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WASHINGTON, D.C. – The American Securities Association (ASA) released the following statement from President & CEO Chris Iacovella on the passage of H.R. 2622, which would extend MiFID II no-action relief for six months and study the impact of the expiration of the relief:
“We commend the House’s bipartisan passage of H.R. 2622, sponsored by Congressman Pete Sessions (R-TX) and supported by Representative Josh Gottheimer (D-NJ).
“SEC Chair Gensler’s refusal to extend the MiFID II no-action letter was an early Christmas gift to certain politically connected market participants. The ‘Gensler Giveaway’ imported a European rule into our markets that is already reducing transparency for America’s retail investors, impairing small business capital formation, and needlessly increasing costs for U.S. asset managers and broker-dealers.
“We applaud the House’s passage of this important legislation and encourage the Senate to swiftly follow suit in order for this critical legislation to be signed into law. The efficiency of our markets and ability of America’s small and mid-sized companies to raise capital depends on the widespread availability of public company research.”
Earlier this week, ASA sent a letter to House Speaker Kevin McCarthy and Minority Leader Hakeem Jeffries urging the U.S. House to pass the bipartisan legislation.
In June, U.S. Senator Jerry Moran (R-KS) introduced similar legislation. ASA strongly supports the bipartisan efforts to ensure MiFID II no-action relief is extended for broker-dealers and businesses seeking to raise capital.
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About the American Securities Association
American Securities Association, based in Washington, DC, 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.