Two broker/dealer associations working together have filed with the NASD an independent slate of four candidates for the NASD Board of Governors. The NASD in September announced its own slate of 12 nominees for upcoming openings on the 30-person NASD board.
On Nov. 9, Alan Davidson, owner of Zeus Securities in Jericho, N.Y., and president of the 120-member Independent Broker Dealer Association (IBDA), said IBDA filed with the NASD 309 petitions signed by member firms requesting that the independent candidates be placed on the NASD ballot. Independent candidates must obtain at least 167 signatures from member firms--3% of the NASD's 5,570 members. IBDA worked in conjunction with the 90-member California Association of Independent Broker Dealers to gather the petitions.
The editor in chief of RR is one of the independent candidates.
At press time, the NASD planned to mail ballots to members Nov. 16. Ballots are due back to the NASD by Dec. 21, 1998, the day of the NASD's annual meeting.
"Our intent is to provide fair and appropriate representation for the NASD membership, 90% of whom are small businesses," Davidson says. He claims the NASD's system of having a central nominating committee pick candidates is "entirely inappropriate--the members are supposed to be selecting their representatives, not the regulator."
An NASD spokesperson says, "It's just not appropriate for us to comment on the election at this time."
INDUSTRY E. David Coolidge, III CEO William Blair & Co.
James Dimon Former President, COO and Director of Travelers Group Former Chairman & Co-CEO of Salomon Smith Barney
Richard Romano President Romano Bros. & Co.
NONINDUSTRY H. Furlong Baldwin Chairman Mercantile Bankshares Corp.
Eugene Isenberg Chairman and CEO Nabors Industries Arthur Rock Principal Arthur Rock & Co.
James Rothenberg President Capital Research and Management Co.
PUBLIC Gerald Ford 38th President of the United States
Elaine Chao Distinguished Fellow The Heritage Foundation
Kenneth Duberstein Chairman and CEO The Duberstein Group
Donald Kirk Executive-in-Residence Columbia University
John Markese President American Association of Individual Investors
Independent Candidates
INDUSTRY Alan Davidson President Zeus Securities
M. LaRae Bakerink Compliance Director SK International Securities
Bill Singer Regulatory Partner Singer Frumento
NONINDUSTRY Dan Jamieson Editor in Chief Registered Representative magazine