ASA Responds to SEC’s Comment Period Extension

SEC’s foray into climate and private funds—which will further upend the U.S. economy and markets—deserve a minimum of 90 days.

WASHINGTON – The American Securities Association (ASA) today issued the following statement after the Securities and Exchange Commission (SEC) announced an extended comment period for proposed rules on climate disclosures, private funds, and Regulation ATS.

“While the ASA is pleased to see the SEC briefly extend the comment period, this is still an inadequate amount of time for American people to conduct any type of comprehensive economic analysis about the potential costs of these combined rules or how they will impact retail investors, the ability of businesses to raise capital, market integrity, and systemic risk,” ASA CEO Chris Iacovella said. “Major proposed rulemakings regarding the SEC’s foray into climate and private funds—which will further upend the U.S. economy and markets—deserve a minimum of 90 days for the American people to make their voice heard.”

In December, prior to additional rule proposals, the ASA sent a letter to the SEC calling for the extension of the comment period. Since then, Commissioner Peirce has also raised concerns that commenters may not have an adequate amount of time to consider how certain proposals might affect, or be affected by, other outstanding proposals.

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