News Release

NASD Regulation, Inc. Hires Two Senior Securities Professionals

Washington, D.C.--NASD Regulation, Inc., (NASDR) today announced that two experienced financial industry regulators have joined the company.

Veteran federal securities regulators Elisse Walter and Stephen Luparello have joined the NASD's newly-created independent operating subsidiary responsible for regulating the broker/dealer profession. As NASDR officers, Walter and Luparello will take a leading role in working with NASDR President Mary L. Schapiro and the existing staff to develop an increased program of regulatory oversight for the nation's financial industry. Both Walter and Luparello worked closely with Schapiro for a number of years at the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).

"It is a real pleasure to have both Elisse and Stephen working with me at NASDR," Schapiro said. "Their combined expertise as federal financial regulators will help this new organization do an even better job of protecting investors."

Walter, who joins NASDR as Executive Vice President for Law and Regulatory Policy, will have overall coordinating responsibility for NASDR's legal and regulatory portfolios. Previously, Walter spent a year and a half as General Counsel for the CFTC overseeing the agency's litigation, legislative, and regulatory functions. At the SEC from 1986 to 1994 as the Deputy Director for the Division of Corporation Finance, she was responsible for a wide array of legal and regulatory programs. Walter began her SEC career in 1977 as a staff attorney, eventually moving up to Special Counsel, Assistant General Counsel, Associate General Counsel, and Associate Director (Legal) for the Division of Corporation Finance. Among her honors, Walter received the Distinguished Executive Award given by the President of the United States for federal government service.

She received her B.A. from Yale University and a J.D. from Harvard University Law School.

Luparello, an NASDR Vice President, will focus on key issues including counseling on regulatory matters, legal management, and strategic planning for NASDR. Prior to joining NASDR, Luparello spent a year and a half at the CFTC as Executive Assistant to the Chairman. From 1991 to 1994, he served as Counsel to Ms. Schapiro when she was an SEC Commissioner. As Branch Chief at the SEC Market Regulation Division from 1988 to 1991, Luparello administered the SEC's programs in key regulatory areas, including equities trading and derivative products, and from 1986 to 1988 was Staff Attorney in that Division.

He received his B.A. degree from LeMoyne College, and his J.D. from the Washington and Lee School of Law.