The North American Securities Administrators Association has reported that state securities regulators are unaffected by the partial shutdown of the federal government and available to provide information and assistance.
The federal Securities and Exchange Commission has operated on a limited basis since December 28, 2018 due to the partial closure of the federal government. According to the SEC’s website, the agency is operating with a “very limited” number of staff but does have staffing available to respond to “emergency situations involving market integrity and investor protection, including law enforcement.”
“State securities regulators have a long-standing relationship of cooperation and collaboration with federal securities regulators,” said Michael Pieciak, NASAA president and commissioner of the Vermont Department of Financial Regulation. “We are available to field investor complaints or answer questions regarding small business capital formation, as we have been for the past 100 years.”
Pieciak noted that state securities regulators have oversight of nearly two-thirds of all investment adviser firms, as well as all investment adviser representatives.
“State and federal securities regulators share the same mission to protect investors and the integrity of our financial markets,” he added. “State securities regulators are on the beat carrying out this mission as we have done for more than a century and we stand ready to provide whatever assistance we can to investors. Our important work continues, and we are also happy to assist the SEC while it operates with limited staffing as a result of the partial federal government shutdown.”
Organized in 1919, the North American Securities Administrators Association is a voluntary association whose membership consists of 67 state, provincial, and territorial securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada, and Mexico.