On July 11, 2011, the President issued Executive
Order 13579, "Regulation and Independent Regulatory Agencies," which states
that independent regulatory agencies should promote the goals set forth in Executive
Order 13563 of January 18, 2011 that applies to executive agencies. He is
asking the SEC, CFTC and other independent agencies to focus on a regulatory
system that protects "public health, welfare, safety, and our environment while
promoting economic growth, innovation, competitiveness, and job creation." The
Securities and Exchange Commission responded to Executive Order 13579 by
inviting "interested members of the public to submit
comments to assist the Commission in considering the development of a plan
for the retrospective review of its regulations."
Before you get too excited and submit a comment about
repealing your most hated SEC rule, the SEC's comment request is only for
general comments on what the scope and elements on the development of a plan
for retrospective review of existing significant regulations. So it's just
comments on the plan to review existing regulations.
1. What factors should the Commission consider in
selecting and prioritizing rules for review?
2. How often should the Commission review existing rules?
3. Should different rules be reviewed at different intervals? If so, which categories
of rules should be reviewed more or less frequently, and on what basis?
4. To what extent does relevant data exist that the Commission should consider
in selecting and prioritizing rules for review and in reviewing rules, and how
should the Commission assess such data in these processes? To what extent
should these processes include reviewing financial economic literature or
conducting empirical studies? How can our review processes obtain and consider
data and analyses that address the benefits of our rules in preventing fraud or
other harms to our financial markets and in otherwise protecting investors?
5. What can the Commission do to modify, streamline, or expand its regulatory
6. How should the Commission improve public outreach and increase public
participation in the rulemaking process?
7. Is there any other information that the Commission should consider in
developing and implementing a preliminary plan for retrospective review of
The Commission is not soliciting comment in this notice
on specific existing Commission rules to be considered for review. Hopefully,
that will come soon.
additional commentary on developments in compliance and ethics, visit Compliance Building,
a blog hosted by Doug Cornelius.
more information about LexisNexis products and solutions connect with us
through our corporate site.