WASHINGTON (July 12, 2016) — The following is a statement from Judith M. Shaw, North American Securities Administrator Association (NASAA) President and Maine Securities Administrator regarding today’s vote by the House of Representatives to approve H.R. 5421, The National Securities Exchange Regulatory Parity Act.

“We appreciate improvements that have been made to H.R. 5421. However, we continue to oppose the legislation as it is yet another federal law that erodes state authority to protect investors. Small businesses look to Main Street investors for investment capital. Those investors, in turn, look to their state securities regulators to help shield them from unscrupulous companies and overly risky investments.

“Overriding these state-level protections through federal preemption undermines the confidence that is critical to supporting small businesses and unnecessarily places investors at risk. We look forward to working with the Senate to further address our concerns with this legislation.”

For more information:
Bob Webster | Director of Communications
202-737-0900