Investment banker Roberts gets top job at securities regulator.Fred Roberts, independent Westside investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. , has been elected the 1992 chairman of the 10-member National Business Conduct Committee of the National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. Inc., a self-regulatory body that governs the over-the-counter stock over-the-counter stock A stock not listed on an exchange and trading only in the over-the-counter market. market. The Washington, D.C.-based NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). has 5,400 member firms, mostly stock brokerages, and 418,000 professionals, mostly stockbrokers. When a customer has a complaint against a stockbroker or brokerage, it is usually the NASD that arbitrates a settlement. Roberts' committee reviews disciplinary actions taken against securities firms and employees by the NASD's regional district business conduct committees, and is also an appeals body. Roberts, the former co-chairman of the California NASD district business conduct committee, has a reputation of being tough on rule-breakers. Roberts also sits on the 29-member board of governors of the NASD, and the NASD corporate financing committee Corporate financing committee A committee of the NASD that reviews underwriters' SEC-required documents to ensure that proposed markups are fair and in the public interest. , which deals with the regulation of corporate finance issues. |
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