Series 65: 9.2.1.1. Administrator’s Ability To Coordinate With Other Regulatory Authorities

9.2.1.1. Administrator’s Ability to Coordinate with Other Regulatory Authorities

As previously mentioned, one of the most important roles a state securities administrator has is to coordinate its actions with those of other state and federal regulators to help regulate the securities industry. Often this involves assisting or cooperating with investigations involving individuals or firms registered in its state that were initiated by another state administrator or regulatory agency. Other times, it involves the administrator seeking outside assistance when investigating fraud or illegal actions taken by a firm or individual registered in another state or at the federal level.

The USA has specific standards it encourages state securities administrators to follow when it comes to cooperating and working with other regulatory authorities. Specifically, it states that an administrator may cooperate with securities agencies or the administrator of one or mores states, Canadian provinces, other countries, the SEC, Commodity Futures Trading Commission, the SIPC, any self-regulatory organization (e.g., FINRA or the MSRB), any national or international organization of securities officials or agencies, or any other governmental law enforcement or regulatory agency. The list is pretty long, and that means the NASAA strongly encourages a state administrator to use all resources at its disposal when attempting to ensure industry fairness.

The specific activities that a state securities administrator can take related to actions from an out-o