The North American Securities Administrators Association is moving forward with two major regulatory initiatives aimed at modernizing oversight frameworks and closing longstanding gaps across the investment and franchise landscapes.
In one move, NASAA members voted to approve amendments to four model rules governing investment advisor advertising.
The updates bring state-level requirements closer in line with federal standards established by the Securities and Exchange Commission in 2020, allowing state-registered advisors to use testimonials, endorsements, and more detailed performance reporting under defined conditions.
The changes, first released for public comment in July 2025, are intended to reduce inconsistencies between state and federal regulation while maintaining investor safeguards.
"I want to thank the members of the Investment Adviser Section for their diligent work in preparing these amendments," said Marni Gibson. "We look forward to working with our members on implementation of these updated standards.”
“These amendments promote consistency in the regulation of investment advisers and reinforce our commitment to fair markets while maintaining robust protections for investors,” added Stephen Brey.
Alongside the advertising rule changes, NASAA also unveiled a new model law designed to strengthen oversight of franchise brokers, an area regulators say has historically lacked uniform standards.
The NASAA Model Franchise Broker Registration Act establishes a framework for states to require registration of third-party brokers who market franchise opportunities, a role that has often operated outside formal regulatory structures despite existing disclosure requirements for franchisors.
"For many individuals, buying a franchise is the largest investment of their lives. They deserve to know exactly with whom they are dealing," Gibson said. "This Act gives states the tools to protect prospective franchisees from misleading claims and ensures that those brokering these deals are qualified and transparent about their incentives."
Currently, only a small number of states mandate broker registration. The model act is designed for broad adoption, introducing consistent requirements such as mandatory registration, enhanced disclosure of compensation and legal history, , and strict recordkeeping obligations to support regulatory oversight.
"This Act fills a critical gap in the franchise sales process," said Theresa Leets. "By harmonizing registration and disclosure requirements, we are fostering a fairer marketplace for both honest brokers and the entrepreneurs they serve."
UPDATED: This story has been updated to remove a mention of prohibitions on misleading earnings claims, which was originally included in NASAA's release but since removed.
The Nashville-based RIA platform unveils a branded digital workflow solution designed to fix the onboarding gap that frustrates financial advisors.
Despite relying heavily on Social Security for retirement income, many older Americans doubt the program will deliver full benefits in the future.
BlackRock data shows workers without a financial cushion are far more likely to raid their 401(k) — and less likely to ever start contributing.
With just a small fraction of eligible kids enrolled ahead of the July 4 launch, experts warn lower-income families could be falling behind.
When even perfect portfolios come under pressure from fear or greed, a disciplined and balanced framework can make for better investing decisions.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
