Which organization is responsible for updating state securities laws?

The organization responsible for updating state securities laws is the North American Securities Administrators Association (NASAA). NASAA serves as a platform for state securities regulators in the U.S., Canada, and Mexico to collaborate and address issues related to securities regulation. It plays a pivotal role in proposing updates to state laws and regulations to help ensure the protection of investors at the state level. This can include developing model rules and guidelines that states may adopt to enhance their regulatory frameworks.

Other organizations such as FINRA (which focuses on self-regulation for broker-dealers), the SEC (which regulates securities at the federal level), and Nasdaq (a stock exchange) have different responsibilities that do not include directly updating state securities laws. Consequently, NASAA's unique focus on state-level regulations makes it the correct answer in this context.