SIFMA praised the U.S. House of Representatives for passing the bipartisan INVEST Act, comprehensive legislation that modernizes elements of U.S. securities laws.

“SIFMA applauds the House for passing the INVEST Act and taking an important step to ensure that our securities laws evolve alongside today’s dynamic markets,” Kenneth E. Bentsen, Jr., SIFMA President and CEO.  “We appreciate the bipartisan leadership of the House Financial Services Committee and House leadership in advancing commonsense, market-enhancing reforms that promote access, growth, and innovation across the U.S. capital markets. We look forward to continuing to work with Congress and regulators to further strengthen our markets and protect investors.”

SIFMA has long supported efforts to responsibly broaden opportunities for retail and sophisticated investors, strengthen entrepreneurial financing options, and sustain the competitiveness of U.S. markets.

The INVEST Act includes provisions that would:

• Modernize e-delivery rules while preserving paper delivery options
• Provide retirement plan parity for 403(b) plans by permitting investment in CITs and insurance separate accounts
• Expand pathways to qualify as accredited investors based on professional expertise or SEC-created examinations
• Enhance investor protection through a Senior Investor Taskforce at the SEC
• Support IPO activity and public-company entry through JOBS Act-style provisions
• Expand eligibility for Well-Known Seasoned Issuers (WKSIs) to strengthen public capital markets

These reforms further the objectives first advanced by the JOBS Act of 2012 and reflect a continued bipartisan commitment to efficient, competitive, and innovative U.S. capital markets.

SIFMA submitted a letter of support earlier this week that expands on these views and can be found here.

Source: SIFMA