National Securities Markets Improvement Act of 1996
E60563
The National Securities Markets Improvement Act of 1996 is a U.S. federal law that reallocated regulatory authority between federal and state securities regulators to streamline oversight of investment advisers and securities offerings.
Statements (47)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
→
securities regulation law → |
| affects |
federal securities regulators
→
state securities regulators → |
| allocatesAuthorityTo |
U.S. Securities and Exchange Commission
→
|
| amends |
Investment Advisers Act of 1940
→
Investment Company Act of 1940 → Securities Act of 1933 → Securities Exchange Act of 1934 → |
| appliesTo |
large investment advisers
→
public securities offerings → registered investment companies → |
| areaOfLaw |
financial regulation
→
securities regulation → |
| codifiedIn |
Title 15 of the United States Code
→
|
| country |
United States
→
|
| createsConcept |
federal covered advisers
→
federal covered securities → |
| enactedBy |
United States Congress
→
|
| focusesOn |
reduction of duplicative regulation
→
regulatory efficiency in securities markets → |
| governs |
division of oversight between SEC and states
→
registration thresholds for investment advisers → |
| hasImpactOn |
registration of investment advisers
→
registration of securities offerings → state blue sky laws → |
| jurisdiction |
federal
→
|
| legislativeArea |
capital markets
→
investor protection → |
| limitsAuthorityOf |
state securities regulators
→
|
| objective |
to promote uniform national standards for certain securities regulation
→
to reduce regulatory fragmentation in U.S. securities markets → |
| preempts |
certain state regulation of nationally registered investment advisers
→
certain state securities registration requirements → |
| purpose |
to reallocate regulatory authority between federal and state securities regulators
→
to streamline oversight of investment advisers → to streamline oversight of securities offerings → |
| regulates |
investment advisers
→
securities offerings → |
| relatedTo |
Securities and Exchange Commission
→
state securities commissions → |
| shortName |
NSMIA
→
|
| signedBy |
Bill Clinton
→
|
| subjectOf |
investment adviser regulation analysis
→
securities law commentary → |
| typeOfPreemption |
federal preemption of certain state securities laws
→
|
| yearEnacted |
1996
→
|
Referenced by (2)
| Subject (surface form when different) | Predicate |
|---|---|
|
'33 Act
→
Investment Advisers Act of 1940 → |
amendedBy |