Capital Research & Management Co. v. Brown

Opinion

VOGEL, J.

NSMIA, the National Securities Markets Improvement Act of 1996, prohibits the states from limiting or imposing any conditions upon the use of “any offering document that is prepared by or on behalf of’ the issuer of a covered security (15 U.S.C. § 77r(a)(2)(A)) but permits certain state officers to “bring enforcement actions with respect to fraud or deceit, or unlawful conduct by a broker or dealer, in connection with securities or securities transactions” (15 U.S.C. § 77r(c)(1)). The issue on this appeal is whether NSMIA’s savings clause is sufficiently broad to permit the…