Securities markets are national assets, and our industry and its self-regulatory structure are their custodians. The changes to the Code of Procedure which you will hear more about over the next two days and which are resulting in a revised disciplinary process, can help do this. One of the objectives is to allow industry volunteers to spend more time in shaping disciplinary policy and be freed from the demands of a growing and increasingly complex caseload. Concluding Comments Let me say in conclusion, that it is healthy for self-regulation to be distinct from government regulation. Its strength is its close connection to the industry and the wealth of talent and cutting-edge expertise that exists within it.
Constant change calls for constant adjustment.
There will be course corrections along the way. Self-regulation is evolving, and NASD Regulation is evolving with it. Whatever the future throws at our industry and the investing public, we can be sure that both are better because of self-regulation. Thank you for being part of a process that is doing great things for the markets, our industry, and our country. It is now my great pleasure to introduce one of the most talented people I have ever had the opportunity to work with.