NASAA worried about reform efforts

State securities regulators are worried that efforts to reform regulation in the wake of the financial crisis might be used to further a deregulatory environment.

“In this environment, you wouldn't use that term 'deregulation,'” but legislative changes could include provisions favored by Wall Street to loosen oversight, said Fred Joseph, Colorado securities commissioner and president of the North American Securities Administrators Association Inc. of Washington.

Mr. Joseph made his remarks today in Colorado Springs before the annual meeting of the Public Investors Arbitration Bar Association of Norman, Okla.

PIABA represents investor plaintiff's attorneys.

In a crisis environment, “things can go through [Congress] at midnight,” with few seeing what's included in a legislative proposal, Mr. Joseph said.

“We need to be alert about what comes out” of reform efforts, he added.

Mr. Joseph said he hopes NASAA will have input on any regulatory reforms coming out of Washington.

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