will take the reins at the NASD when its current chairman and chief executive, Robert Glauber
, steps down at the end of his term in December.
Glauber, who assumed the post of CEO in November 2000, became the NASD’s chairman in September 2001.
"Mary is a highly respected and effective regulator who has proven herself time and again to be a strong investor advocate," said Richard Brueckner, chief executive of Pershing LLC and presiding governor of the NASD’s board of governors, in a statement.
"She is a proven leader and is uniquely qualified to take over as the head of NASD as it continues to execute its vital mission of protecting investors and ensuring market integrity. I am confident the securities industry will work closely with Mary and support NASD's efforts to make regulation both more efficient and effective," he added.
Schapiro joined the NASD in 1996 as president of NASD Regulation and took on the post of vice chairman in 2002. As head of the regulatory policy and oversight division, she serves as the primary regulator of 5,100 securities brokerage firms and close to 700,000 registered brokers who do business with the public.
Before joining the NASD, she served as chairman of the Commodity Futures Trading Commission. She also spent six years as commissioner at the Securities and Exchange Commission.
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