Regulatory Updates

NASAA Regulatory Updates

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

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, seeking to align state requirements more closely with the SEC Marketing Rule. Public comment period closed August 28, 2025.

State Actions Mar 1, 2025

Texas Adopts Marketing Provisions by Reference to SEC Rules

Texas became the first state to adopt marketing provisions by reference to SEC rules, effective March 2025, streamlining compliance for dual-registered firms operating in the state.

State Actions Jan 1, 2025

Minnesota Cybersecurity Rule Takes Effect for State-Registered RIAs

Minnesota's cybersecurity requirements under Minn. R. 2876.4119 became effective, requiring state-registered investment advisers to maintain written information security policies, conduct risk assessments, and establish incident response plans.

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.

Industry Guidance Oct 5, 2024

NASAA Announces 2025 Coordinated Examination Focus Areas

NASAA announced examination focus areas for 2025, including advertising compliance under existing state rules, cybersecurity preparedness, and senior investor protection practices.

State Actions Sep 15, 2024

IAR Continuing Education Adopted in 24 Jurisdictions

NASAA's investment adviser representative continuing education program has now been adopted by 24 jurisdictions, with Indiana announced for 2027. The program requires 12 credits per year tracked through the IARD system.

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