U.S. Securities and Exchange Commission headquarters in Washington. Photo: Diego M. Radzinschi/ALM SEC's Debt Securities Rule Would Require Private Company Disclosures, Manufacturers Say in Suit
"This novel expansion of Rule 15c2-11 will have a dramatic impact on private companies, fundamentally changing their ability to raise funds through debt offerings," lawsuit states.
September 14, 2023 at 01:34 PM
3 minute read
The National Association of Manufacturers sued the U.S. Securities and Exchange Commission this week, saying privately held companies would improperly be required to make financial disclosures under an SEC rule requiring broker-dealers to quote securities if publicly disclosed by issuers.
NAM, joined by the Kentucky Association of Manufacturers, alleges the agency reinterpreted its existing Rule 15c2-11 without providing an opportunity for public comment, in violation of the federal Administrative Procedure Act.
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