cited a November 2003 California case in which five family members were arrested for defrauding evangelical Christians of $160 million in three years.
Prior to NASAA
's proposed statement of policy, the Federal Trade Commission (FTC) issued a notice of proposed rulemaking (NPR), which included proposed instructions for electronic delivery.
offers a short animated video to help investors understand the risks associated with ICOs and cryptocurrencies.
Borg told state securities regulators at their annual meeting that he is also "encouraged by the industry's response" to the NASAA
Model Fee Disclosure Schedule, with several broker-dealers recently joining the "growing list" of BDs using a fee schedule based on a model developed by NASAA
's Model Fee Disclosure Working Group to enhance disclosure to investors.
Borg, who for the past year has been serving as NASAA
's president-elect, said in a Tuesday speech at NASAA
's annual conference in Seattle that while enforcement against fraud is "the heart" of state securities regulators' work, "there are unresolved matters on our table that we need to address, including unpaid arbitration awards."
In September 2014, NASAA
reported that 62 percent of state-registered investment advisor firms participating in a NASAA
pilot survey had undergone a cybersecurity risk assessment, and 77 percent had established policies and procedures related to technology or cybersecurity.
president, Abshure was particularly vocal in calling on the Securities & Exchange Commission to adopt new regulations limiting contracts that require disgruntled investors to take their disputes to FINRA for arbitration.
The North American Securities Administrators Association (NASAA
) has launched an online resource at nasaa
.org to help investment advisors switch from federal to state regulation.
"This is an important issue on which we've been closely collaborating with NASAA
[the North American Securities Administrators Association, Inc.] and our state securities regulatory counterparts.
O'Neill allegedly generated commissions for himself and the firm through the illegal trades "that transformed mostly conservative retirement investments into risky portfolios," NASAA
), Franchise and Business Opportunity Project Group issued a request for public comments regarding a proposed statement of policy regarding electronic delivery of franchise disclosure documents (the Electronic Delivery Proposal).
represents state securities agencies and collaborated with the SEC to establish the new system.