The State Securities Administrator

What this video covers

• Why the Administrator's title varies by state (Commissioner, Director, Secretary of State) and why any title enforcing state securities law is still the Administrator
• The critical distinction between NASAA (North American Securities Administrators Association) as a coordinating body and the Administrator as the actual regulator with enforcement authority
• Why NASAA cannot investigate violations, issue orders, or bring enforcement actions, even when it spots fraud across state lines
• The Administrator's confidentiality obligation: when non-public information can be shared with staff and used in proceedings, and when it absolutely cannot
• Why the personal benefit ban applies equally to the Administrator and every officer or employee, not just the top official
• The Administrator's authority to make, amend, and rescind rules, provided they stay consistent with the Uniform Securities Act
• Why the Administrator can require written statements under oath in both investigations and general rulemaking proceedings, not just enforcement actions