.png){kind=logo}
ASA says SEC adoption of MIFID II will harm small businesses and benefit large Wall Street Banks.
WASHINGTON, D.C. – Today, the American Securities Association (ASA) sent a letter to the U.S. House Financial Services Capital Markets Subcommittee in advance of hearings titled “Sophistication or Discrimination? How the Accredited Investor Definition Unfairly Limits Investment Access for the Non-wealthy and the Need for Reform” and “Empowering Entrepreneurs: Removing Barriers to Capital Access for Small Businesses.”
“ASA commends this Committee for prioritizing capital formation at the outset of the 118th Congress,” ASA CEO Chris Iacovella said. “Over the last decade, Congress has shown that it can work across party lines to enact meaningful reforms to our securities laws that help startups and small businesses raise capital and create jobs. These reforms have breathed life into the initial public offering market (IPO), made it easier for startup and private businesses to raise capital, and created opportunities for retirees, working families, and those starting out in life to build and sustain wealth.”
On the SEC using the reversal of a staff “no-action” letter to adopt MIFID II research rules that will require broker-dealers to register as investment advisors to issue research, Iacovella said, “we see no reason for the SEC to import a European regulation into our markets that has done nothing but exacerbate the lack of research coverage for Small Medium Enterprises (SMEs) across Europe. This ill-advised decision – done outside of a vote of the SEC commissioners and without their input– will not only exacerbate problems with small company research coverage, but it also tips the competitive scale in favor of the largest Wall Street banks.”
###
Comentários