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NASAA Overview

Sen. Jon Tester (D-MT), then-chair of the Senate Banking
Committees Securities, Insurance, and Investment Subcommittee,
greets then-NASAA Deputy General Counsel Rick Fleming following his In testimony before a House subcommittee, A.
testimony about NASAAs multi-state coordinated review program as Heath Abshure, then-NASAA President, urges
NASAA Executive Director Russ Iuculano and Deputy Policy Director Congress to take a balanced approach to
Anya Coverman look on. legislative proposals to boost capital formation as
NASAA Policy Director Mike Canning looks on.

Legal & Regulatory Affairs NASAA Legal Briefs | 2013

Troughout 2013, NASAAs legal department focused primarily
on providing expert commentary on JOBS Act and Dodd-Frank • FINRA Department of Enforcement v. Charles
Schwab & Company, Inc.
Act implementation and other issues, including comment letters:
• Favoring several proposed improvements to Regulation D,
Form D and rule 156; NASAAs brief to the National Adjudicatory Council
• Supporting FINRAs eforts to eliminate duplicative argues that a FINRA hearing panel erred by refusing to
NASD, FINRA and NYSE rules and guidance regarding enforce FINRA rules prohibiting the use of class action
supervision, but advocating for stronger rules related to waivers in customer agreements.
supervision of non-securities business lines; May 8, 2013
• Supporting the extension of the fduciary duty standard of
care to broker-dealers through a uniform fduciary standard • State of New York v. Greenberg
of conduct no less stringent than that imposed in the
Investment Advisers Act of 1940; NASAAs brief to the New York Court of Appeals
• Encouraging the SEC to use its Dodd-Frank authority to argues that the New York Attorney General is not
prevent the use of class-action waivers by broker-dealers preempted by NSMIA or SLUSA from pursuing an
and ban the use of mandatory pre-dispute arbitration enforcement action that includes a claim for money
agreements; and damages based on harms to investors.
• Urging the SEC to harmonize to the fullest extent possible January 31, 2013
the federal and state requirements for Regulation A
oferings as called for by the JOBS Act.

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