State Issues: Model Uniform Securities Act
Last Updated: June 9, 2008
Overview:
The securities industry is regulated at both the federal and state levels. The National Conference of Commissioners on Uniform State Laws (NCCUSL) adopted the Model Uniform Standards Act of 2002 after a four-year drafting process. The Act "is an effort to give states regulatory and enforcement authority that minimizes duplication of regulatory resources and that blends with federal regulation and enforcement in a more efficient system for investor protection." It is intended to replace the Uniform Securities Act of 1956, which was adopted in 37 jurisdictions, and the Uniform Securities Act of 1985, which was adopted in only 6 states.
Position:
SIFMA strongly urges states to adopt NCCUSL's Model Uniform Securities Act of 2002.
Status:
On May 12, 2008, the Governor of Georgia signed the Uniform Securities Act, which will go into effect on July 1, 2009.
On March 27, 2008, Wisconsin Governor Jim Doyle signed SB 483, which will go into effect on January 1, 2009.
Other states which have adopted the USA include:
Hawaii |
Idaho |
Oklahoma |
South Carolina |
