*Letters

NASAA Letter on Changes to the Investment Advisers Act of 1940

Published on:
February 28, 1997

The Investment Adviser Committee of the Securities Industry Association (SIA)* provides comments to the Securities and Exchange Commission (SEC) on a North American Securities Administrators Association, Inc. (NASAA) letter regarding rules implementing amendments to the Investment Advisers Act of 1940, Release No. IA-1601, File No. S7-31-96.  In their letter, NASAA contends that the SEC’s rule proposals exceed the statutory mandate given to the SEC under the National Securities Markets Improvement Act of 1996 (NSMIA).  SIA believes the NASAA’s contentions are incorrect and threaten to undermine the effectiveness of NSMIA.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.

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