SEC’S RULEMAKING AGENDA INCLUDES SIGNIFICANT CHANGES TO INDUSTRY OPERATIONS AND BUSINESS PRACTICES
The Securities and Exchange Commission (SEC) is pursuing an unprecedented rule making agenda, with 16 new rules proposed in Q1, 2022, many of which could require significant changes to industry operations and business practices. In addition, the period for public comment has been reduced to an average of 38 days, well below the historical norm of 60 – 90 days. As reported in the IIAC’s April 19, 2022 eNewsletter, U.S. trade groups are asking the SEC for more time to review and respond to proposed rule changes in order to provide meaningful comment on the impact of the proposals. With the increased volume of rule changes and the reduced amount of time to assess the impact of the proposed changes, there is greater risk of unintended negative consequences to the capital markets.