News Release

NASD Regulation Names New Director of Advertising/Investment Companies Regulation

Washington, D.C. -- NASD Regulation, Inc., today announced that veteran securities industry lawyer Thomas M. Selman has been appointed Director of the Advertising/Investment Companies Regulation Department. Selman will fill the position vacated by R. Clark Hooper, when she was promoted to Senior Vice President, Office of Disclosure and Investor Protection following the company's reorganization last May. Selman will be responsible for developing policy related to the distribution, marketing, and sales practices of investment company and variable contract securities by NASD member firms, including those operating on bank premises. In addition, he will direct oversight of investment company advertising and sales literature. Selman will also work closely with NASD RegulationSM District Offices on investment company-related matters.

As part of the Office of Disclosure and Investor Protection, Selman and his team are responsible for reviewing the advertising and sales literature developed by all 5,515 NASD member firms. Selman will report to Ms. Hooper.

Currently, Selman is Associate Counsel for the Investment Company Institute (ICI), the national trade association of the U.S. mutual fund industry. At ICI, Selman's responsibilities include: regulation of bank securities activities, issues related to personal investing, and mutual fund disclosure.

From 1987 to 1992, Selman was the Special Counsel to the Office of General Counsel at the Securities and Exchange Commission (SEC) in Washington. At the SEC, Selman supervised consideration of proposed SEC rules, exemptive applications, and enforcement actions particularly with respect to investment company issues. Selman also served as an Attorney-Adviser for the European Union in Brussels from 1986 to 1987.

He received a Doctor of Jurisprudence from the University of Texas Law School and a Bachelor of Arts from Rice University.