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October 1, 2020

Better Markets Issues Comment Letter on the SEC’s Institutional Investor Reporting Threshold Proposal

On Sept. 29, 2020, Better Markets filed a comment letter on an SEC proposal to raise a major reporting threshold for institutional investment managers from $100 million to $3.5 billion, an increase of 3,500% that would allow nearly 90% of institutional investment managers to dodge basic transparency requirements. This proposed increase is not only incredibly misguided, it is also beyond the lawful authority of the SEC.

The Exchange Act clearly mandates that the SEC set a reporting threshold of at least $100,000,000 or any smaller amount. The commission acknowledges this but is still attempting to raise the threshold above the legally required amount.  The SEC is relying on a severe misinterpretation of vague wording in a Senate report, which is in no way equivalent to the clear text of the law, to justify this brazenly, unlawfully proposal.

Better Markets opposes this attempt by the SEC to defy the will of Congress and impose dangerous deregulation on the market. The proposal, if somehow finalized and allowed to stand by the courts, would radically decrease transparency in the marketplace, creating new dangers to investors. The SEC should withdraw this anti-investor proposal immediately. Read our full comment letter here or by clicking the button below.


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