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 North American Securities Administrators Association (NASAA), an organization of state and provincial securities regulators in the United States, Canada, and Mexico, recently issued an investor advisory warning...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
Many years ago, a lovely older couple (I’ll call them Chris and Jamie) came to my office seeking advice about a failed real estate investment. Hoping to improve on the low interest rate offered by their bank, they had...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
Blockchain Payment Solutions, Patents and Market Data Announced - Late last week, a major U.S. financial services firm made headlines with several blockchain-related developments. ...more
Fund and Investment Management January 2019 (No. 1) REGULATORY UPDATES Policy Initiatives Set Forth by the U.S. Securities and Exchange Commission’s (“SEC”) Investment Management Division On September 28, 2018, Division of...more
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
The SEC has proposed amendments to Rule 147 under the Securities Act of 1933, which currently provides a safe harbor for compliance with the Section 3(a)(11) exemption from registration for intrastate securities offerings....more
In its annual list of risks posed to investors and small businesses, NASAA once again identifies private offerings. NASAA notes that “[f]raudulent private placement offerings continue to rank as the most common product or...more
The Bernie Madoff scandal exposed a lot of people and institutions. One of those, obviously, was the SEC, and it has been working hard to live that fiasco down ever since. But one aspect of the current securities enforcement...more