In effect, the Department of Labor under the Obama administration permitted state governments to go into the business of providing financial services to non-governmental employees, but without being subject to the same requirements as would apply to private financial institutions providing financial services. It appears that the Trump administration will likely withdraw that permission.

This seems a positive "pro-regulatory" action by the Trump administration. There does not seem to…

The proposed registration regime has the potential to provide financial institutions a great deal more flexibility in moving individuals within a group, without being concerned that the individuals will lose their licenses because not currently active with the broker-dealer.  The proposal will also allow firms more flexibility to have "back-up" personnel who do work for a broker-dealer affiliate, but who can fill in at the broker-dealer if circumstances require.  Firms should…

Music Selection: "."

The gist of the NASAA recommendations is this: give state regulators greater support and more authority to impose fines. It is not clear what, if anything, the request for improved financial stability means. One interesting recommendation concerns the carve-out for offerings for sophisticated investors. That recommendation seems to call for a decrease in some regulation, though it is hard to say what exactly is being requested.