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March 09, 2017 at 05:25 AM
The North American Securities Administrators Association has announced its policy recommendations for the 115th Congress to consider as part of its efforts to better protect the public against investment fraud, ensure honest and transparent markets and facilitate responsible capital formation for even the smallest of companies, without undermining investor protection.
As the securities regulators closest to Main Street investors, as well as many startup and small businesses, NASAA members have a unique perspective on national policy issues. This perspective helped frame our legislative priorities for the 115th Congress.
NASAA will advocate for, and support, legislation introduced in the 115th Congress designed to:
- Preserve and promote protections for retail investors;
- Strengthen laws to prevent financial exploitation of America’s growing senior population;
- Protect the integrity of securities markets;
- Enhance collaboration between securities regulators; and
- Maintain state authority to act as laboratories to grow jobs through capital formation.
State securities regulators encourage Congress and the administration to promote financial regulatory policies that hold true to our shared responsibility to look out for investors and preserve the integrity of our capital markets.
For example, Congress can help preserve and promote protections for retail investors by providing for a fiduciary standard for broker-dealers consistent with the standard for investment advisors; ensuring regulators’ independence and ability to take timely action; maintaining federal rules that disqualify felons and other “bad actors” from private offerings; and exploring possible reforms to improve oversight of the private placement market, including Regulation D, Rule 506 offerings.
Congress should also take steps to strengthen the SEC’s oversight program for federally registered investment advisors (RIAs).
We also encourage Congress to strengthen laws to prevent the financial exploitation of America’s growing senior population. Specifically, we recommend that Congress promptly pass the bipartisan SeniorSafe Act of 2017, which will remove barriers for financial services professionals to report suspected senior financial exploitation to state regulators and other appropriate governmental authorities.
We also call upon Congress to establish a federal grant program to support state efforts to protect seniors from financial exploitation, and to initiate a study by the Government Accountability Office to identify the true economic costs and overall impact of senior financial exploitation.
