A professional association of securities commissioners that represents a variety of investor security and protection agencies. Founded in 1919, the NASAA membership consists of securities commissions from all 50 states, the District of Columbia, Puerto Rico, Canada, Mexico, and other entities. It is headquartered in Washington, D.C. Though federal regulators, such as the Securities and Exchange Commission (SEC), come to mind when thinking about securities regulation, individual states have their own set of securities laws that actively protect investors and must be followed by issuers.