• The North American Securities Administrators Association (NASAA) is the oldest international organization of securities regulators (founded 1919). Its membership includes state, provincial and territorial securities administrators across the U.S., Canada, Mexico and U.S. territories.
– NASAA’s mission is investor protection and market integrity through education, investigations, enforcement coordination, model rules, and licensing examinations (it administers the Series 63, 65 and 66 exams).
– Investors and small issuers benefit from NASAA’s resources, complaint processes, and regulatory coordination—but state/provincial regulators, the SEC and self‑regulatory organizations (e.g., FINRA) all play complementary roles.
What is NASAA?
NASAA (North American Securities Administrators Association) is an association of securities regulators whose members are the state, provincial and territorial securities administrators throughout North America. NASAA members license and oversee broker‑dealers and investment advisers, register certain securities offerings, investigate alleged violations of state/provincial securities laws, bring enforcement actions, and provide investor education and outreach. Founded in 1919, NASAA serves as a forum for coordination among its members and provides model rules, policy recommendations, and professional exams for licensing financial professionals. (Sources: Investopedia; NASAA.)
How NASAA fits into the regulatory framework
– State/provincial regulators (NASAA members): license and examine firms and individuals under state/provincial law; register many securities offerings (especially those involving local/small issuers); pursue enforcement under local laws.
– Federal regulators (SEC): regulate federal securities laws, large or interstate offerings, and conduct oversight of national markets and large institutions.
– Self‑regulatory organizations (e.g., FINRA): regulate broker‑dealer firms and brokers in areas delegated by statute or contract.
NASAA coordinates state/local enforcement, develops model rules, and fills gaps by focusing on investor protection at the local level.
NASAA’s core roles and activities
– Investor protection and education: publishes alerts, red flags, fraud warnings, and contact directories for local regulators.
– Enforcement coordination: helps members investigate cross‑border frauds and coordinate multi‑jurisdictional actions.
– Policy and model rules: develops model state/provincial rules and best practices to harmonize regulation.
– Licensing exams: administers the Series 63 (Uniform Securities Agent State Law Exam), Series 65 (Uniform Investment Adviser Law Exam), and Series 66 (combines 63 & 65 topics) in coordination with testing authorities—these exams are prerequisites in most states for agents/advisers. (See NASAA Exam FAQs.)
– Support for small issuers and compliance: provides guidance to small businesses and state regulators about raising capital and complying with local securities law.
Practical steps for investors
1. Verify registration and licensing
• Ask for the professional’s name, firm, CRD (Central Registration Depository) number, and the state(s) where they are registered.
• Check registration and disciplinary history with your state securities regulator (a NASAA member) and with FINRA BrokerCheck for brokers.
2. Recognize common red flags
• High‑pressure sales tactics, promises of high returns with low/no risk, requests for secrecy, unclear or complex structures, unsolicited offers, and demands for up‑front fees.
• Use NASAA’s investor alerts and red flags lists to learn current scams.
3. Conduct due diligence
• Request written disclosures (prospectus, Form ADV for advisers), review fees & conflicts of interest, and compare advice with independent sources.
4. Keep records
• Retain account statements, trade confirmations, emails and written recommendations.
5. If you suspect fraud: document, report, act
• Collect copies of communications and transaction records.
• File a complaint with your state securities regulator (NASAA member). If your broker is a firm under FINRA, also consider FINRA’s dispute resolution resources. For possible federal issues, you can contact the SEC.
• Consider contacting an attorney experienced in securities disputes.
Practical steps for financial professionals and small issuers
1. Determine applicable registration and filing obligations
• Decide whether an offering must be registered at the federal level (SEC) or only at state/provincial level (often for intrastate or small offerings), or whether an exemption applies. State filing requirements vary—consult the relevant state regulator.
2. Prepare required disclosures and documents
• For advisers: maintain and file accurate Form ADV and disclosures; follow state rules on advertising and performance claims.
• For issuers: prepare offering documents, financial statements and material risk disclosures; comply with state anti‑fraud provisions.
3. Maintain compliance systems
• Implement written policies for supervision, recordkeeping, suitability, advertising reviews and cybersecurity; train staff on state law differences.
4. Use state resources and consult counsel
• Contact the appropriate state securities regulator for guidance and use NASAA model rules and publications for best practices. Seek securities counsel for complex or interstate offerings.
How to report a complaint or suspected fraud (step‑by‑step)
1. Gather documentation: account numbers, names, dates, emails, contracts, bank or brokerage statements, receipts.
2. Contact your state/provincial securities regulator: find contact information on NASAA’s “How to Contact Us” or on your state regulator’s website.
3. File a formal complaint: many state regulators offer online complaint forms; include copies of all evidence.
4. If required, notify your firm first (if you believe an internal remedy may help) and consider FINRA arbitration or mediation if the dispute involves a broker.
5. Preserve your civil remedies: consult a securities litigator if significant losses occurred.
Special considerations
– Multiple jurisdictions: If an offering or adviser operates across state/provincial lines, multiple regulators may have jurisdiction—expect coordination among NASAA members, the SEC and FINRA.
– Differences across jurisdictions: State/provincial rules and fee/filing requirements vary—what’s permitted in one state may require registration or disclosure in another.
– Exams and licensing: Most states require the Series 63 for securities agents; the Series 65 and 66 relate to advisers. Check state‑specific requirements before relying on one exam alone.
– NASAA is not itself a regulator: it’s an association that supports and coordinates state/provincial regulators. Complaints and enforcement actions are brought by the local regulator, not by NASAA directly.
Resources and where to learn more
– NASAA official site: — contains investor alerts, complaint forms, contact lists for state/provincial regulators, and publications (see pages titled “Our Role,” “Our Story,” and “Exam FAQs”).
– Investopedia overview of NASAA: — concise background on NASAA’s mission and functions.
– FINRA BrokerCheck (for broker/dealer and broker history):
– U.S. SEC Investor Education pages:
When to seek professional help
– If your loss is material, you suspect criminal wrongdoing, or you need help collecting evidence and filing claims, consult a securities attorney promptly. Criminal matters may involve law enforcement; regulatory enforcement can lead to civil remedies or restitution.
References
– Investopedia. “North American Securities Administrators Association (NASAA).”
– North American Securities Administrators Association (NASAA). — see pages “Our Role,” “Our Story,” “Exam FAQs,” and investor resources.
– Look up the contact link for your specific state/province regulator and provide the exact complaint form URL; or
– Provide a printable checklist you can use when vetting an adviser or filing a complaint.