The Uniform Securities Act, which serves as the backbone of securities regulation in most states, is undergoing a national review as financial markets rapidly evolve. The model law guides how states regulate securities offerings, investment professionals, and investor protections, making it a critical framework for maintaining fair and transparent markets across the country.
To lead that effort, the North American Securities Administrators Association (NASAA) has appointed Missouri Securities Commissioner Michael O’Donnell as co-chair of its newly established Uniform Securities Act Committee. O’Donnell will serve alongside Leslie Van Buskirk of Wisconsin, NASAA’s most recent past president.
NASAA’s review comes as emerging technologies, new investment products, and shifting market structures present both opportunities and increased risks for investors. The committee will conduct a comprehensive examination of the model law, drawing on input from securities regulators nationwide as part of a broader modernization initiative.
“Missouri was among the first states to adopt the 2002 revision of the Uniform Securities Act, which gives us a practical perspective on what works well and where updates are needed,” O’Donnell said. “It’s an honor to represent Missouri in this national leadership role and to collaborate with regulators across the country on thoughtful, measured updates that strengthen investor protection and reflect today’s markets.”
Missouri Secretary of State Denny Hoskins said O’Donnell’s appointment highlights Missouri’s longstanding leadership in securities regulation.
“Serving as co-chair of a national committee reviewing the Uniform Securities Act is an important responsibility,” Hoskins said. “Commissioner O’Donnell brings valuable experience from the private sector, the legislature, and state government. His selection reflects Missouri’s reputation for professionalism, sound regulatory judgment, and a commitment to fair and transparent markets.”
The Uniform Securities Act Committee will engage regulators from across the United States, Canada, and Mexico as it evaluates potential updates to the model law.
“I appreciate the confidence NASAA leadership has placed in me,” O’Donnell said. “I look forward to working with Leslie Van Buskirk and fellow regulators as we begin this important work.”
NASAA is the oldest international organization dedicated to investor protection, representing state, provincial, and territorial securities regulators in the United States, Canada, and Mexico. The Missouri Securities Division, part of the Office of the Missouri Secretary of State, administers and enforces Missouri’s securities laws, regulates securities professionals, and works to protect investors from fraud while promoting fair and transparent capital markets.
Jake Kroesen is a Jackson County native and a graduate of the University of Central Missouri. He holds a B.S. in Political Science.
