*Letters

Proposed Trading Practice Rules Concerning Securities Offerings

Published on:
August 23, 1996

The Federal Regulation and Capital Markets Committees of the Securities Industry Association (SIA)* provide comments to the Securities and Exchange Commission (SEC) on proposed trading practice rules concerning securities offerings, Release Nos. 33-7282; 34-37094; File No. S7-11-96 (Regulation M).  This is an addendum to SIA’s previous letter on the issue dated July 16, 1996.  The purpose of this addendum to expand on the point made in the July 16 letter. While Regulation M generally marks a substantial improvement over the current trading practice requirements, SIA members believe it imposes greater restrictions on underwriters if they happen to be affiliates of the issuer.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.

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