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ASA Supports Bipartisan Congressional Letter to SEC on MiFID II No-Action Relief



WASHINGTON, D.C. – American Securities Association (ASA) applauded Representatives Pete Sessions (R-TX) and Josh Gottheimer (D-NJ), of the House Committee on Financial Services, for sending an urgent letter to the U.S. Securities and Exchange Commission (SEC) on providing MiFID II relief and the passage of H.R. 2622, which would direct the SEC to extend the MiFID II no-action relief for six months and study the potential impact of the expiration of the relief.


“We are concerned that failure to extend current no-action relief will lead to a significant reduction in the research available to investment managers, causing unnecessary harm for the countless hard-working Americans saving for retirement in these funds. Further, many smaller companies depend on this research coverage for exposure to investors that help them grow our economy, create jobs, and succeed,” wrote the Members. “Any reduction in research resulting from the Commission’s failure to exercise its discretion to extend this no-action relief is concerning.”


In May 2023, ASA sent a letter to the House Financial Services Committee in support of Congressman Sessions’ H.R. 2622. ASA applauded the legislation’s passage in Committee and continues to urge the SEC to provide MiFID II relief.



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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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