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ASA Statement on Muni Advisor Regulatory Rollback Virtual Discussion

Reiterates call for SEC to rescind Order and protect Americans

WASHINGTON – Ahead of today’s virtual discussion at the Securities and Exchange Commission (SEC), the American Securities Association (ASA) once again called on the Commission to rescind its Exemptive Order allowing municipal advisors to avoid broker-dealer registration—and the regulatory requirements that accompany this registration—in their interactions with municipalities.

“The SEC’s ad hoc virtual discussion on its muni advisor deregulatory Order cannot replace its mandate under the Administrative Procedure Act or the will of Congress,” said ASA CEO Chris Iacovella. “It’s time for the Commission to rescind this Order because the American people deserve accountability and transparency, not action that weakens rules to benefit favored companies.”

In late June, ASA sent a comment letter strongly opposing this initiative and urged the Commission to swiftly rescind the regulatory rollback Order. Yesterday, ASA released a fact sheet and raised several questions for Congress to consider to protect Americans from fraud.


ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at


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