Tuesday, March 5, 2013
NASAA today unveiled its advocacy agenda calling for affirmative Congressional action to promote investor confidence. NASAA actively will seek legislation in four specific areas, including legislation to:
- authorize the SEC’s Office of Compliance Inspections and Examinations to collect user fees from the investment advisers it examines;
- permit reasonable civil recovery for fraud associated with crowdfunding and other small offerings;
- strengthen investor protection provisions weakened by the JOBS Act to minimize the Act’s enormous potential for abuse; and
- empower state regulators to curtail the use of mandatory pre-dispute arbitration clauses in contracts between state-registered investment advisers and their clients.
NASAA also is calling on Congress to investigate opaque market activities, including those of “dark pools,” hedge funds and high-frequency traders.