NASD Board of Governors Appoints Four New Members to the National Adjudicatory Council; and Names New Council Chair and Vice Chair
Washington, D.C. — The National Association of Securities Dealers, Inc. (NASD®) Board of Governors today announced the appointment of four new members to the 2001 National Adjudicatory Council (NAC) during its December 2000 Board meeting. The Board also announced the NAC’s recent election of David A. DeMuro as Chair and Anthony B. Petrelli as Vice Chair of the Council, effective February 1, 2001. The NAC is a 14-person committee that meets regularly to decide appeals from disciplinary, membership, and exemption decisions; rule on statutory disqualification applications; and other policy matters. Council members serve two-year terms, and represent an equal mix of industry and non-industry members.
"The NAC plays a critical role in deciding disciplinary matters that set a standard for fairness within the securities industry," said Mary L. Schapiro, President of NASD Regulation. "Additionally, we rely on the NAC’s experience and perspective to help formulate effective membership policy. Dave and Tony will be excellent leaders of the NAC, and I welcome all new and returning members to the 2001 committee."
DeMuro is Managing Director and head of Global Compliance and Regulation at Lehman Brothers, where he has worked since 1984. Before that, he held various positions with the Securities and Exchange Commission. DeMuro is a member of the NASD Membership Committee and the CRD Industry/Regulatory Review Council, and is a member of the Executive Committee of the Securities Industry Association’s Compliance and Legal Division.
Petrelli is currently a Senior Vice President and Director of the Corporate Finance-Investment Banking Department of Neidiger, Tucker, Bruner, and is currently a member of the NAC, the NASD Corporate Finance Committee, and the NASD Small Firm Advisory Committee. He is a former member of the Board of Directors and former Chairman of the Regional Investment Bankers Association, and currently serves on the board of Vari-L Company, Inc.
The Board has appointed four new industry members to the 2001 NAC; three appointments represent geographic regions, and one has been appointed as the "at-large" member of the NAC. Former NASD District 10 Committee Chair Mark D. Madoff, Director of Listed Trading at Bernard L. Madoff, New York, New York, has been appointed to the NAC as an at-large industry member, following nomination by the NASD National Nominating Committee. The other three new members of the NAC, each nominated by a regional nominating committee and the NASD National Nominating Committee, are as follows:
Southern Region (Districts 5, 6, and 7)
Barbara L. Weaver, Vice President and Southeast Compliance Officer
Legg Mason Wood Walker, Inc.
New Orleans, LA
Central Region (Districts 4 and 8)
Douglas L. Kelly, Corporate Vice President and Director of Law and Compliance
A.G. Edwards & Sons, Inc.
St. Louis, MO
Northern Region (Districts 9 and 11)
Theodore W. Urban, Executive Vice President and General Counsel
Ferris, Baker, Watts, Inc.
NAC members returning to serve in 2001 are as follows:
Returning Non-Industry NAC Members:
Mary E.T. Beach, Falls Church, VA
Robert J. Birnbaum, New York, NY
Herbert H. Brown, Washington, DC
Roberta S. Karmel, Brooklyn, NY
Alice T. Kane, New York, NY
Mark A. Sargent, Villanova, PA
Elliott J. Weiss, Tuscon, AZ
Returning Industry Members:
Joan Caridi, New York, NY
NASD Regulation oversees all U.S. stockbrokers and brokerage firms. NASD Regulation, The American Stock Exchange®, NASD Dispute Resolution, Inc. and The Nasdaq Stock Market, Inc., are all subsidiaries of the National Association of Securities Dealers, Inc., the largest securities-industry, self-regulatory organization in the United States.