously, he spent several years as an enforcement attorney with the U. S. Securities and Exchange Commission and has focused his legal career on securities regulation, compliance, and enforcement.

Sibears' promotion follows the recent announcement of a multi-million dollar increase in NASD Regulation's budget, increasing the staff by 8 percent. "With skilled and knowledgeable leaders, like Dan Sibears, NASD Regulation will move ahead as the country's premier self-regulatory organization," said NASD Regulation President Mary Schapiro.

The Member Regulation Department will continue to perform examinations of member firms, municipal and government securities regulation, and compliance. The department will also assume responsibility for member testing, preventive compliance, and continuing education. NASD Regulation oversees more than 5,400 brokerage firms and more than 515,000 brokers.

Sibears received his J.D. degree with honors from The Detroit College of Law at Michigan State University and his B.A. degree from Oakland University. He is a member of the Massachusetts and Michigan Bar Associations and is admitted to practice law before various federal courts. He lives in Arnold, Maryland with his wife and three children.