ASA Urges Congress to Exempt Fixed-Income Securities from Rule 15c2-11

WASHINGTON – The American Securities Association (ASA) today sent a letter to the Financial Services Committee expressing its strong support for H.R. 3959, the Protecting Private Job Creators Act, introduced by Reps. Troy Downing (R-MT) and Cleo Fields (D-LA). This bipartisan legislation would provide a permanent exemption for fixed-income securities from SEC Rule 15c2-11.

"We support this bipartisan bill to prevent the application of SEC Rule 15c2-11 to fixed income securities because it is necessary to protect liquidity across those markets," said ASA President and CEO Chris Iacovella. "While the SEC has granted temporary relief from this requirement, we urge Congress to advance this pragmatic bill to make the exemption permanent."

To read ASA's letter to the Committee, 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.