ASA Supports SEC's Registered Offering Reforms, Offers Recommendations to Strengthen Disclosure

WASHINGTON – The American Securities Association (ASA) today submitted a comment letter to the Securities and Exchange Commission (SEC) on its proposed reforms to registered offerings and filer status. ASA supports the Commission's move to eliminate the public float threshold and One-Year Seasoning requirement, and offers recommendations to extend the same speed to secondary offerings by selling shareholders and to strengthen the link between periodic reports and shelf registration statements.

"By reducing compliance burdens that disproportionately impact smaller public issuers, this proposal takes a measured approach that benefits both the companies and the retail investors who participate in our capital markets," said ASA Chief Legal Officer Jessica Giroux.

ASA also supports the Commission's proposal to simplify the filer status framework into two tiers and to extend relief from the Sarbanes-Oxley Act's Section 404(b) auditor attestation requirement to more issuers.

To read ASA’s full letter, click here.

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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.