Financial Services Industry
Industry: Email Alert RSS FeedFinancial companies use 'pre-emption' against state regulators; Counter sue when officials challenge them.(News)
Investment News, August, 2005
Byline: Sara Hansard WASHINGTON - Financial services companies are trying to turn the tables on state securities regulators by taking the agencies to court, challenging regulators' authority to bring some enforcement actions. State officials say that this attempt to provoke "judicial pre-emption'' is one of the biggest threats to their ability to police companies in their states for financial fraud.
The financial services industry is challenging the regulators' authority under the National Securities Markets Improvement Act of 1996, which pre-empted states from enacting disclosure and other registration requirements for mutual funds and nationally traded securities. But states still retain anti-fraud authority in securities cases....
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