The North American Securities Administrators Association is calling on the U.S. Congress to strengthen investor protection, restore state authority in certain areas, and require greater transparency and accountability from the financial services industry and government.

NASAA’s legislative agenda calls for:

> increasing the transparency of derivative instruments;

> authorizing the regulation of hedge funds;

> imposing the fiduciary standard to all investment professionals;

> strengthening the regulation of short sale transactions;

> updating and strengthening the accredited investor definition;

> eliminating conflicts within credit rating agencies;

> enhancing congressional review and increasing the transparency of regulatory initiatives that impact investors; and

> removing hurdles facing private plaintiffs who seek damages for securities fraud.

It is also seeking restoration of the regulatory authority of state securities regulators in various areas that has been removed in recent years through regulatory, judicial and legislative initiatives.

“Our agenda focuses on the legislative changes that are most relevant to the millions of Main Street Americans who look to Wall Street, regulators and lawmakers to help them build and safeguard their financial security,” said NASAA president and Colorado securities commissioner Fred Joseph. “With so much at stake, NASAA’s top legislative priority is to protect investors by preserving state securities regulatory authority over those who offer investment advice and sell securities.”

“NASAA is committed to working with the Obama Administration and the 111th Congress to ensure that the nation’s financial services regulatory regime undergoes the important changes that are necessary to enhance Main Street investor protection, which state securities regulators have provided for nearly 100 years,” Joseph said.

IE