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Federal Covered Securities

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Federal Covered Securities

In 1996, lawmakers mated and produced the National Securities Market Improvement Act of 1996 (NSMIA), out of which was born a unique class of investments called Federal Covered Securities. According to NSMIA, federally covered investments were investments that could really use a break from all the regulatory nagging. The act did away with individual state registration for these investments.

So who was in this cool club? Well, if you were a security that was listed, or authorized to be listed,...

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