News Release

NASD Regulation Announces Appointment of Deputy Chief Hearing Officer

Washington, D.C.--Mary Schapiro, President of NASD Regulation, Inc., announced today the appointment of Joseph M. Furey as Deputy Chief Hearing Officer. Mr. Furey will report to Linda D. Fienberg, Executive Vice President and Chief Hearing Officer, and will have day-to-day responsibility for establishing and managing the new NASD Regulation Office of Hearing Officers. The Office was established as part of the NASD's reorganization and fulfills one of the recommendations of the Rudman Committee.

Mr. Furey joins NASD Regulation from the Washington, D.C. office of Debevoise & Plimpton where he specialized in securities regulatory and enforcement matters. Mr. Furey has represented numerous broker/dealers, investment advisers, and insurance companies in investigative, regulatory, litigation, and enforcement matters since becoming associated with the firm in February 1994.

Before joining Debevoise, Mr. Furey was an Assistant Director in the Securities and Exchange Commission (SEC) Division of Market Regulation. During his 10 years with the Division, Mr. Furey worked extensively with issues relating to the regulation of broker/dealer sales practices, derivatives, and securities processing. As Assistant Director, Mr. Furey had responsibility for managing the SEC's nationwide broker/dealer examination program and inspecting self-regulatory organization (SRO) compliance programs. Mr. Furey also worked extensively with SEC Enforcement staff, representatives from the state securities commissions, and various SROs, including the NASD, to organize and implement several joint broker/dealer examination initiatives.

Mr. Furey received an LLM in Securities Regulation from the Georgetown University Law Center in 1990 and his juris doctor degree from the University of Baltimore in 1984, where he served as a staff member and associate editor of the University of Baltimore Law Review.

In announcing the appointment, Ms. Schapiro stated that "NASD Regulation is delighted to have found someone as experienced and knowledgeable as Mr. Furey to serve as Deputy Chief Hearing Officer. Mr. Furey brings a wealth of regulatory, as well as practical experience to the position." Mr. Furey will assume his new duties on September 10, 1996.