KAREN M. O'BRIEN, Esq.

Karen M. O'Brien is a founding member of FINSEG.  Previously, Ms. O'Brien was General Counsel of the North American Securities Administrators Association, Inc. (NASAA).  In this position, Ms. O'Brien was a principal draftsman of both federal and state legislation relating to the most significant amendments in over 60 years to federal and state securities laws (the National Securities Markets Improvement Act of 1996 -NSMIA).  She also assisted in drafting proposed legislation to further clarify the 1996 changes.  She participated in several key initiatives in the broker-dealer and investment adviser areas including:  the development of a web-based central registration depository for broker-dealers and their agents (webCRD) and a web-based central registration depository for investment advisers and their representatives (IARD), and related licensing issues that included revising joint licensing forms (e.g., U-4, U-5, ADV); revision of the books and records requirements for broker-dealers; and comment on regulatory proposals by the SEC, self-regulatory organizations, the FTC, OCC, and other regulatory bodies.  In addition, she submitted several amicus briefs, including three to the United States Supreme Court, on behalf of NASAA.  Prior to joining NASAA, Ms. O'Brien spent four years at the Securities and Exchange Commission in the Division of Corporation Finance where she was responsible for rulemaking efforts and reviewing novel Wall Street hot issue offerings.  Prior to her position at the SEC, Ms. O'Brien was in private practice for several years.

Key Projects of Interest:

• NASAA submission to the SEC on the Study of State Licensing Requirements for Associated Persons of Broker-Dealers pursuant to Section 510(d) of NSMIA
• NASAA Memorandum of Understanding Concerning Investment Advisers and Investment Adviser Representatives  
• Appointment to SEC Advisory Committee on Capital Formation and Regulatory Processes
• NASAA Task Force on the Future of Shared State and Federal Securities Regulation

NASAA Award:  In September 2000, at NASAA's Annual Fall Conference in Montreal, Quebec, Canada, Ms. O'Brien was awarded NASAA's highest service award, the "Blue Sky Cube."     

JUDITH POPPALARDO, Esq.

Judith Poppalardo is a founding member of FINSEG.  Previously, Ms. Poppalardo was Vice President and Associate General Counsel at the Securities Industry Association (SIA).  In this position, Ms. Poppalardo advised several SIA national committees in developing an industry position on important regulatory and legislative initiatives, and in influencing those initiatives through comment letters and meeting with regulators and legislators.  Committees included:  Self-Regulation and Supervisory Practices, Trading, Operations, Market Structure, Ad Hoc Committee on the Impact of Exchange Demutualization on Regulatory Structure, and SIA/ICI Task Force on Limit Order Transparency.  Prior to joining SIA, Ms. Poppalardo served ten years at the Securities and Exchange Commission in the Division of Market Regulation and the Office of Compliance Inspections and Examinations, where she was responsible for overseeing the Commission's broker-dealer examination program and inspections of the self-regulatory organizations.  She also served as Assistant General Counsel at National Securities Clearing Corporation where she was responsible for ensuring compliance with federal laws and regulations governing clearing corporation operations.

Key Projects  of Interest:

• SIA comment on SEC proposal regarding issues relating to market fragmentation 
• SIA initiative on re-inventing self-regulation  
• SIA correspondence relating to extended hours trading   
• Industry input into development and implementation of NASD Order Audit Trail System  
• SIA comment on SEC proposal regarding disclosure of order routing practices and execution quality       

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Last modified: February 06, 2002