National Securities Markets Improvement Act of 1996

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National Securities Markets Improvement Act of 1996

Legislation in the United States that exempted many securities, notably those nationally registered, from state registration and regulation. The Act was intended to streamline the process of registering and offering new issues of securities, which was thought to spur investment. See also: Deregulation.
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Irwin said Congress created a similar investor trap in 1996 with the passage of the National Securities Markets Improvement Act (NSMIA), which prohibited states from reviewing private offerings made under SEC Regulation D Rule 506 before they were sold to the public.
The SEC is required under the National Securities Markets Improvement Act of 1996 (HR 3005) to examine alternatives that would further privatize EDGAR.

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