Regulatory Updates

NASAA Regulatory Updates

Stay current with the latest NASAA regulatory changes, model rule updates, and state action summaries.

Model Rules May 4, 2026

NASAA Adopts IA Advertising Rule Amendments Aligning State Rules with the SEC Marketing Rule

NASAA's membership voted to adopt amendments to four model rules governing state-registered investment adviser advertising, permitting testimonials, endorsements, and certain performance reporting within guardrails modeled on the SEC Marketing Rule. Each state must still adopt the standards before they take effect locally.

Enforcement Oct 16, 2025

NASAA Releases 2025 Enforcement Report

NASAA's 2025 Enforcement Report compiled data from 49 U.S. jurisdictions, reporting 8,833 active investigations and 1,183 enforcement actions, with digital assets, social-media fraud, and "pig-butchering" schemes among the leading investor threats.

Industry Guidance Sep 8, 2025

NASAA 2025 State-Registered IA Report Flags Top Compliance Deficiencies

NASAA's annual report on state-registered investment advisers identified registration failures, improper fee practices, fiduciary-duty lapses, and inadequate written compliance policies and procedures as the most common deficiencies.

Model Rules Sep 8, 2025

NASAA Amends Non-Traded REIT Guidelines to Add Best-Interest Standard and Concentration Limits

NASAA members approved amendments to the Statement of Policy on REITs, adding a best-interest conduct standard for broker-dealer recommendations, requiring concentration limits for non-traded REIT offerings, and updating suitability thresholds for inflation since 2007.

Model Rules Jul 29, 2025

NASAA Seeks Public Comment on Proposed IA Advertising Rule Amendments

NASAA released proposed amendments to state investment adviser advertising rules to align with the SEC Marketing Rule. The public comment period closed August 28, 2025; the amendments were subsequently adopted on May 4, 2026.

Model Rules Apr 7, 2025

NASAA Amends Model Conduct Rule to Incorporate Reg BI and Restrict Misleading "Adviser" Titles

NASAA members adopted amendments to the model broker-dealer conduct rule, incorporating Regulation Best Interest's duty of care for retail recommendations and expressly prohibiting misleading use of the titles "adviser" or "advisor" by broker-dealer agents who are not acting in an advisory capacity.

State Actions Mar 13, 2025

Texas Adopts Marketing Provisions by Reference to SEC Rules

Texas adopted the SEC Marketing Rule by reference via amended 7 TAC §116.15, effective March 13, 2025, streamlining advertising compliance for dual-registered firms operating in the state.

Enforcement Oct 22, 2024

NASAA Releases 2024 Enforcement Report

NASAA published its annual enforcement report covering state securities enforcement actions, highlighting trends in actions against unregistered advisors and crypto-related investment fraud.

State Actions Sep 15, 2024

IAR Continuing Education Adopted in 25 Jurisdictions

NASAA's investment adviser representative continuing education program has now been adopted by 25 jurisdictions (Illinois effective 2026, Indiana 2027). The program requires 12 credits per year (6 Products & Practices, 6 Ethics) tracked through FINRA's CE systems.

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