ASA Submits Comments on SEC’s Outsourcing Proposal

ASA urges SEC to drop the one-size-fits-all regime replacing the existing framework

WASHINGTON, D.C. – Today, the American Securities Association (ASA) sent a letter to the U.S. Securities and Exchange Commission (SEC) on the agency’s Outsourcing by Investment Advisers proposal.

“The SEC’s proposal replaces the existing principles-based approach to third-party oversight with a ‘one-size-fits-all’ regime,” ASA CEO Chris Iacovella said. “We remind the Commission that the obligation to oversee third-party service providers has long been understood to be part of an adviser’s fiduciary obligation, and it is a responsibility advisers do not take lightly. We urge the SEC to drop this Proposal.”

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