National Securities Markets Improvement Act

The National Securities Markets Improvement Act (NSMIA) of 1996 was a U.S. law designed to streamline and modernize the regulation of securities markets. It allowed for greater federal oversight while reducing duplicative state regulations for certain securities. This helped ensure that investors had access to clear information and protections. NSMIA also established rules for investment advisers and mutual funds, promoting efficiency and consistency in how these entities operate. Overall, the act aimed to enhance the safety, transparency, and efficiency of the U.S. securities markets.