Source: http://www.nasaa.org/2004/legal-briefs/
Timestamp: 2019-04-19 07:03:18+00:00

Document:
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.
03/28/19 NASAA amicus brief with the U.S. Supreme Court in Emulex v. Varjabedian regarding the scope of liability under Section 14(e) of the Securities Exchange Act of 1934.
10/12/18 NASAA amicus brief to the U.S. Supreme Court in support of the Securities and Exchange Commission’s enforcement action against Francis Lorenzo in Francis V. Lorenzo v. Securities and Exchange Commission.
08/23/18 NASAA amicus brief to the Washington Supreme Court in Federal Home Loan Bank of Seattle, v. Credit Suisse Securities (USA) LLC et al.
11/13/17 NASAA and Colorado Securities Commissioner joint amici brief to the Colorado Supreme Court regarding clawback of fictitious profits in Ponzi scheme recoveries.
10/25/17 NASAA amicus brief to the Illinois Supreme Court regarding the appropriate standard of care to apply to a dually-registered investment adviser and insurance agent.
10/16/17 Joint amici brief of NASAA and the North Carolina Secretary of State’s office regarding tenancy-in-common securities and the scope of territorial jurisdiction under state securities laws.
03/30/17 NASAA amicus letter in Massachusetts administrative proceeding regarding the scope of NSMIA preemption of state regulation of broker-dealers.
03/07/17 NASAA amicus brief to the U.S. Supreme Court in Calpers v. ANZ Securities in support of tolling the three-year statute of repose in Section 13 of the Securities Act of 1933.
11/28/16 NASAA amicus brief to the Kansas Court of Appeals in Kansas v. Lundberg, Elzufon supporting territorial jurisdiction over extraterritorial securities offers.
07/19/16 NASAA amicus brief filed in the Colorado Court of Appeals case Mandel v. Rome arguing that auto-trading lead traders are investment advisers under federal and state law and must be registered accordingly.
04/04/16 NASAA’s brief to the New York Court of Appeals in People of the State of New York v. Greenberg, arguing that NSMIA or SLUSA do not preempt an enforcement action seeking injunctive relief or disgorgement.
11/24/15 NASAA amicus brief filed in the appellate court of Illinois Fourth Judicial District supporting the Illinois Securities Division by arguing that the lower court correctly found that an investment adviser violated the anti-fraud provisions of the Illinois Securities Act when he “switched” his clients equity-indexed annuities.
10/08/15 NASAA amicus brief filed in the Pennsylvania Superior Court supporting the Delaware Attorney General’s appeal opposing the confirmation of an arbitration award recommending expungement.
9/02/15 NASAA amicus curia brief filed in the U.S. Court of Appeals for the District of Columbia Circuit in Lindeen v. SEC supporting Montana and Massachusetts’ Petition for Review of the SEC Regulation A Rule.
08/18/15 NASAA’s Brief filed in the Puerto Rico Court of Appeals supporting the Puerto Rico Office of the Commissioner of Financial Institutions (“OCIF”) in a dispute regarding the public disclosure of information obtained by OCIF in the course of investigations and examinations.
06/18/15 NASAA amicus curiae brief filed in the South Carolina Court of Appeals in Wilson v. Integrated Capital Strategies supporting the South Carolina Securities Commissioner in an appeal regarding the scope of the Commissioner’s subpoena authority.
12/12/14 NASAA’s brief filed in the Texas Supreme Court in Life Partners v. Arnold, arguing life settlements are securities under an investment contract analysis.
04/14/14 NASAA brief filed with the Colorado Court of Appeals in Rome v. HEI Resources, Inc.
02/05/14 NASAA and AARP joint brief to the U.S. Supreme Court in Halliburton and David Lesar v. Erica P. John Fund, Inc. arguing that overturning or substantially modifying the fraud-on-the-market presumption in Basic v. Levinson would contravene Congress’ and the Court’s continually expressed support for private securities fraud litigation, which is an essential tool necessary to protect the integrity of the securities markets, maintain investor confidence in the markets, and compensate investors who have been victims of fraud.
05/08/13 NASAA’s brief to the National Adjudicatory Council in FINRA Department of Enforcement v. Charles Schwab & Company, Inc., arguing that a Hearing Panel erred by refusing to enforce FINRA rules prohibiting the use of class action waivers in customer agreements.
1/31/13 NASAA’s brief to the New York Court of Appeals in People of the State of New York v. Greenberg, arguing that the New York Attorney General is not preempted by NSMIA or SLUSA from pursuing an enforcement action that includes a claim for money damages based on harms to investors.
