Earlier this year, the SEC, NASAA, and FINRA issued an Investor Alert cautioning investors about the rise of investment fraud involving artificial intelligence (AI) and other emerging technologies. The overarching concern:...more
On March 18, 2024, the SEC announced—in videos posted on YouTube and Twitter—regulatory actions against two investment advisers for “AI washing,” a practice defined by the SEC as “making false artificial intelligence-related...more
A September report of the North American Securities Administrators Association (NASAA) on broker-dealer compliance with the SEC’s Regulation Best Interest (Reg BI) finds...more
Investment adviser representative continuing education requirements are critically important. Please read this alert carefully, as investment adviser representative registration may be at risk if you do not follow the...more
The North American Securities Administrators Association (NASAA) recently released a report prepared by its Broker-Dealer Section Committee (Committee) presenting the findings of Phase II (B) of its National Examination...more
The Maine Office of Securities enforces Maine’s securities laws, licenses broker-dealers, broker-dealer agents, investment advisers, and investment adviser representatives, and reviews registration statements and exemption...more
The Securities and Exchange Commission’s Investor Advisory Committee will hold a meeting on March 2, 2023, which will be open to the public via webcast. In the morning session, the Committee will discuss potential regulatory...more
Last week, the North American Securities Administrators Association sent a letter to U.S. Senate and House committee leaders expressing concern that the appropriations process will "may be used to advance provisions in the...more
As expected, the North American Securities Administrators Association (NASAA) announced last week that it voted to adopt a “Statement of Policy Regarding the Use of Franchise Questionnaires and Acknowledgements” (NASAA...more
PROPOSAL FORECASTS GREATER REGULATION OF ALTERNATIVE ASSETS - On July 12, 2022, the North American Securities Administrators Association, Inc. (“NASAA”), an organization representing state securities regulators, released a...more
On February 8, 2022, the North American Securities Administrators Association (NASAA) announced that Maryland, Mississippi, and Vermont were among the first three states to adopt and implement continuing education...more
The SEC recently solicited comments regarding broker-dealer and investment adviser “digital engagement practices” (DEPs), features commonly referred to as the “gamification” of trading. The request follows the GameStop...more
In efforts to keep financial and legal professionals apprised of the constantly evolving information in the world of senior and vulnerable investors, we are excited to share the news that The North American Securities...more
The North American Securities Administrators Association (NASAA) released its Investment Adviser Section Annual Report (Report) in April 2021, highlighting 2020 section activities. The Report focuses largely on two topics:...more
New York Attorney General Letitia James provided additional guidance on recent Investor Protection Bureau (“IPB”) rule amendments intended to increase transparency into the investment adviser representatives and securities...more
I never find it boring to review the investment adviser exemptions for private fund managers. Apparently, I am not the only one since this is a question we frequently field. Initially, private fund manager investment...more
A Securities and Exchange Commission (“SEC”) plan to create a registration exemption for certain finders has generated a mixed response. The nearly 90 comments received by the SEC by the November 12, 2020 close of the comment...more
Last week, the North American Securities Administrators Association issued a comment letter urging the Securities and Exchange Commission not to move forward on its proposal to issue a conditional order exempting finders from...more
On January 22, 2016, the members of the North American Securities Administrators Association (NASAA) released the Senior Model Act. It was developed and approved to serve as a model statute for states to adopt to target...more
In light of the COVID-19 pandemic, many federally registered investment advisers have moved to temporary remote working arrangements. As a result of these temporary offices, advisers are faced with registration and licensing...more
Compliance Today (January 2020) - On November 18, 2019, MIT Sloan School of Management announced in a press release, “Evidence points towards yes, according to new research that offers the first large sample study on how...more
INTRODUCTION - On July 15, 2019, the staffs of the Securities and Exchange Commission (“SEC”) and the North American Securities Administrators Association issued a joint statement (the “Staff Statement”) to assist...more
On July 15, 2019, the Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) staff issued a statement summarizing federal and state securities law considerations...more
On May 23, 2019, in recognition of the one-year anniversary of the passage of the Senior Safe Act, the SEC, the North American Securities Administrators Association and FINRA issued a fact sheet to raise awareness of the act...more
To mark the one-year anniversary of the passage of The Senior Safe Act (the “Act”), the Securities and Exchange Commission (“SEC”), the North American Securities Administrators Association (“NASAA”), and the Financial...more