ASA Releases Comments to SEC on Small-Entity Definitions

WASHINGTON – The American Securities Association (ASA) today released a letter sent to the Securities and Exchange Commission (SEC) in support of its proposal to modernize small-entity definitions for investment companies, business development companies, and investment advisers for purposes of the Regulatory Flexibility Act.

“ASA appreciates the Commission’s initiative to update the 'small business' and 'small organization' definitions for investment companies, BDCs, and investment advisers,” wrote ASA Chief Legal Officer Jessica Giroux. “We strongly support the proposed RAUM‑based adviser definition and the adjusted investment company thresholds.”

To read ASA’s full letter, including additional recommendations for the final rule, click here.

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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.