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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.

November 24, 2015

NASAA amicus brief filed in the appellate court of Illinois Fourth Judicial District supporting the Illinois Securities Division by arguing that the lower court correctly found that an investment adviser violated the anti-fraud provisions of the Illinois Securities Act when he “switched” his clients equity-indexed annuities.

October 30, 2015

NASAA amicus brief filed in the U.S. Supreme Court in Merrill Lynch v. Manning arguing the petitioners’ interpretation of Section 27 of Securities Exchange Act of 1934 ignores traditional federal question jurisprudence.

October 8, 2015

NASAA amicus brief filed in the Pennsylvania Superior Court supporting the Delaware Attorney General’s appeal opposing the confirmation of an arbitration award recommending expungement.

September 2, 2015

NASAA amicus curia brief filed in the U.S. Court of Appeals for the District of Columbia Circuit in Lindeen v. SEC supporting Montana and Massachusetts’ Petition for Review of the SEC Regulation A Rule.

August 18, 2015

NASAA’s Brief filed in the Puerto Rico Court of Appeals supporting the Puerto Rico Office of the Commissioner of Financial Institutions (“OCIF”) in a dispute regarding the public disclosure of information obtained by OCIF in the course of investigations and examinations.

June 18, 2015

NASAA amicus brief filed in the South Carolina Court of Appeals in Wilson v. Integrated Capital Strategies supporting the South Carolina Securities Commissioner in an appeal regarding the scope of the Commissioner’s subpoena authority.

December 12, 2014

NASAA’s brief filed in the Texas Supreme Court in Life Partners v. Arnold, arguing life settlements are securities under an investment contract analysis.

April 14, 2014

NASAA brief filed with the Colorado Court of Appeals in Rome v. HEI Resources, Inc.

February 5, 2014

NASAA and AARP joint brief to the U.S. Supreme Court in Halliburton and David Lesar v. Erica P. John Fund, Inc.

May 8, 2013

NASAA’s brief to the National Adjudicatory Council in FINRA Department of Enforcement v. Charles Schwab & Company, Inc., arguing that a Hearing Panel erred by refusing to enforce FINRA rules prohibiting the use of class action waivers in customer agreements.