ASA Applauds SEC for Protecting American Investors from CCP Insider Trading

WASHINGTON – The American Securities Association (ASA) today applauded Securities and Exchange Commission (SEC) Chairman Paul Atkins and the SEC for adopting final rules to the Holding Foreign Insiders Accountable Act.

“ASA supports Chairman Atkins moving to end the regulatory arbitrage between U.S. and Chinese companies trading in America,” said ASA President and CEO Chris Iacovella. "Today’s action protects investors because it stops executives of Chinese companies listed on U.S. stock exchanges from using non-public information to dump their shares into the market and hiding those sales. American businesses rightly can’t do that, so there is no reason companies in Communist China should be able to.”

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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.