The request was broad and focused on how such a review of regulations should take place. The SEC said it "has long had formal and informal processes in place to review its existing rules, and a considerable portion of its rulemaking already involves changes to existing rules." Most recently, in March, the Commission began a retrospective review of offering and reporting requirements, and posted a regulatory review webpage seeking public input.
The Commission is seeking public comment on the process it should 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.
Public comments should be received by Oct. 6, 2011. They can be submitted here.
The move follows the issuance of an order by President Barack Obama 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.