News & Analysis as of

North American Securities Administrators Association

Signs of an Active 2017 for Laws Protecting Vulnerable Adults from Financial Exploitation

by Carlton Fields on

The North American Securities Administrators Association (NASAA)’s Model Legislation or Regulation to Protect Vulnerable Adults from Financial Exploitation (Model Act) gained traction in 2016 and appears poised for even more...more

SEC Government-Business Forum Report

The final report from the forum held in November 2016 was recently published. The recommendations of the forum often provide the Securities and Exchange Commission with insights regarding measures that could promote capital...more

A "reasonable basis" for FPRs: what to expect this renewal season from state franchise examiners in light of the proposed NASAA...

by DLA Piper on

Last fall, the North American Securities Administrators Association Inc. (NASAA) issued a notice of request seeking public comment on an updated proposed financial performance representations (or FPR) Commentary. The Federal...more

Orrick's Financial Industry Week In Review

CFTC Indicates Willingness to Help Incubate Fintech - On February 21, 2017, J. Christopher Giancarlo, the acting chairman of the U.S. Commodity Futures Trading Commission ("CFTC"), has diverged from other U.S. federal...more

SEC, NASAA Sign Info-Sharing Agreement for Crowdfunding and Other Offerings

On February 17, 2017, the Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) signed an agreement to facilitate information sharing with respect to rules regarding...more

Here Come the States… In the Trump Era, the States May Be the New Top Securities Cops

by Fox Rothschild LLP on

There is an old saying: “the more things change, the more they stay the same.”  It seems every few years (usually, the result of a political shift) we see the states become more involved in securities enforcement.  Our...more

SEC and North American Securities Administrators Association Sign Information-Sharing Agreement

On February 17, 2017, the Securities and Exchange Commission (SEC) and the North America Securities Administrators Association (NASAA) entered into an information-sharing agreement in connection with intrastate crowdfunding...more

Thou Shalt Not Exploit Thine Elders

by Morgan Lewis on

SEC approves FINRA rule designed to protect seniors and other specified adults from financial exploitation. The Securities and Exchange Commission (SEC) has approved a new rule proposed by the Financial Industry...more

The DBO As Religious Regulator

by Allen Matkins on

In December last, the Department of Business Oversight published the 2016 Commissioner’s Report on the Offer or Sale of Securities by Permit under Corporations Code Section 25113. This report, which is required by California...more

NASAA Proposes Model Rule Permitting Testing the Waters in Tier 1 Regulation A Offerings

On December 7, 2016, the North American Securities Administrators Association (“NASAA”) proposed a model rule, a model statutory amendment and a Solicitation of Interest Form permitting testing the waters in Tier 1 Regulation...more

FINRA Submits Proposed Rules to the SEC to Address Financial Exploitation of Seniors

by K&L Gates LLP on

Last Thursday, the Financial Industry Regulatory Authority (“FINRA”) submitted proposed rules to the United States Securities and Exchange Commission (“SEC”) designed to address “financial exploitation of seniors and other...more

FINRA, SEC Renew Focus on Senior Investors in Immediate Aftermath of FINRA Submission of Proposed Rulemaking to SEC

Highlights from FINRA/SIFMA Senior Investor Conference - On October 22-23, members of the securities industry, academia, regulators, and public policy experts gathered in Washington, D.C., at the joint Financial...more

Massive Amendments To Rule 147 May Be Approved TODAY!

by Freeborn & Peters LLP on

Almost a year ago, the SEC proposed certain amendments to the current Rule 147 which were intended to help foster, and increase the viability of, Intrastate crowdfunding. While little has been heard about these amendments...more

STATE OF THE STATES – An Update On Intrastate Crowdfunding (October, 2016)

by Freeborn & Peters LLP on

While I have kept both my statutory summary pages and comparative summaries relatively up to date, it has been quite a while since I have done an editorial update on Intrastate Crowdfunding. With the increased number of...more

Bipartisan Members of Congress and NASAA Declare Support for SEC’s Proposed Modernization of Rules to Facilitate Intrastate...

On October 7, 2016, a bipartisan contingent of members of the U.S. House of Representatives and the president of the North American Securities Administrator Association (NASAA) coordinated a duel message to the SEC regarding...more

Structured Thoughts: News for the financial services community, Volume 7, Issue 10

FINRA Revises its Proposed Amendments to Rule 2210 - In our recent Client Alert, we wrote about the Financial Industry Regulatory Authority, Inc.’s proposed changes to Rule 2210, Communications with the Public. One of...more

NASAA Releases 2015 Enforcement Report

by Allen Matkins on

State securities regulators serve an important local enforcement function. In fact, state securities regulation precedes federal regulation by more than two decades. The North American Securities Administrators Association...more

NASAA Publishes Fraud Alert for EB-5 Investors

Recently, the North American Securities Administrators Association (NASAA), which is the oldest international organization devoted to investor protection, published an investor advisory for potential investors in EB-5...more

Proposed changes to REIT guidelines would introduce uniform “concentration” limit in NTR purchases

by DLA Piper on

The North American Securities Administrators Association, Inc. (NASAA) has requested public comment on proposed amendments to its Statement of Policy Regarding Real Estate Investment Trusts (known as the REIT Guidelines). ...more

NASAA Releases Proposed Model Rule for Crowdfunded Offerings

On May 16, 2016, the North American Securities Administrators Association (NASAA) released for public comment its proposed model rule and uniform notice filing form for crowdfunded offerings. ...more

NASAA Requests Comments on Proposed Policy Allowing Use of Electronic Offering Documents and Electronic Signatures

On May 2, 2016 the North American Securities Administrators Association (NASAA) issued a release requesting public comments on a proposed Statement of Policy (SOP) that would allow issuers and its selling agents to use...more

NASAA Request for Comment on Statements of Policy

For offerings that require state securities registration and review, clients often are concerned about the merit regulation standards. Certain of NASAA’s Statements of Policy, for example, may pose significant issues. From...more

NASAA Adopts Model Act on the Prevention of Financial Exploitation of Vulnerable Adults

On January 22, 2016, the North American Securities Administrators Association (“NASAA”) adopted a model act, entitled “An Act to Protect Vulnerable Adults from Financial Exploitation.” This act seeks to facilitate...more

NASAA Requests Comments on Proposed Rule and Notice Form for Tier 2 Regulation A Offerings

On January 27, 2016, the Corporation Finance Section of the North American Securities Administrators Association (NASAA) requested comments on a proposed model rule and uniform notice filing form aimed at simplifying the...more

FINRA and NASAA Proposals to Protect Vulnerable Customers

by Carlton Fields on

The Financial Industry Regulatory Authority (FINRA) is seeking comments on proposed rules addressing financial exploitation of (i) seniors (age 65 or older), and (ii) other adults with mental or physical impairments that...more

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