sec consultation on jobs act implementation April 11, 2012Posted by Bradley in : consultation, transparency , trackback
Under a process first utilized with the Dodd Frank Wall Street Reform and Consumer Protection Act, the public will be able to comment before the agency even proposes its regulatory reform rules and amendments.
The SEC is generally required by law to establish a public comment period at the time it proposes rules or rule amendments. However, similar to the Commission’s action with the Dodd-Frank Act, the public will have an opportunity to voice its views before rules or amendments are proposed under the JOBS Act. The public also will be able to see what others are saying to the agency about these issues.
There are separate web comment forms with respect to different titles of the Act, which are available here. The forms don’t include questions which might influence the responses, which is a good thing, but responding by means of the forms really requires some knowledge of the statute. The SEC does provide a link to the statute but the language in which it is drafted is pretty impenetrable to those who aren’t familiar with the federal securities laws. This does raise some questions about what the SEC thinks it is achieving by asking for public comment.