North American Securities Administrators Association(NASAA)

What North American Securities Administrators Association(NASAA) does

North American Securities Administrators Association (NASAA) is a private non-profit membership association founded in Kansas in 1919, making it the oldest international organization devoted to investor protection. It serves as the coordinating body for state and provincial securities regulators from all 50 U.S. states, the District of Columbia, U.S. territories, Canadian provinces, and Mexican territories. NASAA's mission centers on protecting consumers who purchase securities or investment advice, coordinating multi-jurisdictional enforcement, and facilitating responsible capital formation across North America.

NASAA operates a portfolio of regulatory technology platforms and educational programs. Its core technology infrastructure includes the Electronic Filing Depository (EFD) for streamlined filing notices and forms, the CRD and IARD systems for broker-dealer and investment adviser registration, and NEMO (Electronic Examination Modules) used by 35 member jurisdictions for secure digital examinations with statistical reporting. Supporting programs include Series 63, 65, and 66 uniform securities examinations, Investment Adviser Representative Continuing Education (IAR CE), and the Senior$afe training program for identifying financial exploitation of seniors. Policy outputs include model acts and rules — such as the 2016 Model Act to Protect Vulnerable Adults from Financial Exploitation and the 2019 Information Security Model Rule Package — that member jurisdictions may adopt.

NASAA is funded primarily through membership dues from state and provincial securities regulatory agencies, supplemented by fees from regulatory technology services and exam programs. It does not sell commercial products or services; instead, it functions as a member-governed association that provides training, policy coordination, enforcement support, and investor education to its regulator members and the investing public. Strategic partnerships with the SEC, FINRA, federal commodities regulators, the Financial Stability Oversight Council, and senior advocacy organizations reinforce its tri-national coordination role.

Name

North American Securities Administrators Association(NASAA)

Legal name

North American Securities Administrators Association, Inc.

Website

https://nasaa.org

Company type

Private

Founded year

1919

Operating status

Operating

Headcount range

11–50 employees

Short description

NASAA is a 105-year-old non-profit membership association coordinating state and provincial securities regulators across the United States, Canada, and Mexico. It provides regulatory technology platforms, uniform examinations, policy model rules, and investor education to protect securities consumers.

Ownership category

akta.pro rank

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Membership Dues: NASAA is a non-profit association funded primarily through membership dues from state and provincial securities regulatory agencies

Go-to-market motion1 record

Distribution channels1 record

Marketing channels9 records

Core offering

NASAA is a non-profit membership association of state and provincial securities regulators across the United States, Canada, and Mexico. It provides its members with training, coordination, advocacy, and shared regulatory technology systems, while supporting investor education for the public. Its core function is to enable uniform multi-jurisdictional securities oversight and investor protection.

Product overview

NASAA offers a unified platform of regulatory technology tools and educational programs for state securities regulators. The core offerings include the NASAA.org website as the main portal, the Electronic Filing Depository (EFD) for securities filings, NEMO for examination management, and CRD/IARD systems for broker-dealer and adviser registration. Supporting programs include IAR Continuing Education, exam services (Series 63, 65, 66), and Senior$afe training for senior investor protection. These products work together to support investor protection, regulatory compliance, and capital formation across North American jurisdictions.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Over $14.1 billion ordered returned to investors through enforcement actions
• +1 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature3 records

Partnerships

Eight partnerships are on record, tiered core, major and minor.

• State Securities Regulators (30+ states)coreStrategic or Co-development Partner · 1 March 2020Over 30 states, including Maryland, extended certain deadlines and provided temporary relief during the COVID-19 outbreak while ensuring investor protection. NASAA drafted a model emergency order for states to grant temporary relief from registration, filing and form delivery requirements.
• Federal Commodities RegulatorscoreStrategic or Co-development Partner · 21 May 2018Memorandum of Understanding between Federal Commodities and State Securities Regulators signed at the 2018 NASAA Fintech Forum to enhance coordination between federal and state regulators.
• SECcoreStrategic or Co-development Partner · 17 February 2017Memorandum of Understanding between NASAA and the SEC to strengthen collaborative relationships and coordinate regulatory efforts for investor protection.
• Financial Stability Oversight CouncilcoreStrategic or Co-development Partner · 1 January 2010NASAA President David Massey participated in the first meeting of the Financial Stability Oversight Council created to identify and address systemic risks, representing state securities regulators at the federal level.
• FINRAmajorStrategic or Co-development PartnerOngoing collaboration with FINRA on initiatives to advance investor protection. Joint efforts on expungement process improvement and information sharing between state regulators and FINRA.
• Industry Associations (SIFMA, FSI)minorStrategic or Co-development PartnerCollaboration with industry associations including SIFMA (Securities Industry and Financial Markets Association) and FSI (Financial Services Institute) on senior investor protection initiatives and fee disclosure working groups.
• Senior Advocacy OrganizationsminorStrategic or Co-development PartnerPartnership with organizations including AARP and the Better Business Bureau on senior financial protection and investor education initiatives.
• Adult Protective ServicesminorStrategic or Co-development PartnerCollaboration with Adult Protective Services agencies nationwide on reporting and addressing financial exploitation of seniors and vulnerable adults.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• National Association of Insurance Commissioners (NAIC): The U.S. membership organization that coordinates state insurance commissioners — structurally the closest peer to NASAA, with the same membership-based state-regulator coordination model, model-rule development process, and trilateral regulatory footprint.
• Conference of State Bank Supervisors (CSBS): Membership organization of U.S. state banking regulators that — like NASAA — coordinates multi-state supervisory policy, operates shared technology for state regulators, and serves as the unified voice of state financial regulators vis-à-vis federal agencies.
• Financial Industry Regulatory Authority (FINRA): The primary SRO for U.S. broker-dealers that jointly regulates the securities industry alongside NASAA's state members; shares the broker-dealer registration infrastructure (CRD/IARD) and is NASAA's closest day-to-day enforcement and registration partner.
• Municipal Securities Rulemaking Board (MSRB): An independent rulemaking body for the municipal securities market that, like NASAA, sets standards affecting broker-dealers and issuers, and operates at the federal–state intersection of securities regulation with a small specialist staff.

Broad incumbents

• U.S. Securities and Exchange Commission (SEC): The federal securities regulator that holds broader national authority while working alongside NASAA's state-level members through formal MOUs; comparable mission in investor protection and securities-market integrity across overlapping but distinct jurisdictional domains.

Others

• Securities Investor Protection Corporation (SIPC): A congressionally chartered nonprofit that protects customers of insolvent broker-dealers up to specified limits; comparable to NASAA in nonprofit status, federally created mandate, and a mission centered on investor protection in U.S. securities markets.
• International Organization of Securities Commissions (IOSCO): The global association of securities regulators that operates one coordination tier above NASAA — analogous international convener role for securities regulators across jurisdictions, working on cross-border enforcement and policy harmonization.

Emerging players

• Certified Financial Planner Board of Standards (CFP Board): A professional-standards body for financial planners that — like NASAA — sets standards, administers exams, and pursues disciplinary action, with a partial-overlap mandate in protecting consumers of investment-adviser and planner services.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/nasaa_news
• Facebookfacebook.com/22474512712
• LinkedInlinkedin.com/company/nasaa

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about North American Securities Administrators Association(NASAA)