David Massey, the deputy securities administrator for the state of North Carolina, began a one-year term as president of the North American Securities Administrators Association (NASAA) in September. He spoke to On Wall Street contributor Jaime Levy Pessin about this year's goals for the organization, which is comprised of securities regulators from all 50 states.

1. What are your priorities for NASAA in 2011 Number one on our priority list is that financial professionals who provide investment advice be subject to fiduciary duty. Investment advisors are already subject to the fiduciary duty, and the brokerage industry has been incorporating an advisory role. The dividing lines that formerly separated the public's concept of a stockbroker and investment advisor have gotten pretty fuzzy. NASAA would like to see the Securities and Exchange Commission adopt a fiduciary duty requirement for brokers who provide investment advice so the broker would be required to act in the client's best interest and disclose any conflict of interest.

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