kaal:claim:2337268-026

The division of labor in adviser regulation dates to the 1996 National Securities Markets Improvement Act, under which Congress assigned larger investment advisers to the SEC and smaller advisers to the states.

Source quote, verbatim
In 1996, with the enactment of the National Securities Markets Improvement Act (NSMIA), Congress decided that the SEC should regulate larger investment advisers while states would oversee smaller investment advisers.
From

Wulf A. Kaal, Investment Adviser Regulation (2013), 5. Blue Sky Laws, p. 17
https://ssrn.com/abstract=2337268 · source PDF

Cite as

Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268

Holds when
Classification

definitionalsupport: assertedsecurities-law

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