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Legal Briefs

NASAA plays an important role in representing the membership’s position, including as amicus curiae, in significant legal proceedings that may have a widespread impact upon securities regulators and the rights of investors.

An index of all NASAA legal briefs is below.

March 4, 2009

NASAA Amicus brief filed in the U.S. Supreme Court arguing that OCC rules do not preempt the New York Attorney General ‘s authority to investigate discriminatory lending practices by national banks and their operating subsidiaries.

July 28, 2008

NASAA files an amicus brief in the Eighth Circuit in Pet Quarters, Inc. v. The Depository Trust and Clearing Corporation, arguing that federal law does not preempt a fraud claim under state law against various clearing and settlement organizations.

September 7, 2007

NASAA filed an amicus brief in support of the New York Attorney General’s opposition to a stockbroker’s petition to confirm an expungement recommendation issued by an arbitration panel. (O’Neill)

September 7, 2007

NASAA filed an amicus brief in support of the New York Attorney General’s opposition to a stockbroker’s petition to confirm an expungement recommendation issued by an arbitration panel. (Gibson)

September 6, 2007

NASAA files brief in Richard W. Mack v. Utah Department of Commerce, Division of Securities, arguing (1) Mack’s request for injunctive relief should be dismissed for failure to exhaust his administrative remedies as required by the Administrative Procedures Act; and (2) res judicata does not preclude Utah from pursuing an administrative enforcement action against Mack’s license for his participation in a “ponzi” scheme and defrauding investors.

August 24, 2007

NASAA files an amicus brief in New York Supreme Court addressing issues related to the application of NASD Rule 2130 and the expungement of customer complaint information from the CRD.

June 11, 2007

NASAA files an amicus brief in the United States Supreme Court in the Stoneridge appeal, in support of an investor’s right to sue those who have participated in securities fraud through deceptive conduct, not just through misrepresentations and omissions, under Section 10(b) of the Securities Exchange Act of 1934.

April 10, 2007

NASAA files an amicus brief in the United States Court of Appeals in the Ninth Circuit in support of the California Department of Corporations arguing that state securities regulators are not preempted from requiring registration of offerings that are not in compliance with the provisions of Regulation D Rule 506.

March 21, 2007

NASAA files brief in Whistler Investments, Inc. v. The Depository Trust and Clearing Corporation, arguing that federal law does not preempt a fraud claim under state law against various clearing and settlement organizations.

March 8, 2007

NASAA files amicus brief in Tellabs, Inc. v. Makor Issues & Rights, Ltd., arguing that plaintiffs in a securities fraud action should not be subjected to an overly burdensome pleading standard for scienter under the Private Securities Litigation Reform Act of 1995.