Securities Industry Association Welcomes Effort To Modernize Securities Offering Process - Association Committed To Working With SEC On Changes That Will Expand Access To Capital, Create Jobs

The Securities Industry Association today welcomed the Securities and Exchange Commission’s proposed modernization of the securities offering process by revising the Securities Act of 1933.

“A more efficient process of capital-raising will provide businesses with improved access to capital, allowing them to expand and add more jobs,” said Ira D. Hammerman, SIA senior vice president and general counsel. “While the current system has worked well, the SEC recognizes that the markets today have changed dramatically since 1933, when the laws governing the offering process were first established. Many of the current provisions need to be updated. SIA member-firms, as broker-dealers that serve the interests of both issuers and investors, are in a unique position to assess the risks, costs, and benefits of changes to the offering process. We welcome the SEC’s initiative and look forward to reviewing the proposal and working with the commission and other interested parties to develop a process that will better serve investors and issuers.”