Public Law 104-290
E1014597
Public Law 104-290 is a 1996 U.S. federal statute, known as the National Securities Markets Improvement Act (NSMIA), that reformed securities regulation by reallocating oversight between federal and state authorities.
Statements (47)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
ⓘ
securities law ⓘ |
| alsoKnownAs | NSMIA NERFINISHED ⓘ |
| amends |
Investment Advisers Act of 1940
NERFINISHED
ⓘ
Investment Company Act of 1940 NERFINISHED ⓘ Securities Act of 1933 NERFINISHED ⓘ Securities Exchange Act of 1934 NERFINISHED ⓘ Securities Investor Protection Act of 1970 NERFINISHED ⓘ |
| appliesTo |
covered securities
ⓘ
investment advisers ⓘ investment companies ⓘ |
| codifiedIn | Title 15 of the United States Code NERFINISHED ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| dateSigned | 1996-10-11 ⓘ |
| effect |
reduces duplicative state and federal securities regulation
ⓘ
shifts significant regulatory authority from state securities regulators to the SEC ⓘ |
| enactedBy | 104th United States Congress NERFINISHED ⓘ |
| historicalContext | enacted during a period of financial market deregulation in the 1990s ⓘ |
| jurisdiction | federal ⓘ |
| keyProvision |
allocates primary regulation of investment advisers between the SEC and the states based on assets under management
ⓘ
creates the category of covered securities exempt from most state registration and qualification ⓘ enhances SEC authority over national securities markets ⓘ limits state authority over SEC-registered investment advisers primarily to antifraud enforcement ⓘ preempts certain state securities registration requirements for nationally traded securities ⓘ streamlines regulation of mutual funds and other investment companies at the federal level ⓘ |
| legislativeBody | United States Congress ⓘ |
| officialName | National Securities Markets Improvement Act of 1996 NERFINISHED ⓘ |
| policyGoal |
to create a more uniform national system of securities regulation
ⓘ
to facilitate capital formation by reducing regulatory fragmentation ⓘ |
| primarySubject |
securities markets
ⓘ
securities regulation ⓘ |
| publicLawNumber | 104-290 NERFINISHED ⓘ |
| purpose |
to promote efficiency and capital formation in the U.S. securities markets
ⓘ
to reform securities regulation by reallocating oversight between federal and state authorities ⓘ |
| region |
United States of America
ⓘ
surface form:
United States
|
| regulatorImpacted |
U.S. Securities and Exchange Commission
NERFINISHED
ⓘ
state securities regulators ⓘ |
| shortName | NSMIA NERFINISHED ⓘ |
| signedBy | Bill Clinton ⓘ |
| signingPresident | Bill Clinton NERFINISHED ⓘ |
| statutesAtLargeCitation | 110 Stat. 3416 ⓘ |
| subjectArea |
federal preemption
ⓘ
investment adviser regulation ⓘ investment company regulation ⓘ national securities markets ⓘ |
| typeOfPreemption | field preemption in specified areas of securities registration ⓘ |
| yearEnacted | 1996 ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.