Investment Adviser Regulation - A New Dual System



The National Securities Markets Improvement Act of 1996 (the "Act") has altered in some significant respects the nation's securities regulatory structure. A major change is the elimination by the Act of certain portions of the regulatory overlap between the states and the federal government.

This change is evident in Title III of the Act, which amends the Investment Advisers Act of 1940 (the "Investment Advisers Act").

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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