DEFINITION of 'National Securities Markets Improvement Act - NSMIA'
Passed by the U.S. Congress in 1996, the NSMIA was an attempt to update and amend previous security acts and create one uniform code that companies and regulators could follow.
BREAKING DOWN 'National Securities Markets Improvement Act - NSMIA'
This bill deals with securities, brokers, advisors, and dealers. Its goal is to provide a federally imposed set of rules, instead of having to deal with each individual state's rules and regulations.