NASAA (North American Securities Administrators Association)
NASAA is the organization representing state and provincial securities regulators in the US, Canada, and Mexico, responsible for investor protection and coordinating state securities laws.
Exam Tip
NASAA = state regulators association. Creates Series 63/65/66 exam content. Blue Sky Laws = state securities laws!
What is NASAA?
NASAA (North American Securities Administrators Association) is the oldest international investor protection organization, representing state, provincial, and territorial securities regulators. It coordinates regulatory efforts across North America.
NASAA's Role
| Function | Description |
|---|---|
| Coordination | Harmonize state securities laws |
| Model Rules | Develop uniform regulations |
| Investor Education | Public awareness programs |
| Enforcement Support | Coordinate multi-state actions |
NASAA Membership
| Region | Members |
|---|---|
| United States | All 50 states + DC, PR, USVI |
| Canada | 13 provincial/territorial regulators |
| Mexico | National Banking and Securities Commission |
Key NASAA Initiatives
| Initiative | Purpose |
|---|---|
| Uniform Securities Act | Model state securities legislation |
| Statement of Policy | Guidance on specific issues |
| Investment Adviser Model Rules | Standards for state-registered IAs |
| Coordinated Examinations | Multi-state enforcement actions |
NASAA vs. SEC vs. FINRA
| Organization | Level | Focus |
|---|---|---|
| SEC | Federal | Federal securities laws |
| FINRA | SRO | Broker-dealer regulation |
| NASAA | State | State securities laws (Blue Sky) |
| State Regulators | State | Enforce state laws |
Blue Sky Laws
State securities laws are called "Blue Sky Laws":
- Originated to protect investors from "speculative schemes with no more substance than so many feet of blue sky"
- Each state has its own administrator
- NASAA coordinates uniformity
Series 63, 65, 66 Exams
NASAA develops content outlines for:
| Exam | Purpose |
|---|---|
| Series 63 | Uniform Securities Agent State Law |
| Series 65 | Uniform Investment Adviser Law |
| Series 66 | Combined 63 + 65 state law |
State Securities Administrator Powers
| Power | Description |
|---|---|
| Registration | Approve/deny securities registration |
| Licensing | License agents, IAs, broker-dealers |
| Enforcement | Investigate and penalize violations |
| Rulemaking | Create state-specific regulations |
Study This Term In
Related Terms
Blue Sky Laws
SecuritiesBlue sky laws are state-level securities regulations designed to protect investors from fraud, requiring registration of securities offerings and brokers within each state.
FINRA
GeneralFINRA (Financial Industry Regulatory Authority) is a self-regulatory organization that oversees broker-dealers and their registered representatives, administering qualification exams and enforcing securities rules.
SEC (Securities and Exchange Commission)
GeneralThe SEC is the U.S. federal agency responsible for enforcing securities laws, regulating securities markets, and protecting investors from fraud and market manipulation.