September 6, 2011
SEC Seeks Comments on Retrospective Reviews of Regulations
The SEC announced that it seeks public comment on a plan to conduct retrospective reviews of its existing regulations and 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.
President Barack Obama issued an order 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 order also recommends analysis of regulations that might need to be strengthened or modernized, which may entail new rulemaking.
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OK. Let's start with that outmoded one called 10b-5. Then there's something called the 1933 Act I think. Let's toss that out too. Then isn't there one called Glass-Steagall? Oh that's right: they already got rid of it.
And we're making all this preemptive, aren't we? We can't have those states continuing to cause chaos with their own little fraud statutes, especially that crazy Martin Act. This whole concept of "fraud" is so archaic and ineffective anyway. "Protecting investors," I mean come on... Talk about excessively burdensome...
Posted by: Janet | Sep 6, 2011 7:23:01 PM