10/12/12 NASAA and Maryland Securities Commisioner’s joint brief to the Maryland Court of Appeals in Mathews v. Cassidy Turley, Inc., arguing that: (1) the tenant-in-common interests at issue were “investment contracts” and, therefore, securities under the Maryland Securities Act; and (2) private causes of action for fraud under the Maryland Securities Act are subject to the tolling provisions of Md. Cts. & Jud. Proc. §5-203 or the “Discovery Rule” recognized by Maryland common law.
03/06/12 NASAA’s Memorandum in Support of Jurisdiction to the Ohio Supreme Court in State of Ohio v. Willan, arguing that: (1) a finding of reliance is not required to support a securities fraud conviction; (2) a statement made for the purposes of registering a securities offering is material if a reasonable investor would consider it important in deciding whether to invest; and (3) registration and licensing regulations are to be construed broadly in order to protect the investing public.
02/10/12 NASAA’s Memorandum in Opposition to the Defendant’s Motion for Temporary Restraining Order and Permanent Injunction in Mitchell v. Securities America, arguing against a Federal District Court enjoinder of a state enforcement action under the All-Writs Act.
01/09/12 NASAA’s brief to the Colorado Supreme Court in Mathers Family Trust, et al. v Cagle, et al.,arguing that public policy and the anti-waiver provision of the Colorado Securities Act preclude the use of a forum selection clause.
11/07/11 NASAA’s Brief to the Colorado Court of Appeals in support of a Final Cease and Desist Order in which the Colorado Securities Commissioner refused to apply a rigid presumption that interests in a general partnership are not securities, in favor of a fact-based “economic realities” approach.
08/31/11 NASAA’s Brief to the Oregon Supreme Court in Support of the State of Oregon’s Brief on the Merits in Oregon v. Marsh & McLennan Companies, Inc., arguing that the Oregon Court of Appeals erred by holding that: (1) antifraud claims under Blue Sky statutes prohibiting misrepresentations and omissions require proof of reliance; and (2) reliance cannot be presumed under the “fraud on the market” doctrine based on the general investment market’s reliance on the misstatements or omissions.
05/23/11 NASSA’s Brief in Support of the State of Oregon’s Petition for Review to the Oregon Supreme Court in opposition of the Oregon Court of Appeals’ holding that Oregon’s anti-fraud law requires proof of reliance.
02/08/11 NASAA amicus brief filed in the Oregon State Court of Appeals in opposition of the Circuit Court’s ruling that life settlements were not securities under an investment contract analysis.
06/18/09 NASAA amicus brief filed in the U.S. Supreme Court in Jones v. Harris Associates, supporting the right of mutual fund shareholders to pursue claims against the fund’s investment adviser for charging excessive fees in breach of the fiduciary duty under Section 36(b) of the Investment Company Act.
03/04/09 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.
07/28/08 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.
09/06/07 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.
08/24/07 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.
06/11/07 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.
04/10/07 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.
03/21/07 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.
03/08/07 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.
02/23/07 NASAA files amicus brief in California v. Edward D. Jones & Co., arguing that NSMIA does not preempt California’s enforcement action for failure adequately to disclose shelf-space arrangements.
04/12/06 NASAA has filed an amicus brief with the U.S. District Court of Appeals for the District of Columbia Circuit in support of the Financial Planning Association’s position that the SEC’s Rule 202(a)(11)-1 (also known as the “BD/IA Rule”) is inconsistent with the Investment Advisers Act of 1940.
01/17/06 NASAA’s Amicus Brief filed in Blue Flame Energy Corp. v. Ohio Dept. of Commerce, arguing (1) that a promoter’s offering was not a “covered security” exempt from state regulation because the offering failed to comply with all of the requirements of Rule 506, Regulation D; and (2) that the Ohio Department of Commerce had personal jurisdiction over the promoter as a result of the promoter’s use of the internet to advertise the offering and solicit investors.
04/28/04 NASAA’s Amicus Brief in Support of the Maryland Securities Divisions in the Case of Lubin v. Agora, Inc.
04/04/03 NASAA’s Amicus Brief in Support of the Texas Supreme Court Granting Review of an Appellate Court Decision in the Case of Millan v. Dean Witter Reynolds, Inc.
02/15/02 Amicus Curiae Brief in Texas Viaticals Case of Griffitts v. Life Partners, Inc.

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