Those of you who attended our annual conference earlier this month heard a lot about the changes facing investment advisers, broker-dealers and securities regulators alike.
My emphasis as president of the North American Securities Administrators Association (NASAA) will be our response to this evolving regulatory environment.
It should be little surprise that one of my goals as NASAA president is to fight against pre-emption or marginalization of state securities regulation by advancing our status as the most effective and balanced securities regulator in North America.
The events of the past year leave little doubt that this fight is far from over. Over the past 12 months, NASAA has battled against changes to Rule 506, crowdfunding and other preemptive provisions of the JOBS Act. We also fought Round One of the battle against imposition of a self-regulatory organization on state-registered investment advisers. While the first round of that battle may be over, I have no doubt that Round Two will start soon.
NASAA will continue to oppose state and federal legislation that may corrupt the delicate balance between investor protection and capital formation.
State securities regulators have long maintained a defensive position, using our admirable enforcement record to defend against attacks on our jurisdiction. But, reliance on our enforcement efforts has done little to stem the tide of preemptive legislation coming out of Washington.
The securities markets are too large and too diverse for one government regulator to oversee. Given the size and complexity of the market, state securities regulators are presented with a unique opportunity.
