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April 2, 2012

STA Helps Scuttle Amendment

By James Armstrong

The Security Traders Association has asked Congress to keep market-structure out of a bill making it easier for small companies to go public.

Congressman Jim Renacci drew the STA's attention with an amendment to the Jumpstart Our Business Start-ups (JOBS) Act. Though the JOBS Act is aimed at lowering reporting requirements for small companies, the amendment would have allowed issuers to have their stock traded on some venues but not others.

Renacci withdrew his amendment after the STA asked Congress to refrain from injecting itself into major market-structure issues without industry input.

However, the STA is concerned that a similar provision could be introduced into parallel legislation in the Senate.

"It's something that we need to be in front of," said Jennifer Setzenfand, chairman of the STA. "We need to be ready."

The STA sent a letter to the Senate Banking Committee expressing the group's views.

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