NASD Regulation Appoints Municipal Securities Compliance Regulator
Washington, D.C.--NASD Regulation, Inc., today announced the appointment of Malcolm P. Northam as the organization’s first Director of Fixed Income Securities Regulation.
Northam will join the NASD RegulationSM Member Regulation Department on May 5. With more than 25 years of experience as a regulator and financial services consultant, Northam has a broad range of experience in the private sector and spent more than two decades with the Comptroller of the Currency as Deputy Director of the Investment Services Division and as a bank examiner.
"We are delighted to have someone of Mac’s caliber and experience on board," said NASD Regulation Chief Operating Officer Elisse B. Walter. "Compliance in the municipal securities sector is one of NASD Regulation’s top priorities, and Mac will help us maintain and improve a vigorous and uniform national policy. While encompassing the entire fixed income area, Mac’s role will be clearly focused on the regulation of all aspects of municipal securities activities by broker/dealer firms," Walter said.
"Given the breadth and scope of the NASD Regulation examination policy and member education responsibilities, it was absolutely essential that we position a single person at the center of these issues," Walter added. "Mac will also play a key role in NASD Regulation’s expanded examination program to ensure that the nation’s broker/dealers comply with our new rules on government securities sales practice."
In this new position, Northam will be NASD Regulation’s primary liaison on municipal securities matters with the Municipal Securities Rulemaking Board (MSRB), the Securities and Exchange Commission (SEC), and an array of industry and investor groups. NASD Regulation and the MSRB have worked cooperatively to create a successful structure for regulating the municipal securities activities of broker/dealer firms. While the MSRB has responsibility for writing and interpreting municipal securities rules, NASD Regulation--as the industry’s sole self-regulator in this area--is responsible for examining for, and enforcing compliance with them.
To support NASD Regulation’s preventive compliance program, Northam--who has extensive experience conducting training sessions for bankers, regulators, auditors, and compliance professionals--will develop and conduct educational sessions on municipal, government, and derivative securities issues for broker/dealer firms. He will also work closely with NASD Regulation’s 14 District Offices to provide training and other instruction on municipal and government securities examination practices.
Northam joins NASD Regulation from The Secura Group, where he spent the last two years developing and implementing a wide range of business and regulatory risk- management and compliance/control policies, including developing internal procedures for risk assessment of capital markets and securities dealer functions. From 1990-1995, Northam was a Founding Partner in the Alexandria, Virginia-based firm, Securities Risk Management, Ltd. During his tenure, he developed a nationwide training program for financial-institution and capital-market clients that focused on a wide range of regulatory and compliance issues.
At the Comptroller of the Currency’s office from 1978-1990, Northam developed national regulatory policy for investments and capital markets activities, and implemented policy by developing training examination and enforcement programs. Previously, he served as a national bank examiner with that office from 1969-1978. Northam received his B.A. from Lycoming College.