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NASAA Overview

The primary mission of NASAA is to represent and serve its members through advocacy,
education, subject-matter expertise, communication and coordination as they protect
investors from fraud and abuse. Through 2013 and into 2014, NASAA and its members worked
collaboratively to advance our common goal of providing a regulatory environment that works
efficiently for small businesses seeking to raise investment capital without sacrificing important
protections for investors.

Government Affairs NASAA Testimony | 2013

Much of NASAAs government afairs agenda has focused • The Federal Arbitration Act and Access to Justice:
on issues afecting NASAA members throughout the 113th Will Recent Supreme Court Decisions Undermine
Congress. the Rights of Consumers, Workers, and Small
Businesses?
Tese primary issues include:
• the preservation of state oversight in reviewing small Mike Rothman, NASAA Board Member
business oferings under Regulation A Plus; Minnesota Commerce Commissioner
• improving the fairness of the securities arbitration Senate Judiciary Committee hearing; written
process, including the introduction of legislation aimed at statement for the record
prohibiting the use of mandatory pre-dispute securities December 17, 2013
arbitration agreements by broker-dealers and investment
advisers; • The JOBS Act at a Year and a Half: Assessing
• improving the examination frequency of federally- Progress and Unmet Opportunities
registered investment advisers, including the introduction
of legislation intended to improve the examination Rick Fleming, then NASAA Deputy General Counsel
frequency of federally registered investment advisers; Senate Banking Subcommittee on Securities,
• establishment of a uniform fduciary duty standard for Investment and Insurance
broker-dealers and their agents; and October 30, 2013
• monitoring and providing recommendations on recent
state legislative eforts to adopt state crowdfunding • Legislation to Further Reduce Impediments to Capital
exemptions. Formation

Other areas of activity include: A. Heath Abshure, Past NASAA President
• Dodd-Frank Act and JOBS Act implementation; Arkansas Securities Commissioner
• monitoring the development of various new capital House Financial Services Subcommittee on Capital
formation proposals in the House of Representatives, Markets and Government Sponsored Enterprises
sometimes collectively referred to as JOBS Act 2.0; October 23, 2013
• supporting full funding for the Securities and Exchange
NASAA Deputy
Commission; Director of Policy
• opposition to unreasonably burdensome cost-beneft Anya Coverman
analysis requirements; discusses
mandatory pre-
• outreach regarding abuse of senior designations; and
dispute securities
• monitoring and providing recommendations on recent arbitration during
federal and state legislative eforts to enact social media a briefing for
privacy legislation with the potential to negatively impact Congressional
staff.
investment adviser and broker dealer compliance.

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