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ASA Supports Senate Legislation on MiFID II No-Action Relief



WASHINGTON, D.C. – The American Securities Association (ASA) today issued the following statement from President and CEO Chris Iacovella supporting legislation introduced by U.S. Senator Jerry Moran (R-KS) which would extend by six months the MiFID II no-action relief:


“ASA strongly supports Senator Moran’s efforts to extend MiFID II relief. The SEC staff’s no-action relief is set to expire on July 3rd, 2023, and if the relief expires it will significantly harm the ability of small businesses across America from accessing the capital they need to create jobs and grow our economy. In light of the EU and UK’s imminent reversal on this issue and following the overwhelming bipartisan vote in the House Financial Services Committee, ASA strongly believes the SEC must extend the no-action relief to avoid the same unintended consequences that have harmed Europe’s small and mid-size businesses.”

Recently, U.S. Senators Jerry Moran and Robert Menendez (D-NJ) sent a letter to U.S. Securities and Exchange Commission Chairman Gary Gensler expressing their concern with the impending expiration of the no-action relief.


Earlier in June, Representatives Pete Sessions (R-TX) and Josh Gottheimer (D-NJ), of the House Financial Services Committee, sent a similar letter to the SEC directing the Agency to extend the MiFID II no-action relief for six months and study the potential impact of the expiration of the relief.


ASA applauded the passage Representative Sessions’ MiFID II legislation in the House Financial Services 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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