ABA Urges SEC to Modernize Regs on Rule 144A Securities

The American Bankers Association today filed a comment letter urging the Securities and Exchange Commission to modernize its regulations on Rule 144A securities in order to maintain a level playing field between bank-maintained collective investment funds and mutual funds.

“Some of the provisions under Rule 144A unnecessarily limit the ability of these bank-maintained funds to invest in securities offered and sold pursuant to registration exemptions that rely upon a purchaser’s status as a qualified institutional buyer, thereby restricting investor access to certain investment strategies,” ABA wrote.  For more information, contact ABA’s Phoebe Papageorgiou.