The State Securities Administrator

What this video covers

• Why the administrator's title varies by state (Commissioner, Director, Secretary of State, or otherwise) and why there is no single national administrator
• The exact limits of the North American Securities Administrators Association (NASAA): coordination and model rules only, with zero enforcement authority
• Who can actually bring enforcement actions, issue orders, and investigate violations under state securities law
• The three-part flow of confidential information: staff-only sharing, proceedings-only use, and the outright ban on personal benefit for the administrator and all employees
• The administrator's power to make, amend, and rescind rules, forms, and orders, plus the power to require or permit written statements under oath (or not under oath)
• The two mandatory guardrails for valid rulemaking: consistency with the Uniform Securities Act (USA) AND a finding that the action is necessary or appropriate in the public interest or for investor protection
• Why a rule that satisfies only one guardrail is invalid, and why a secret unpublished rule is equally invalid