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Legal Briefs

NASAA plays an important role in representing the membership’s position, including as amicus curiae, in significant legal proceedings that may have a widespread impact upon securities regulators and the rights of investors.

An index of all NASAA legal briefs is below.

April 12, 2023

NASAA amicus curiae brief in support of the Massachusetts Securities Division’s authority to promulgate regulations establishing a fiduciary conduct standard for broker-dealers and their agents (on appeal to Supreme Judicial Court).

July 7, 2022

NASAA amicus curiae brief in support of the Michigan Corporations, Securities & Commercial Licensing Bureau’s adoption of the Reves family resemblance test for promissory notes.

September 15, 2021

NASAA amicus curiae brief in support of the Massachusetts Securities Division’s authority to promulgate regulations establishing a fiduciary conduct standard for broker-dealers and their agents.

July 30, 2021

NASAA amicus curiae brief in support of the Missouri Securities Division’s administrative enforcement authority

July 2, 2021

NASAA amicus curiae brief in support of the Colorado Securities Commissioner regarding the application of the Williamson factors and economic realities review

June 24, 2021

NASAA amicus curiae brief in support of the Virginia Division of Securities & Retail Franchising, opposing confirmation of arbitrators’ expungement recommendations

June 11, 2021

NASAA Amicus in Support of Stay of Robinhood’s Declaratory Judgment Action Against Massachusetts

April 30, 2021

NASAA amicus curiae brief in support of the Saint Lucie County Fire District Firefighters’ Pension Trust arguing for robust disclosures and flexible interpretations of the Securities Act

March 3, 2021

NASAA amicus curiae brief in support of lead plaintiffs Arkansas Teacher Retirement System and arguing for the continued vitality of private class actions as an important component of ensuring compliance with the securities laws.

August 19, 2020

NASAA amicus brief in support of the People of the State of Colorado regarding the appropriate interpretation of the Howey test under the Colorado Securities Act