WASHINGTON, D.C. (November 13, 2019) — The North American Securities Administrators Association (NASAA) today announced the launch of a significantly enhanced NASAA Electronic Examinations Module (NEMO). This web-based software application is available for use by state securities examiners to conduct examinations of state-registered investment advisers and broker-dealers within their jurisdictions.
“This updated resource enables NASAA to deliver a product to state securities examiners that will enhance the effectiveness of their examinations of broker-dealers and investment advisers,” said Christopher W. Gerold, NASAA President and Chief of the New Jersey Bureau of Securities. “Our new system will help securities regulators to quickly identify and address compliance trends to better protect investors.”
The application’s new and robust data generation and reporting capability will assist NASAA in assessing the health of the industry, formulating policy initiatives, and publishing examination priorities.
Launched initially in 2010, the NEMO software application allows state securities examiners to conduct BD and IA examinations in a secure, digital environment and allows statistical reporting. The application has proven to be a significant enhancement toward improving efficiencies for state securities examiners.
“I would like to recognize the members of NASAA’s NEMO Training and Support Committee, Investment Adviser Operations Project Group, Broker-Dealer NEMO Operations Project Group and the many volunteers who provided their feedback regarding the system’s design,” Gerold said.
The NEMO application is part of an ongoing initiative by NASAA to make greater use of technology to improve efficiencies for regulators and others. For example, earlier this year, NASAA expanded the functionality of its Electronic Filing Database (EFD) to accommodate the submission of Form NF-UIT notice filings for unit investment trusts (UITs) to state securities regulators. The EFD system was launched in 2014 and initially used to facilitate the filing of Form D for Regulation D, Rule 506 offerings with state securities regulators and to pay related fees.