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ASA Statement Ahead of Financial Services Hearing on Examining Regulators, SROs



WASHINGTON, D.C. – The American Securities Association (ASA) released the following statement from President & CEO Chris Iacovella ahead of the testimony of financial regulators, self-regulatory organizations (SROs), and standard-setters for auditing before the House Committee of Financial Services Subcommittee on Capital Markets:

 

“ASA largely supports and appreciates FINRA’s ongoing efforts to work with the broker-dealer industry to ensure it adopts smart financial regulation that stays ahead of shifting market and economic conditions. We especially appreciate FINRA CEO, Robert Cook, raising important questions about the dangers of the SEC’s Consolidated Audit Trail (CAT) collecting the personal and financial information of every American investor.”

 

Recently, ASA applauded the work of FINRA as the SRO worked with the SEC in approving the Remote Inspection Pilot Program.

 

In October, ASA welcomed the remarks of FINRA President and CEO Robert Cook expressing concerns related to the collection of American investors’ personal and financial identifiable information on the Consolidated Audit Trail (CAT).

 

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About the American Securities Association

 

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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