The association representing the state and provincial securities regulators responsible for administering and enforcing “blue-sky” laws that apply to SPV-based securities offerings. NASAA coordinates regulatory standards, model rules, and multi-state enforcement actions that directly affect SPVs raising capital from retail or geographically dispersed investors. In practice, NASAA establishes the regulatory environment SPV managers must navigate when offering securities to investors residing in different states or provinces, especially in non-federal or retail-facing capital raises.
