News Release

NASD Announces an International Symposium to Debate the Need for Global Adoption of International Accounting Standards

Washington, DC — International business and regulatory leaders will debate the merit and need for establishing a set of internationally accepted accounting standards in the first in a series of international symposiums sponsored by NASD. Among those participating in the symposium will be Howard Davies, Chairman of the UK's Financial Services Authority; Henry Paulson, Jr., Chairman and CEO of Goldman Sachs; Sir David Tweedie, Chairman of the International Accounting Standards Board; Roel Campos, SEC Commissioner; Peter Fisher, U.S. Treasury Undersecretary; and Robert Glauber, Chairman and CEO of NASD.

The symposium, entitled "Global Adoption of International Accounting Standards," will be at the Harvard Law School on Feb. 3, 2003. It inaugurates NASD's International Symposium Series on Transparency in Capital Markets that will address key issues related to transparency and efficiency in the capital markets.

"By providing a forum for leading experts in the industry to share and develop new ideas, NASD hopes that further strides can be made in promoting fair markets," said Douglas H. Shulman, NASD's President of Regulatory Services and Operations. "Reliable and consistent accounting is a cornerstone of market transparency, and therefore, the topic of this forum is one that impacts companies and individuals around the world."

Other participants in the symposium are Ray Ball, Professor of Accounting, University of Chicago Graduate School of Business; Henrik Bjerre-Nielsen, Director General, Danish Financial Supervisory Authority; Sir Brian Corby, Chairman (retired), Prudential Assurance Company; Samuel DiPiazza, Jr., Chief Executive Officer, PricewaterhouseCoopers; Robert Herz, Chairman, Financial Accounting Standards Board; Lewis B. Kaden, Partner, Davis Polk & Wardwell; Leo C. O'Neill, President, Standard & Poor's; and Hardwick Simmons, Chairman and Chief Executive Officer, NASDAQ.

NASD is the leading private-sector provider of financial regulatory services, dedicated to bringing integrity to the markets and confidence to investors through effective and efficient regulation and complementary compliance and technology-based services. NASD touches virtually every aspect of the securities business - from registering and educating all industry participants, to examining securities firms, enforcing both NASD rules and the federal securities laws, and administering the largest dispute resolution forum for investors and member firms. For more information, please visit our Web Site at