ASA Statement Ahead of SEC Speaks Conference

WASHINGTON – The American Securities Association (ASA) today released the following statement from President and CEO Chris Iacovella ahead of the Securities and Exchange Commission's (SEC) SEC Speaks in 2026 conference:

"Under Chairman Atkins' leadership, the SEC has taken significant steps to return to its core mission and benefit America's small businesses, working families, and retirees. Heading into SEC Speaks, the Commission has a lot on its plate for 2026, and ASA looks forward to working with the SEC to finalize rulemakings on e-delivery, small business capital formation, SRO reform, and the Consolidated Audit Trail."

ASA has been the leading financial services advocacy group on SEC reform. Last month, Iacovella testified before the House Financial Services Committee at a hearing titled "A New Day at the SEC: Restoring Accountability, Due Process, and Public Confidence." In his testimony, Iacovella described how, over time, the SEC has acted outside of its statutory mandate to pursue partisan political policies, and why Congress needs to reassert its policymaking prerogative over the agency through targeted reforms.

ASA's key recommendations include: 

• The Commission’s delegation of policymaking authority to career staff must end. 

  
  

• Career staff must obtain Commission approval to initiate ‘industry-wide’ sweeps.

  
  

• The public deserves a minimum 60-day comment period for rule proposals and at least 90-days for complex rules, such as market structure, exemptive relief, and definitional changes.

  
  

• The SEC needs to publish a transparent fine schedule for administrative rule violations without customer harm, such as record keeping.

  
  

• Enforcement staff must be held to the same ethical standard as every other licensed attorney.

  
  

• SEC rules must respect the cost-benefit analysis that Congress required.

  

• SEC rules must be authorized by Congress, not justified by using “public interest” provisions.

  

• Rule filings from FINRA and MSRB should be sent directly to the Commission. 

  
  

• The SEC’s unauthorized delegation of its core functions to SROs must end. An example of this is the SEC’s delegation of CAT to the SROs, which required the industry to fund a multi-billion-dollar regulatory surveillance scheme that illegally collects the personal and financial information of every American investor.

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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.