Adopted Model Rules, Acts, & Statements of Policy
NASAA adopts model acts, model rules, and statements of policy for potential adoption by NASAA members. There is no material distinction between these three types of documents for non-NASAA members; each type of document represents model statutes, regulations, or regulatory guidance. This page reflects the most current version of each model rule, model act, and statement of policy. In the event that the model rule, model act, or statement of policy that you are looking for is not here, please let us know.
Previous versions of current model rules are available here: Previous Versions - Archive
September 18, 2022
Examination Requirements for Investment Adviser Representatives
September 18, 2022
Examination Requirements for Broker-Dealer Agents
September 18, 2022
Statement of Policy: Peer-to-Peer Lending
September 18, 2022
Statement of Policy: Franchise Questionnaires and Acknowledgments
May 16, 2022
Unethical Business Practices of Investment Advisers, Investment Adviser Representatives, and Federal Covered Advisers
May 16, 2022
Prohibited Conduct of Investment Advisers, Investment Adviser Representatives and Federal Covered Investment Advisers
May 16, 2022
Unpaid Arbitration Awards
May 17, 2021
NASAA Model Legislation to Create a Restitution Assistance Fund for Victims of Securities Violations
November 24, 2020
Investment Adviser Written Policies and Procedures
November 24, 2020
Investment Adviser Representative Continuing Education
August 31, 2020
Model Whistleblower Award and Protection Act
May 19, 2019
Investment Adviser Information Security and Privacy
May 19, 2019
Transactional Exemption From Registration for Secondary Sales of Securities Offered Under Tier 2 of Regulation A
May 6, 2018
Statement of Policy: Unsound Financial Condition
May 6, 2018
Statement of Policy: Underwriting and Selling Expenses, Underwriter’s Warrants and Selling Security Holders
September 11, 2016
Notice Filing Requirement for Federal Crowdfunding Offerings
September 11, 2016
Statement of Policy: Unequal Voting Rights
September 11, 2016
Statement of Policy: Specificity in Use of Proceeds
September 11, 2016
Statement of Policy: Promoters’ Equity Investments
September 11, 2016
Statement of Policy: Preferred Stock
January 22, 2016
NASAA Model Legislation or Regulation to Protect Vulnerable Adults from Financial Exploitation
September 29, 2015
Registration Exemption for Merger & Acquisition Brokers
April 13, 2015
Business Continuity and Succession Planning
September 16, 2014
Electronic Filing Depository (EFD) Implementation
September 16, 2014
Statement of Policy: Franchise Multi-Unit Commentary
October 8, 2013
Registration Exemption for Investment Advisers to Private Funds
April 15, 2013
Custody Requirements for Investment Advisers
April 15, 2013
Contents of Investment Advisory Contract (Contains Performance-Based Compensation Exemption for Investment Advisers)
September 9, 2012
Model Franchise Exemptions
May 6, 2012
Statement of Policy: Equipment Programs
September 11, 2011
Brochure Requirements for Investment Advisers
September 11, 2011
Minimum Financial Requirements for Investment Advisers
September 20, 2009
Statement of Policy: Uniform Franchise Delivery Requirements
April 27, 2009
Statement: Multi-State Review of Requests for Interpretive Opinions and No-Action Letters
September 17, 2008
Examination Requirements for Investment Advisers and Investment Adviser Representatives
March 31, 2008
Statement of Policy: Promotional Shares
March 31, 2008
Statement of Policy: Impoundment of Proceeds
March 31, 2008
Statement of Policy: Options and Warrants
May 7, 2007
Statement of Policy: Omnibus Guidelines
May 7, 2007
Statement of Policy: Real Estate Programs
May 7, 2007
Statement of Policy: Mortgage Program Guidelines
September 11, 2005
Financial Reporting Requirements for Investment Advisers
July 1, 2005
Multi-Jurisdictional Disclosure System
October 2, 2004
Secondary Trading Exemption for Qualifying Canadian Securities
October 2, 2004
Statement of Policy: Guidelines for Cover Legends
April 18, 2004
Statement of Policy: Church Extension Fund Securities
October 1, 2002
Guidelines Regarding Viatical Investments
April 14, 2002
Statement of Policy: Church Bonds – Cross Reference Sheet
April 14, 2002
Statement of Policy: Church Bonds
September 9, 2001
Statement of Policy: Risk Disclosure Guidelines
September 9, 2001
Statement of Policy: Franchise Advertising on the Internet
September 16, 2000
Withdrawal from Registration of Investment Advisers and Investment Adviser Representatives
September 16, 2000
Notice Filing Requirements for Federal Covered Advisers
September 16, 2000
Electronic Filing Requirements for Investment Advisers (IARD)
September 16, 2000
IARD Implementation
September 16, 2000
Registration Requirements for Investment Advisers
September 6, 2000
Registration Requirements for Investment Adviser Representatives
October 6, 1998
Sales of Securities at Financial Institutions
May 3, 1998
Definition of Investment Adviser Representative
April 27, 1997
Late Fee Payment Remedies for Investment Advisers
April 27, 1997
Statement of Policy: Model Accredited Investor Exemption
September 10, 1996
Statement of Policy: World Class Foreign Issuer Exemption
January 7, 1996
Statement of Policy: NASAA Resolution on Internet Offers
April 25, 1993
Statement of Policy: Debt Securities
August 30, 1990
Model Franchise Investment Act
April 29, 1989
Uniform Limited Offering Exemption
April 29, 1989
Statement of Policy: NASAA Resolution Declaring Blank Check Blind Pool Offerings to be Fraudulent Practices
April 25, 1989
Statement of Policy: Internationalization of Securities
April 22, 1988
Model [State] Control Share Act
September 3, 1987
Transactions Deemed not to be Assignments Under Section 102(c)(2) of the 1956 Uniform Securities Act
September 3, 1987
Principal Transaction Exemption from Section 102(a)(3) of the 1956 Uniform Securities Act for Certain Broker-Dealers
September 3, 1987
Agency Cross Transactions by Investment Advisers Under Section 102(a)(3) of the 1956 Uniform Securities Act
April 5, 1985
Model State Commodity Code
May 15, 1984
Model Business Opportunity Sales Act
October 14, 1981
Uniform Take-Over Act
September 22, 1976
