Читать книгу The Investment Advisor Body of Knowledge + Test Bank - IMCA - Страница 24

Each state has its own state security administrator responsible for regulating the securities industry in that state. The state security administrator also can register securities offered or sold in their state and oversee the firms and individuals selling securities or providing investment advice to their citizens.

Although similar in scope to the SEC, investment advisors managing less than $100 million must register and file Form ADV with the state securities agency in their principal location.

The National Securities Markets Improvement Act of 1996 amended the Securities Act of 1933 to exempt securities traded nationwide and registered with the SEC from registering with a state individually. Each state's securities law or “blue sky laws,” a name taken from a fraudulent rainmaking scheme against drought-stricken farmers, still provide the state with the authority to prosecute over securities fraud.

The North American Securities Administrators Association (NASAA) is the membership organization for each state's securities administrator as well as for U.S. territories, Canada, and Mexico.