The North American Securities Administrators Association has withdrawn its long-held support for the creation of a U.S. self-regulatory organization for investment advisers.
NASAA’s membership has approved a resolution scrapping its support for an SRO for IAs at a meeting in Washington during the weekend. The move repeals a resolution it made back in 1989 in support of such a body.
It noted that move comes after it has seen improvements to the regulation of IAs. Notably, the U.S. Congress has enacted legislation dividing investment adviser registration responsibility between the U.S. Securities and Exchange Commission and the states.
The states and the SEC now jointly operate the Investment Adviser Registration Depository; and, NASAA says the states and the SEC have made progress in achieving uniformity of investment adviser registration.
Support for U.S. advisors’ SRO withdrawn
Securities administrators group sees improvements in regulating IAs
- By: IE Staff
- April 9, 2003 April 9, 2003
- 15:45
IE Staff