WASHINGTON – The American Securities Association (ASA) sent a letter to the Financial Industry Regulatory Authority (FINRA,) on proposed rule 4111, calling for stricter penalties on recidivist brokers—including lifetime bans from the industry—to help weed out the worst actors that harm America’s Main Street investors and retirement savers. “ASA strongly supports FINRA promoting investor protection and market integrity, and we applaud FINRA leadership for bringing this important issue into the public debate,” ASA CEO Chris Iacovella said. “We look forward… read more →
WASHINGTON – The American Securities Association (ASA) this week submitted a comment letter to the U.S. Securities and Exchange Commission (SEC) in support of a proposal to help revitalize the IPO market and meet the needs of America’s capital markets and Main Street investors. “The ASA has long been concerned about the decline in public companies over the last two decades, and the impact this has had on innovation, growth, job creation, and the ability of Main Street households to… read more →
WASHINGTON – The American Securities Association (ASA) today sent a letter to House Speaker Nancy Pelosi (D-CA) and Minority Leader Kevin McCarthy (R-CA) urging House passage of the Improving Investment Research for Small and Emerging Issuers Act (H.R. 2919), sponsored by Rep. Bill Huizenga (R-MI), to require the Securities and Exchange Commission (SEC) to produce recommendations for how to improve research coverage of emerging growth companies (EGCs) and other small public companies. “H.R. 2919 would focus the SEC on this… read more →
WASHINGTON – The American Securities Association (ASA) today sent a letter to the New Jersey Bureau of Securities urging the state to adopt the U.S. Securities and Exchange Commission’s (SEC’s) National Regulation Best Interest (Reg BI) standard and not move forward with its unworkable proposal that would ultimately only harm New Jersey’s retail investors and working families. “New Jersey should adopt the SEC’s national Reg BI standard and not create a patchwork of unworkable state regulations that would only cause… read more →
WASHINGTON – The American Securities Association (ASA) today sent a letter to the U.S. Securities and Exchange Commission (SEC) outlining several reforms to help modernize and improve the proxy advisory process in a way that benefits Main Street investors. “We believe the proposed changes will allow the proxy process to function more efficiently and enable public companies to perform their intended function and increase value for their shareholders,” ASA CEO Chris Iacovella wrote. ” We would like to commend the… read more →
WASHINGTON – The American Securities Association (ASA) today sent a letter to the New Jersey Bureau of Securities requesting a public hearing on its proposed fiduciary regulations. In its letter, ASA outlined how a public hearing is needed to address concerns with the proposal as drafted and the potential negative economic impact on the state of New Jersey and its finances. To read ASA’s letter to the Bureau, click here. ### ASA’s regional financial services companies work in communities across… read more →
The American Securities Association (ASA) is committed to helping Americans prepare for retirement and other significant life milestones, such as sending a child to college. ASA member companies engage with regulators and policymakers to encourage common-sense, private sector solutions to strengthen the current retirement system and expand savings opportunities for all Americans. The ASA supports a range of policies to accomplish these goals, as set forth below: Encourage Utilization of Financial Planning: To encourage access to financial advice, the ASA… read more →
WASHINGTON – Following the Senate Banking Committee’s request for feedback on data privacy, protection and collection, the American Securities Association (ASA) sent a letter highlighting numerous data security and privacy concerns associated with the collection of retail investor personally identifiable information (PII) by the U.S. Securities and Exchange Commission’s (SEC) Consolidated Audit Trail (CAT). “As the Committee undertakes its review of how personal data is collected and used by financial regulators, we strongly believe the potential collection of retail investor… read more →
WASHINGTON – The American Securities Association (ASA) sent a letter ahead of today’s Senate Banking Committee hearing urging Congress to prioritize and enact a bipartisan capital formation package to expand opportunity for Main Street investors by helping small businesses access U.S. capital markets. “We look forward to working with each member of the Committee to pass legislation that will assist economic growth, encourage small businesses to go and stay public, and expand opportunity for all Americans in communities across the… read more →
WASHINGTON – The American Securities Association (ASA) today sent a letter to the Securities and Exchange Commission (SEC) recommending a series of tailored reforms to improve the Consolidated Audit Trail (CAT) in a way that ensures regulators have the ability to surveil the market without collecting the sensitive personal information of virtually every American investor. In its letter, ASA also urged the SEC to officially name the Financial Industry Regulatory Authority (FINRA) as the CAT operator instead of an unregulated… read more →
In a comment letter to the Securities and Exchange Commission (SEC), the ASA expressed concerns regarding the Division of Enforcement’s Mutual Fund Share Class Selection Disclosure Initiative and subsequent regulation by enforcement. To read the full letter, click here.
The ASA asked the Commission to adopt its suggested language and solutions to eliminate investor confusion and preserve both service models (i.e. advisory and brokerage).
The American Securities Association (ASA) supports House passage of the “JOBS Act and Investor Confidence Act of 2018” (JOBS Act 3.0). The ASA’s support is derived from the diversity of our membership, the different business models of our membership, and the deep experience our members have in helping small businesses access the U.S. capital markets.
S. 1117 addresses an issue of government regulation picking winners and losers. Because of this, municipalities are being forced to seek higher cost borrowing options, reduce their short-term capital consumption, and terminate infrastructure projects that benefit their communities. By forcing municipal investors out of prime and tax-exempt funds and into government funds, the SEC’s floating NAV rule has increased costs on taxpayers and businesses without any material benefit, other than creating artificial demand for U.S. government deficit spending. ASA… read more →
The American Securities Association (ASA) welcomes the opportunity to comment on the Securities Exchange Commission’s (SEC or Commission) proposed Transaction Fee Pilot for NMS Securities (Pilot). The ASA’s comments set forth in this letter are derived from the diversity of our membership, the different business models of our membership, and the vast experience our members have transacting in the U.S. equity markets.
The Corporate Governance Coalition for Investor Value (the “Coalition”) was formed to provide a forum to advocate for strong corporate governance policies and federal securities laws that promote long-term value creation for investors. The Coalition strongly supports H.R. 4015, the Corporate Governance Reform and Transparency Act, which would provide for effective oversight of proxy advisory firms. 180627_Coalition_HR4015_Crapo_Brown
The EDA was proud to be a part of such an important policy goal: making it easier for small companies to go public and stay public. This is not only good for small businesses, but it is also necessary for our economy to continue to grow and create jobs.
For Immediate Release May 22, 2018 The Equity Dealers of America Applauds Launch of New Retail Investor Education Campaign Earlier this morning the Equity Dealers of America and other leading national member associations launched a first of-its-kind education and advocacy campaign, aimed at prioritizing the interests of retail investors. Titled the Main Street Investors Coalition, the new initiative is intended to address an investment system which has become increasingly politicized in recent years and which systematically disadvantages every-day investors.… read more →
EDA and a group of diverse industry organizations came together to offer policymakers and regulators important recommendations to strengthen U.S. public capital markets by making it easier for more companies to go public and stay public. The report focuses on the following: Enhancements to the JOBS Act; Recommendations to Encourage More Research of Emerging Growth Companies and Other Small Public Companies; Improvements to Certain Corporate Governance, Disclosure, and Other Regulatory Requirements; Recommendations Related to Financial Reporting; and Equity Market Structure.… read more →