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ASA Submits Comments on One-Minute Trade Reporting Proposal



WASHINGTON, DC – The American Securities Association (ASA) today submitted a comment letter to the U.S. Securities and Exchange Commission raising concerns regarding the Municipal Securities Rulemaking Board (MSRB) and the Financial Industry Regulatory Authority’s (FINRA) proposal to shorten the timeframe for reporting transactions in covered fixed income securities from 15-minutes to within one-minute.

 

“Fixed income markets have performed remarkably well despite multiple crises and black swan events. Yet, the SEC is demanding that MSRB and FINRA change rules without identifying any market failure or investor harm,” said ASA President & CEO Chris Iacovella. “The only justification we have gotten for this proposal is that the SEC Chair wants it. Well, we reject that reasoning because this is not a monarchy, and the Chair of the SEC is not our king. We will not hesitate to protect this well-functioning market in court if the SEC finalizes this legally and economically flawed rule.”

 

Read the American Securities Association comment letter here.

 

In September 2022, ASA sent a comment letter to the Municipal Securities Rulemaking Board (MSRB) and the Financial Industry Regulatory Authority (FINRA) regarding proposed amendments to reduce the reporting timeframe for eligible corporate and municipal fixed income securities.

 

In June 2023, ASA President & CEO Chris Iacovella penned an op-ed in The Bond Buyer urging financial regulators to do no harm to U.S. fixed income markets.

 

 

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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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