Court Ruling on Access Fee Pilot a Win for American Investors
The government adopting a rule to tip the scales in favor of driving more trading to Wall Street dark pools was never a good idea and the courts agreed.
WASHINGTON – The American Securities Association (ASA) today released the following statement after a ruling in the U.S. Court of Appeals for the District of Columbia Circuit halted the Securities and Exchange Commission (SEC) from moving forward with its Access Fee Pilot:
“This is a big win for America’s investors and for transparency,” said ASA CEO Chris Iacovella. “The government adopting a rule to tip the scales in favor of driving more trading to Wall Street dark pools was never a good idea and the courts agreed. Now that we no longer have to deal with the distraction of the Access Fee Pilot, the Commission should modernize America’s equity market structure in a way that benefits market participants of all sizes.”
The ASA first highlighted significant concerns regarding the Access Fee Pilot in a June 2018 comment letter to the SEC. In a RealClearMarkets op-ed, ASA CEO Iacovella also called on the Commission to support market structure reforms that prioritize small business capital formation and market stability.
ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at http://americansecurities.org/.