Douglas Shulman, President of Markets, Services and Information, has been named Vice Chairman. Stephen Luparello has been promoted from Executive Vice President for Market Regulation to Senior Executive Vice President. Elisse Walter has been promoted from Executive Vice President for Regulatory Policy and Programs to Senior Executive Vice President. The promotions are effective immediately.
Shulman came to NASD in 2000. He directed NASD's efforts to restructure itself as solely a regulator and spin off its market subsidiaries. He led the negotiations that resulted in the sale of both the NASDAQ Stock Market and the American Stock Exchange. He also oversaw NASD's efforts to become active in the fixed income markets by launching TRACE, NASD's real-time corporate bond market regulatory and information system. Another main area of focus was heading the successful effort by NASD to modernize its technology systems.
Before joining NASD, Shulman co-founded and served as Executive Vice President of FoundryOne, Inc., a company focused on building and spinning off technology-focused startups within major corporations. Previously, Shulman was Vice President of Darby Overseas Investments, Ltd. and served as a senior policy advisor and as Chief of Staff for the National Commission on Restructuring the Internal Revenue Service.
Both Walter and Luparello joined NASD in 1996. Along with Schapiro, they were instrumental in rebuilding and managing regulatory activity at NASD in the wake of the 1996 settlement with the Securities and Exchange Commission (SEC) concerning NASD's regulation of broker-dealers. Luparello has headed NASD Market Regulation Department, with responsibility for oversight of trading on The NASDAQ Stock Market, the Over-the Counter equities market, and the corporate and municipal fixed income markets. In that role, he also has overseen the creation of cutting-edge market regulatory technology. And, he is in charge of NASD's regulatory work for markets and exchanges in the United States, including the American Stock Exchange and the International Securities Exchange.
Luparello came to NASD from the CFTC, where he served as Chief of Staff. He was also a legal counsel in the Division of Market Regulation at the SEC.
Walter has directed NASD's efforts to improve regulation in the sale of mutual funds. She managed three NASD task forces that brought important rule proposals and investor protection initiatives in this area: the Joint NASD/Industry Task Force on Breakpoints, the Mutual Fund Task Force and the Omnibus Account Task Force. Walter also oversees the Departments of Corporate Finance and Advertising Regulation, as well as leading NASD's investor education efforts, including the NASD Investor Education Foundation.
Before coming to NASD in 1996, Walter served as General Counsel of the Commodity Futures Trading Commission (CFTC) and as Deputy Director of the Division of Corporation Finance of the Securities and Exchange Commission (SEC). Prior to joining the SEC, Walter was an attorney with a private law firm.
NASD is the leading private-sector provider of financial regulatory services, dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services. NASD touches virtually every aspect of the securities business - from registering and educating all industry participants, to examining securities firms, enforcing both NASD rules and the federal securities laws, and administering the largest dispute resolution forum for investors and registered firms. For more information, please visit our Web site at www.nasd.com.
("Copyright 2005 National Association of Securities Dealers, Inc.")
