Respuesta :
Under the NASAA model rule, advertisements, circulars, bulletins or other communications circulated by the adviser to 2 or more persons must be retained for 5 years.
Such communications can recommend the purchase or sale of a specific security and if the communication does not state the reasons for the recommendation, a memo must be retained indicating the reasons for the recommendation.
The North American Securities Administrators Association (NASAA) proposed new rules to try and reduce the stubbornly high number of arbitration awards for harmed investors that go unpaid. If states adopt the model rules, those regulators could pursue harsher enforcement measures against registrants and firms who aren't paying—including revoking state-issued licenses.
While NASAA approved a model act this past May to assist some securities violation victims in getting their awards, in the request for comment NASAA argued a recovery fund could be hard to enact because there is “not yet widespread political support.” NASAA also argued the amount in a recovery fund could be “finite,” that payouts could be delayed, and that it would not address an advisor or firm’s individual misconduct.
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