ASA Welcomes SEC Move to Modernize Delegations of Authority

WASHINGTON – The American Securities Association (ASA) today welcomed the Securities and Exchange Commission's (SEC) adoption of Release No. 33-11431, "Modernization of Delegations of Authority to Commission Staff," a final rule reorganizing certain administrative registration functions among SEC staff offices.

"ASA applauds Chairman Atkins for taking an important first step to begin to reassert the Commission’s control over the important policymaking decisions. This release recognizes that Congress delegated policymaking power to the agency, not unaccountable career staff," said ASA President and CEO Chris Iacovella.

ASA has long pressed the Commission to rein in its practice of delegating substantive policy authority to unconfirmed career staff. In a January 2025 letter to Acting Chairman Uyeda and Commissioner Peirce, ASA called on the SEC to eliminate delegated policy-making authority, require Commission votes on significant rulemakings, and restore accountability and transparency to the agency's decision-making process. ASA looks forward to working with the Commission to further expand this rule's reach.

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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.