,h4 ,,res4 #def  ,9 ! ,h\se (           
,repres5tatives1 ,u4 ,s41  ,july #i1    
#bjai  ,,resolution  ,:]eas ,/ate       
securities regulators are ! orig9al     
pione]s ( regulat+ ! ,unit$ ,/ates      
capital m>kets & h protect$ inve/ors    
dur+ times ( boom & bu/1 f tick] tape to
 ! block-*a92 ,:]eas ,/ate securities   
regulators f\nd$ ! ,nor? ,am]ican       
,securities ,adm9i/rators ,association  
7,,nasaa7 z a volunt>y association 9    
#aiai1 #h ye>s aft] ! fir/ securities   
laws 7 enact$ 9 ,kansas 9 #aiaa2 ,:]eas 
,,nasaa's memb]%ip 9 #bjai includes     
securities adm9i/rators 9 ! #ej ,/ates1 
! ,di/rict ( ,columbia1 ,pu]to ,rico1 ! 
,unit$ ,/ates ,virg9 ,isl&s1 ,canada1 & 
,mexico2 ,:]eas ! fundam5tal mission ( !
 ,/ate securities regulators is protect+
 inve/ors :o transact 9 securities &    
receive inve/m5t advice1 & _!           
jurisdiction ext5ds to a wide v>iety (  
issu]s & int]m$i>ies :o (f] & sell      
securities to ! public2 ,:]eas ,/ate    
securities regulators are lead]s 9 civil

 & adm9i/rative en=cem5t actions1 z well
 z crim9al prosecutions ( securities    
violators2 ,:]eas ,/ate securities      
regulators h l$ ef=ts result+ 9 l&m>k   
settlem5ts to /op unfair practices 9 !  
securities indu/ry1 ! return ( billions 
( doll>s to h>m$ inve/ors1 & ?\s&s ( bad
 actors sitt+ 9 jail z ! result ( _! "w 
9 inve/igat+ & uncov]+ fraud2 ,:]eas    
,/ate securities regulators indep5d5tly 
& )9 ! framework ( ,,nasaa h also devis$
 innovative ways = small companies to   
raise inve/m5t capital2 ,:]eas ,/ate    
securities regulators indep5d5tly & )9 !
 framework ( ,,nasaa conduct inve/or    
education programs ?r\gh\t ! ,unit$     
,/ates1 provid+ important in=mation to  
ma9 /reet ,am]icans on inve/+ = a secure
 future & avoid+ scams2 & ,:]eas ,/ate  
securities regulators are kn[n = _!     
accessibility & acc\ntability to !      
inve/+ public & h be5 will+ to pu% !    
envelope :5 x comes to protect+         
inve/ors3 ,n[1 !re=e1 be x ,t ! ,h\se ( 
,repres5tatives--  7#a7 emphasizes !    

long/&+ role ( ,/ate securities         
regulators 9 ma9ta9+ inve/or protection 
& vibrant capital m>kets 9 ! ,unit$     
,/ates2  7#b7 supports ! ef=ts ( ,/ate  
securities regulators to educate        
inve/ors ?r\gh\t ! ,unit$ ,/ates2  7#c7 
supports ! ef=ts ( ,/ate securities     
regulators to promote responsible &     
effici5t capital =mation = ! b5efit (   
small bus9esses & inve/ors ?r\gh\t !    
,unit$ ,/ates2  7#d7 urges ,/ate        
securities regulators to cont9ue work+  
indep5d5tly & )9 ! volunt>y framework ( 
,,nasaa to protect & educate inve/ors & 
promote capital =mation2 &  7#e7 urges !
 ,securities & ,ex*ange ,commission to  
ma9ta9 & exp& volunt>y collaboration )  
,/ate securities regulators 9 ! int]e/ (
 ! inve/+ public4  ,cl]k4