SEC Seeking Public Input To Rules Making

January 7, 2011 by · Leave a Comment
Filed under: Financial Reform, SEC 

The Securities and Exchange Commission (SEC) has announced an unusual open-door rulemaking procedure to facilitate the development of new credit rating agency regulations required by the recently passed Dodd-Frank Wall Street Reform and Consumer Protection Act.

The public can provide preliminary comments over the next 18 months, and comments will be posted on the SEC website.

The new procedure goes beyond what is required by the Administrative Procedure Act that governs federal rulemakings, and SEC Chair Mary Shapiro promised greater public disclosure of meetings with SEC staff as well.

Ms. Shapiro also said commission staff would meet with as many interested parties as possible, seek out parties with different points of view, and solicit opinions from those who do not appear to be fully represented. Good news, and a potential for a balanced, market-based solution.

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