03.05.25

As SEC Throttles Enforcement, States Finalize Their Own Advisor Standards

by: Evan Simonoff

As the U.S. Securities and Exchange Commission (SEC) halts securities enforcement, the North American Securities Administrators Association (NASAA) is preparing to roll out a regulatory standard of its own to help states better protect investors from financial advisors with conflicts of interest, an NASAA official said. In particular, NASAA wants to stop firms and professionals from using the titles “adviser” or “advisor” unless they are registered as an RIA or investment advisor representative, going beyond what the SEC’s Regulation Best Interest calls for.

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