Denise Voight Crawford, the Commissioner of the Texas State Securities Board, was installed as the new president of NASAA (The North American Securities Administrators Association) recently. In her presidential speech given September 15th at NASAA's annual conference, Ms. Crawford outlined an ambitious plan and priorities for the organization. The full text of her speech can be found here.
Highlights from NASAA' agenda for the coming year include:
* Adoption of a fiduciary standard to all financial advisors - both investment advisors and registered reps. from broker-dealers.
*Expansion of state regulation of investment advisers - NASAA supports increasing the threshold for SEC regulation to $100 Million from $25 Million.
* Reinstatement of state oversight of all Rule 506 offerings.
* Ending mandatory industry-run arbitration for investor disputes.
* Streamlining the broker-dealer registration process.
