Today's decision culminates a process many months in the making. These rules were hammered out by the industry's leading self-regulatory organizations, the NASD and NYSE, acting under the strong oversight of Congress and the clear vision of SEC Chairman Pitt. I want to thank Chairman Pitt, the Members of the House Financial Services Committee, our colleagues at the NYSE and all those in the industry who helped bring us to this day.
The rulemaking process has worked. The winner is the investor.
NASD will continue its vigilant pursuit of market integrity in this area, both in completing our investigations and in undertaking any additional rulemaking we find necessary. We will work in close cooperation with the SEC, other SROs and the states -- mindful that we all seek the same goals of investor protection, fair markets and public confidence. And I am confident that with the SEC's leadership, we have the right framework for moving forward.
Our new rules will greatly strengthen NASD's hand in bringing cases in this area. But as demonstrated by our enforcement record in this area, NASD has not hesitated to use its existing enforcement tools against analysts whose conduct has undermined market integrity. And we will not hesitate to enforce these demanding new rules with a full range of disciplinary options - ranging from stiff monetary penalties to suspension from the industry.
For all these reasons, the SEC took the right step today. The bar has been raised. It is up to our industry to reach up and grasp it. Investors the world over will insist that we do.
