July 21, 2010                                                         Contact:Lucas Hamilton

Montana Commissioner of Securities and Insurance Lindeen Supports new Wall Street Reform Law


      Montana Commissioner of Securities and Insurance, Monica J. Lindeen, joined the North American Securities Administrators Association (NASAA) today to applaud the signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which recognizes and enhances the strong investor protection role of state securities regulators.
      
      "My office is eager to begin implementing the new reforms on behalf of Main Street investors," Lindeen said about the new law. "The Wall Street Reform Law improves my ability to oversee companies and brokers working in the state."
      
      The Dodd-Frank bill addresses a number of NASAA's key issues by increasing state regulatory oversight of investment advisers; updating the accredited investor definition; incorporating a "bad boy" disqualifier to prevent securities law violators from conducting securities offerings under SEC Regulation D, Rule 506; and including state securities, banking and insurance regulators as nonvoting members of the Financial Stability Oversight Council, which will be established to identify risks to U.S. financial stability and promote market discipline. The legislation also creates a grant program for up to $500,000 for a state that has adopted the NASAA and NAIC model rules on senior designations, and includes a state securities regulator as a member of the SEC's Investor Advisory Commission.
      
      For more information about the bill or the North American Securities Administrators Association, visit www.nasaa.org.