SEC to Review All Existing Regulations
The Securities and Exchange Commission said it is seeking feedback on a plan to conduct retrospective reviews of its existing regulations.
While it has existing process in place to review current rules, the SEC said it is seeking public comment on improvements including what models should it use to conduct retrospective reviews, such as how often rules should be reviewed, the factors that should be considered, and ways to improve public participation in the rulemaking process.
“Because today's financial markets are dynamic and fast-moving, the regulations affecting the markets and its participants must be reviewed over time and revised as necessary so that the regulations continue to fulfill the SEC's mission,” the agency said.
Comments are due by Oct. 6.
President Obama issued an order on July 11 that recommended that independent regulatory agencies consider how they might best analyze rules that may be outmoded, ineffective or excessively burdensome, and modify, streamline or repeal them, the SEC said.
The order also recommends analysis of regulations that might need to be strengthened or modernized, which may entail new rulemaking.
The NCUA also received the order and said it would review its regulations and make recommendations, a process the agency said it already does every three years.