The Securities Industry Association intends to push for legislation ensuring states cannot act to override national securities laws, Marc Lackritz, the association's president said today.
The association also intends to press for legislation making it harder for institutional investors to sue securities firms for selling them inappropriate investments. That provision was among those dropped from the National Securities Markets Improvement Act last year because of concerns that unsophisticated institutional investors might be left holding the bag in case they were sold unsuitable investments.
