CHARLESTON (January 6, 2003) – State securities regulators at a special meeting of the North American Securities Administrators Association (NASAA), Saturday, endorsed the new Uniform Securities Act (2002). The new Act modernizes the Uniform Securities Act of 1956 and conforms state law to recent amendments in federal securities laws.
The USA 2002 provides state securities regulators with substantial tools to protect investors, promotes uniformity among the states, and addresses recent technological innovations. NASAA President Christine Bruenn said, “This new Act promotes both investor protection and uniformity, and creates an opportunity for the majority of states to adopt an investor friendly uniform securities law. This would be a benefit to investors, regulators and financial services providers.”
A key component of the resolution was recognition that as an organization NASAA will encourage its members to seek uniformity of state securities laws but with an acknowledgement that its members “may have local provisions important to investor protection in their jurisdictions.” NASAA recognizes there are several paths to achieve uniformity, and as a membership organization, NASAA will respect those members with current strong statutes containing unique tools for investor protection.
NASAA worked closely with the National Conference of Commissioners on Uniform State Laws (NCCUSL) and industry advisory groups at all stages of the drafting and adoption process. Notably, NASAA specifically endorsed language in the Act which would classify variable insurance products as securities.
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