survey, "Investor Confusion About Brokerage Service & Maintenance Fees," can be found online: www.
In September 2014, NASAA
reported that 62 percent of state-registered investment advisor firms participating in a NASAA
pilot survey had undergone a cybersecurity risk assessment, and 77 percent had established policies and procedures related to technology or cybersecurity.
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It also concluded that (regardless of what Abshure may or may not have hoped) directing the donations to NASAA
did not confer any undue benefit on the securities commissioner.
Whether such legislation is actually based on the model rules of the NASAA
or the NAIC, it's really the thought that counts, said Wisconsin Securities Administrator Patricia Struck, who is chair of NASAA
's Investment Adviser Section and one of its former presidents.
We want to help regulators and investors understand the day-trading industry and the problems we found with it,'' said NASAA
spokesman Marc Beauchamp.
resolution states: "Blankcheck, blind-pool offerings are inherently defective because of failure to disclose material facts concerning the offering and issuer, and such offerings have been the subject of pervasive, recurrent, abusive and fraudulent practices in the sale of securities, including but not limited to manipulation of the price of such securities, sales of securities at prices not reasonably related to the fair value of such securities, and fraudulent representations concerning the business plans and purposes of the issuers.
In the Stephens version, Abshure offered to settle the case of the exchange-traded funds in exchange for a $20,000 donation to NASAA
or to Economic Arkansas, another nonprofit on whose board Abshure sits.
Voss said the NASD and NASAA
also willingly worked with her division.
If you find out that they're not registered, or if they're hesitant to give you their CRD or investment adviser number, that should set off alarm bells, says Bob Webster, a spokesperson for NASAA
A statement of policy issued by NASAA
is essentially a recommendation to the states.
From 2005 to 2007, he was the chair of the Investment Adviser Section of NASAA