Insight News

Feb 07th

Rothman named to Securities Administrators legislation committee

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mike-rothman-pic11Minnesota Department of Commerce Commissioner Mike Rothman has been appointed to the Federal Legislation Committee of the North American Securities Administrators Association (NASAA). This position will provide Commissioner Rothman the opportunity to weigh in on NASAA’S national pro-investor legislative agenda.

“It is an honor to serve on NASAA’s Federal Legislation Committee on behalf of Minnesota,” said Commissioner Mike Rothman. “We will be a strong voice for a national pro-investor legislative agenda. Main street investors need an advocate to help everyday Minnesotans gain a level playing field.”

The Federal Legislative Committee is a special committee of NASAA’s Board of Directors tasked with proposing and preparing the legislative agenda for NASAA. Committee members are responsible for analyzing federal legislation, drafting statutory amendments and testimony, and responding to congressional requests for information.

The Federal Legislation Committee is comprised of representatives from six other states. The committee members are:

• Steve Irwin (Committee Chair), Commissioner of the Pennsylvania Department of Banking and Securities
• Gina Gombar, Attorney for the Secretary of the Commonwealth of Massachusetts
• Miranda LeKander, Attorney for the California Department of Corporations
• Melanie Lubin, Commissioner of the Maryland Division of Securities
• Gerald Rome, Deputy Securities Commissioner for the Colorado Division of Securities
• Michael Rothman, Commissioner of the Minnesota Department of Commerce
• Daniel Tanaka, Director of the New Mexico Regulation and Licensing Department, Securities Division

National Association of Securities
Organized in 1919, the North American Securities Administrators Association (NASAA) is the oldest international organization devoted to investor protection. NASAA is a voluntary association whose membership consists of 67 state, provincial, and territorial securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada, and Mexico.

In the United States, NASAA is the voice of state securities agencies responsible for efficient capital formation and grass-roots investor protection. Their fundamental mission is protecting consumers who purchase securities or investment advice, and their jurisdiction extends to a wide variety of issuers and intermediaries who offer and sell securities to the public.

The Minnesota Department of Commerce
The Commerce Department protects consumers and investors by enforcing the Minnesota Securities Laws in the state of Minnesota, regulating industry in the following ways:

1. Registering brokerage firms, representatives of brokerage firms, investment adviser firms, franchises and timeshares.
2. Performing audits and examinations of persons who engage in activities we regulate, in order to improve compliance and prevent fraud.
3. Investigating those who commit violations of the Minnesota Securities and Franchise Laws.
4. Providing investor education and awareness.

Investors should contact the Minnesota Department of Commerce Securities Unit with questions they may have about an investment product, broker or adviser, prior to making an investment. The Securities Unit can be reached by phone at (651) 296-4973. Questions or consumer complaints can also be sent by email to This e-mail address is being protected from spambots. You need JavaScript enabled to view it or by mail to the Minnesota Department of Commerce, 85, 7th Place East, Suite 500, Saint Paul, MN 55101.


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