State Issues: State Registration Exemptions
Last Updated: August 14, 2008
Overview:
In an effort to provide better coordination between federal and state securities regulation, the National Conference of Commissioners on Uniform State Laws (NCCUSL) adopted the Model Uniform Securities Act of 2002 (USA) in August 2002. Three specific secondary market transaction exemptions included in the USA are vital to accommodate the modernization of the securities industry.
Position:
SIFMA strongly urges states to adopt NCCUSL's Model Uniform Securities Act of 2002. For states that are looking for smaller legislative initiatives, SIFMA encourages them to adopt three specific secondary market transaction exemptions (non-issuer transactions) that are in the Model Act. These exemptions modernize state securities laws to take into consideration accounts that are managed by federal covered investment advisers. These exemptions also provide the industry with the ability to diversify client portfolios without compromising investor protection.
Status:
Tennessee adopted these three exemptions in 2007. SIFMA is working to identify other states that do not currently have the exemptions in place but may be interested in obtaining them.
