SEC’s 13F Proposal Will Reduce Transparency, Undermine Investor Confidence
Sends letter to SEC strongly opposing regulatory rollback for hedge funds
WASHINGTON – The American Securities Association (ASA) today sent a letter to the Securities and Exchange Commission (SEC) in strong opposition to a proposed rule limiting Form 13F reporting obligations for institutional investment managers. In the letter, ASA outlined its investor protection concerns and expanded on its view that such changes would undermine the integrity of the U.S. capital markets.
“This Proposal asks the public to side with billionaire hedge fund managers who destroy companies and fire workers because the current regulatory regime costs them too much,” ASA CEO Chris Iacovella wrote in the letter. “Section 13(f) disclosures are an important source of information to public company management, investors, and American workers, both union and non-union. Eliminating them, would tilt the scales in favor of activist, vulture, and takeover ‘wolf pack’ hedge funds exercising short-term agendas at the expense of workers, long-term investors, and our capital markets.”
“We urge the Commission to refrain from enacting policies that will give hedge funds a green light to ruin public companies, destroy the lives of American workers, and further exacerbate income inequality.”
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/.