— Ch. 1 · Founding And Early History —
North American Securities Administrators Association.
~2 min read · Ch. 1 of 6
The North American Securities Administrators Association began its work in Kansas during 1919. This organization stands as the oldest international investor protection entity still operating today. State securities administrators gathered to protect consumers who purchased securities or investment advice. They formed a collective voice for state agencies responsible for efficient capital formation. The group grew from these early meetings into a broad network across borders.
Membership And Jurisdictional Scope
Sixty-seven administrators now represent territories, districts, and states within the United States. Members also include officials from Mexico and provinces of Canada. These individuals hold responsibility for protecting consumers who buy securities or receive investment advice. Their jurisdiction extends to many issuers and intermediaries offering products to the public. NASAA serves as the primary voice for these diverse state securities agencies.Regulatory Enforcement Actions
Members participate in multi-state enforcement actions against investment fraud schemes. Information sharing occurs regularly between different agency staff members. The association issued frequent warnings regarding specific types of investment fraud. One notable effort involved naked short selling litigation aimed at the Depository Trust & Clearing Corporation. Tax advantages of college plans received focused attention through public education campaigns.Examination And Training Programs
The Uniform Securities Agent State Law Exam is written by NASAA itself. This test is administered by FINRA rather than the association directly. Staff education initiatives cover state, district, provincial, and territorial securities agency personnel. Training programs and seminars help maintain professional standards across all member regions. These efforts ensure consistent application of securities laws throughout North America.Capital Formation Review Process