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| July 29, 2010: Faced with drafting scores of regulations and conducting multiple studies during the next year, the U.S. Securities and Exchange Commission (SEC) is expanding its public comment process to solicit input from investors and Wall Street before the formal rules are drafted, SEC Chairman Mary Schapiro said on Tuesday, July 27, 2010, according to The New York Times. “While we want and need input, we recognize that there is significant interest in how we obtain it," she said. “I believe that an open process maximizes public confidence in the rules that are proposed and ultimately adopted, as well as in the studies that are released." In part, the SEC's outreach is intended to quell fears that have emerged about putting into effect legislation that will overhaul regulation of financial institutions. Consumer advocates and business interests are concerned that the rule-making will be done behind closed doors and be dominated either by Wall Street lobbyists or by groups hostile to business and industry. Schapiro spoke at a forum sponsored by the U.S. Chamber of Commerce, where she outlined the new procedures and noted that the SEC had set up an internet site for the submission of comments.
The new law calls for the SEC to draft regulations that could, for example, govern corporate disclosure of executive compensation, allow shareholders to nominate candidates for company boards, tighten oversight of credit rating agencies and, together with the U.S. Commodity Futures Trading Commission, impose new capital and margin requirements on derivatives trading. The SEC started the first of the act’s required studies on Tuesday, July 27, 2010, asking investors for feedback on whether the practices of stock brokers and investment advisers should continue to be subject to different regulatory standards. By law, the SEC regularly seeks comments on proposed rules after a regulation has been drafted and published, a practice that will continue. |
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