Legal Briefs

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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.

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.

January 31, 2013

NASAA’s brief to the New York Court of Appeals in People of the State of New York v. Greenberg, arguing that the New York Attorney General is not preempted by NSMIA or SLUSA from pursuing an enforcement action that includes a claim for money damages based on harms to investors.

October 12, 2012

NASAA and Maryland Securities Commisioner’s joint brief to the Maryland Court of Appeals in Mathews v. Cassidy Turley, Inc.

March 6, 2012

NASAA’s Memorandum in Support of Jurisdiction to the Ohio Supreme Court in State of Ohio v. Willan, arguing that: (1) a finding of reliance is not required to support a securities fraud conviction; (2) a statement made for the purposes of registering a securities offering is material if a reasonable investor would consider it important in deciding whether to invest; and (3) registration and licensing regulations are to be construed broadly in order to protect the investing public.

February 10, 2012

NASAA’s Memorandum in Opposition to the Defendant’s Motion for Temporary Restraining Order and Permanent Injunction in Mitchell v. Securities America, arguing against a Federal District Court enjoinder of a state enforcement action under the All-Writs Act.

January 9, 2012

NASAA’s brief to the Colorado Supreme Court in Mathers Family Trust, et al. v Cagle, et al.,arguing that public policy and the anti-waiver provision of the Colorado Securities Act preclude the use of a forum selection clause.

November 7, 2011

NASAA’s Brief to the Colorado Court of Appeals in support of a Final Cease and Desist Order in which the Colorado Securities Commissioner refused to apply a rigid presumption that interests in a general partnership are not securities, in favor of a fact-based “economic realities” approach.