April 1996
Journal of Financial Planning;Apr96, Vol. 9 Issue 2, p94
Academic Journal
This article focuses on proposals made by Financial/Investment Advisers Committee of the North American Securities Administrators Association Inc. (NASAA) about uniformity in regulations for minimizing registration requirements. For many years on Capitol Hill, the dreaded 'P' word (as in "preemption") was never mentioned in politically correct circles. To state securities regulators, the word was not only pejorative, but was tantamount to a declaration of war on states' rights. In July 1995, however, the preemption issue arose from the legislative crypt in the form of a proposal by Jack Fields, a Texas congressman from Houston. For members of the Institute of Certified Financial Planners who have traditionally worked closely with their state securities regulators in the development of such laws, Congressman Fields' legislation was compelling in terms of providing uniformity under the 1940 Investment Adviser Act. NASAA members are increasingly looking at ways of developing more uniformity, both in their model amendments, and in regulation that can be done without legislative review.


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