NASAA 2025 Enforcement Report: State Regulators Raise the Bar
The North American Securities Administrators Association released its 2025 Enforcement Report, covering 2024 data and showing a sharp rise in state-level action: over 8,800 investigations and 1,183 enforcement actions reported.
State regulators just raised the bar.
The North American Securities Administrators Association (NASAA) released its 2025 Enforcement Report, covering 2024 data and showing a sharp rise in state-level action.
Key takeaways:
- Over 8,800 investigations and 1,183 enforcement actions were reported.
- Top risks: digital asset fraud, pig-butchering scams, and unregistered firms and individuals.
- More than 200 actions targeted unregistered entities and 260 against unregistered individuals.
For RIAs and broker-dealers, especially those with cross-border exposure, this reinforces one message: state regulators are watching closely. Now is the time to confirm registration status, test supervisory procedures, and refresh fraud-detection protocols.
ICS continues to monitor regulatory enforcement trends to help firms stay informed and ready for what's next.
ICS advises financial institutions navigating regulatory changes of this type. If your firm needs to assess the impact of this development on your compliance program, contact us to discuss.
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ICS Insights provides periodic regulatory commentary for financial institutions. Our analysis focuses on developments that materially affect compliance obligations across the institutions we serve.
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