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  • Writer's pictureASA Newsroom

ASA Files Lawsuit Against SEC Under the Freedom of Information Act

Follows SEC's months-long refusal to produce records about how it calculates broker-dealer fines.



TAMPA, FLORIDA – The American Securities Association (ASA) today filed a lawsuit in the Middle District of Florida to support federal government transparency by challenging the U.S. Securities and Exchange Commission's (SEC) refusal to produce documents under the Freedom of Information Act (FOIA).

“The purpose of the Freedom of Information Act is to ensure the public has access to information in the possession of federal agencies so the people can hold their government accountable,” said ASA President & CEO Chris Iacovella. “Unfortunately, the SEC has failed to comply with its FOIA obligations, and that is why ASA filed this lawsuit. The American public must have transparency into the SEC’s enforcement process.”

In March, ASA filed three FOIA requests for records concerning the SEC’s unprecedented investigation into broker-dealers’ retention of “off-channel” communications. The SEC, however, has refused to produce any documents in response to these requests.


Today’s complaint can be found here.



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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.

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