Sends letter highlighting recent Supreme Court decisions to rein in the administrative state.
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WASHINGTON – The American Securities Association (ASA) today sent a letter to the Securities and Exchange Commission (SEC) urging the Commission to abandon the Municipal Securities Rulemaking Board (MSRB) and the Financial Industry Regulatory Authority’s (FINRA) proposal that would mandate municipal and corporate fixed income securities trades to be reported within one minute.
“As we have consistently argued throughout the many iterations of these proposals, there is no demonstrable market failure in the fixed income markets that would justify reducing the reporting timeframe from 15 minutes to one minute,” ASA President and CEO Chris Iacovella wrote in the letter. “We remain deeply concerned about the potential adverse effects of these unnecessary regulatory changes on investors and the broader market ecosystem.”
“The SEC and the SROs are not only jeopardizing market stability but also exposing themselves to potential legal challenges. In light of the Supreme Court decisions in Loper Bright and Ohio v. EPA, coupled with our longstanding arguments, and the already fundamentally flawed process behind the proposals, we urge the SEC to abandon these proposals in their entirety,” Iacovella wrote.
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The American Securities Association (ASA) represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.
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