WASHINGTON (July 18, 2005)—Members of the North American Securities Administrators Association (NASAA) recently endorsed and adopted a resolution opposing efforts to preempt state securities authority in the United States.
“This resolution reflects the strong voice of NASAA members in vigorous opposition to any attempt to preempt or circumvent our efforts to protect investors,” said NASAA President and New Jersey Securities Bureau Chief Franklin L. Widmann.
Widmann said that NASAA is pleased that Congress continues to recognize that state securities regulators are essential partners to federal regulators in protecting investors and making the nation’s securities markets the most fair and trusted in the world. However, he added, NASAA members are concerned about recent attempts to use the judiciary and federal regulatory agencies to bypass Congress in order to preempt state regulatory authority.
The resolution, approved by the NASAA membership at its annual Administrators Meeting in Alberta, Canada, states that NASAA members “are greatly concerned that state securities authority to protect investors is being undermined by various threats to use the legislative, regulatory and judicial processes.”
Further, the resolution states, NASAA “vigorously opposes preemption of state securities authority and will continue to work to ensure that state securities regulators maintain the authority necessary to protect investors.”
NASAA is the oldest international organization devoted to investor protection. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, the provinces and territories of Canada, and Mexico.
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