# kaal:claim:2337268-026

**Claim.** 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.

**Type.** definitional  **Support.** asserted

**Holds when.**

- federal and state allocation of adviser oversight after 1996

**Source quote.**

> 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, page 17

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

**Verify.** sha256 of source PDF `7075ce35282a8ee75b81ae3dec0e19f68631beae7f3c3a00ab2827538dc9e302` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202013%20-%20Investment%20Adviser%20Regulation.pdf

**Topics.** securities-law

**Keywords.** nsmia, blue-sky-laws, federal-state-allocation, adviser-size-thresholds

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