National Association of Independent Broker/Dealers

Contact:

Kaitlin Friedmann
Tel: 609-297-2215
Email: kfriedmann@naibd.org

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FOR IMMEDIATE RELEASE

NAIBD Helps Shape Meaningful Audit Programs for Broker/Dealers

Member Advocacy Committee Meets with PCAOB and Key Congressional Staff

PRINCETON JUNCTION, NJ – March 23, 2011 – The Member Advocacy Committee (MAC) representing the National Association of Independent Broker/Dealers (NAIBD), in its continuing effort to advocate for the best interests of small and medium sized broker/dealers, recently met with the Board of Directors of the Public Company Accounting Oversight Board (PCAOB), as well as key Congressional staff, to provide a voice for independent broker/dealers during the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

These meetings were part of an ongoing initiative to ensure rule-makers understand the impact of new regulations on independent broker/dealers and express the association’s position on audit control. Lisa Roth, MAC Chair, attended a PCAOB Board meeting and made a presentation to the PCAOB Board in January to encourage the consideration of amendments to its proposed Interim Examination program that would carve out small firms with certain prescribed attributes from the PCAOB exam requirement. Roth also met with key staff members for Representatives Darrell Issa (R-CA) and Michele Bachmann (R-MN), and also met with her Congressman, Duncan Hunter (R-CA) during the first quarter of 2011 to promote congressional support for certain amendments to Dodd-Frank. These amendments would improve and enhance the effectiveness of the law, with a more reasonable platform for small firms.

This month, Roth will meet with the CEO of Securities Investor Protection Corporation (SIPC) to discuss the significant impact of high SIPC fees on small firms, and to propose alternative revenue calculations that will reverse dramatic increases for certain small firms.

“Since the passage of the Dodd-Frank Act, NAIBD’s MAC has met with the PCAOB, SIPC and key congressional leaders in a continuing dialogue designed to heighten awareness of small firm issues. We believe a clear opportunity exists to impact change that will both enhance investor protection and promote effective, affordable compliance among broker/dealers.” said Roth.

“I applaud the efforts of the MAC and I am convinced that they will continue to provide a voice for small firms that are often unfairly labeled, misunderstood and burdened with unnecessary regulation” said David Sobel, NAIBD Chairman.

NAIBD is an organization that has advocated for small and independent firms for almost 30 years that aims to improve the regulatory and business environment for broker-dealers. It is open to broker/dealers and industry providers and suppliers from across the country. For more information on NAIBD, please visit www.naibd.org.

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About the National Association of Independent Broker/Dealers (NAIBD)
NAIBD was formed in 1979 and continues as a networking group of broker/dealers who meet regularly to discuss areas of common interest such as due diligence, compliance, personnel and regulation. The organization works to keep members and regulators aware of the real effects that regulations have on broker/dealer firms of all sizes and business models. Hundreds of broker/dealers, industry providers and suppliers from across the country have taken advantage of the many NAIBD member benefits including advocacy, education, health insurance and networking. To become part of the voice of the broker/dealer community, please visit www.naibd.org for more information.