NASAA Model Rules

NASAA Model Rules

Comprehensive guides to the nine core NASAA model rules that form the foundation of state-level investment adviser regulation.

Marketing Rule

Proposed (TX only)

Standards for advertising and marketing materials used by state-registered investment advisors, including testimonials, endorsements, and performance presentation.

Advertising standards and disclosuresTestimonial and endorsement requirementsPerformance presentation guidelinesSocial media compliance

Custody Rule

12 states confirmed

Requirements for safeguarding client funds and securities, including surprise examinations, qualified custodian standards, and reporting obligations.

Qualified custodian requirementsSurprise examination proceduresAccount statement deliveryReporting obligations

Books & Records

All states (varies)

Record creation, maintenance, and retention requirements for state-registered investment advisors, covering financial records, client documentation, and communications.

Record creation requirementsRetention periods and formatsClient documentation standardsElectronic record-keeping

Ethics

Most states

Code of ethics requirements including personal trading policies, insider trading prevention, gifts and entertainment rules, and conflict of interest management.

Personal trading restrictionsInsider trading preventionGift and entertainment policiesConflict of interest disclosure

Registration

All 51 jurisdictions

Investment adviser registration requirements, qualification standards, renewal procedures, and ongoing reporting obligations at the state level.

Initial registration processQualification examinationsRenewal proceduresOngoing reporting requirements

Continuing Education

24 jurisdictions

Ongoing professional development requirements for investment adviser representatives, including annual credit requirements, approved providers, and ethics training mandates.

Annual CE credit requirementsEthics and regulatory content mandatesApproved provider standardsRecordkeeping and reporting

Written Policies & Procedures

6 states confirmed

Requirements for adopting and implementing written compliance policies reasonably designed to prevent violations of securities laws, including annual review and CCO designation.

Written compliance policiesAnnual adequacy reviewCCO designationRisk-based coverage areas

Information Security

10 states confirmed

Data protection and cybersecurity requirements for investment advisors, covering risk assessments, safeguards, incident response plans, and client breach notification.

Written security policyRisk assessment requirementsIncident response planningVendor due diligence

Brochure Rule

4 states confirmed

Client disclosure requirements including delivery of the firm brochure (Part 2A) and brochure supplements (Part 2B) covering fees, services, conflicts, and disciplinary history.

Firm brochure (Part 2A)Brochure supplements (Part 2B)Initial and annual deliveryMaterial change updates

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