National Securities Markets Improvement Act of 1996 (NSMIA)
Legislation passed by Congress in 1996 that created the Securities and Exchange Commission (SEC) as the sole licensing, registration, and regulatory authority for securities traded on national markets. States retained the right to prosecute fraud and to license and regulate activities restricted to an individual state.

Browse by Subjects

Popular Terms In Rules and Regulations

distribution of income
Max Pain
covered arbitrage
shelf registration
open-end company