ASA Calls on SEC to Extend Comment Period

WASHINGTON – The American Securities Association (ASA) today sent a letter to the Securities and Exchange Commission (SEC) expressing concerns about the unusually short amount of time the public has been given to provide comments on rulemaking proposals involving proxy advisor reforms, new disclosures of certain lending practices, and the modernization of electronic recordkeeping requirements for broker-dealers.

“Unfortunately, the SEC has only given the public thirty (30) days to comment on each of these proposals. This is a noticeable departure from the customary sixty (60) day comment period the SEC normally provides the public to comment on rulemakings,” ASA CEO Chris Iacovella wrote in the letter. “We believe this condensed timeframe could limit the amount of thoughtful public input that is possible to be submitted by the comment period deadline and we have serious concerns that thirty (30) day comment periods could become the norm for SEC rulemakings going forward.”

“Accordingly, the ASA respectfully requests the comment periods on these proposals be extended to a minimum of sixty (60) days,” Iacovella wrote. “Given the SEC’s interest in obtaining robust comment on its proposals, the Commission should allow more time for robust comments to be developed so that a diversity of voices on these issues can be heard.”

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ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at http://americansecurities.org/.