Procedure for Commenting on Dodd-Frank Act Announced
Jul 30, 2010
On Tuesday, July 27, 2010, U.S. Securities and Exchange Commission (SEC) Chairman Mary Schapiro announced the SEC’s new procedure for the public to provide comments to the SEC as it initiates the scores of rulemaking required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Under this new procedure, the SEC is inviting the public to submit comments in advance of the SEC proposing rules and rule amendments to implement the Dodd-Frank Act. The SEC has set up a web page, which can be accessed here, where the public may post comments, and read comments posted by others, on “most popular” topics, which include executive compensation, conflict materials disclosures, SEC whistleblower award program, and hedge fund registration (municipal securities did not make the list).
The SEC also announced that it intends to increase public access to meetings between interested parties and SEC staff, adopting additional practices that include encouraging meeting participants to submit written comments to the public file and asking those who request a meeting to provide an agenda for the meeting and making the agenda part of public record.
The SEC has asked that those seeking to provide comments using this process be as specific as possible, propose specific approaches to address the concerns, and provide information regarding potential costs and burdens associated with proposals.