The Securities Industry Association is urging the U.S. Securities and Exchange Commission to promptly adopt its rule proposal modernizing the securities offering process.

The association, in a comment letter to the SEC, endorsed the “incremental, yet progressive” approach to rule modernization proposed by the SEC. SIA president Marc Lackritz specifically cited the provisions that would update the shelf registration system and create a special category of “well-known issuers,” which are necessary to streamlining the offering process and providing companies with a more efficient way to access the capital markets.

“The SEC realizes that rules written 70 years ago need to be adapted to the modern market,” said Lackritz. “This is a significant step in keeping the markets as efficient as possible so that they can serve the growing demands of investors and issuers.”

Lackritz also praised the SEC for incorporating suggestions from the industry and other institutions involved in the capital markets in developing the rule proposals. “These proposals strike a balance between the need to protect the rights of investors and the issuers’ need to access capital,” he said. “The SEC’s proposal includes the measures that are necessary for our markets to maintain their preeminent position in the face of increasing global competition.”

The SIA is the trade association of the U.S. securities industry.