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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