Series 63: National Securities Markets Improvement Act (NSMIA) Of 1996

Taken from our Series 63 - Uniform Securities Agent State Law Exam

Definition of the term National Securities Markets Improvement Act (NSMIA) Of 1996...

legislation passed by Congress that created the class of “federal covered securities” exempt from state registration. The act also prohibited states from enacting licensing qualifications for securities professionals that exceed federal requirements related to net capital, bonding, and recordkeeping.

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