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ASA Sends Letter to Capital Markets Subcommittee

Outlines insights on legislation slated for discussion


WASHINGTON, D.C. – Today, the American Securities Association (ASA) sent a letter to the House Financial Services Committee Subcommittee on Capital Markets outlining insight and concerns on legislation slated for discussion during today’s hearing.

On H.R.__, to except quotations of Rule 144A fixed-income securities from certain regulatory requirements, ASA Christopher Iacovella said, “ASA supports exempting 144A fixed income securities from Rule 15c2-11 because it would mitigate some of the negative consequences from the misapplication of Rule 15c2-11 while protecting investors in the fixed income markets.”

Additionally, ASA’s letter expressed concerns on H.R.__, the Middle Market IPO Underwriting Cost Act. “We oppose the Middle Market IPO Underwriting Cost Act because there is no credible evidence that underwriter fees are somehow misunderstood by companies considering an IPO or serve as a disincentive to go public,” Iacovella said. “It would be more appropriate for Congress to focus on the SEC’s current regulatory agenda and actions the SEC has taken to tilt the scales in favor of activist investors rather than granting the SEC authority to establish price controls for underwriting fees.”

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