PHOENIX - After a sustained period of devoting resources to what its highest officers characterize as "frenetic rulemaking," the Securities and Exchange Commission is now prepared to conduct a comprehensive review of its exemptive application process and its approach to cost/benefit analysis.

Both areas have been points of frustration for the money management industry in recent years. As an industry that relies heavily on delivering the right product to consumers at just the right time, some of its timeliest innovations, insiders say, have been bogged down in an exemptive application process that's been neglected by the SEC. Its cost/benefit analysis, other say, is flawed and has led to the adoption of rules whose costs go far beyond what the regulator anticipated.

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