The Securities and Exchanges commission has announced that it has opened a portal on its website to allow members of the public to submit comments as the agency sets out to make rules required under the Dodd-Frank Wall Street Reform and Consumer Protection Act. This invitation of public comment is unique in that the public will be able to submit comments before the agency even proposes its regulatory reform rules and amendments. In addition, the Commission has announced that, in the interest of transparency, the agency will will provide greater public disclosure of meetings with SEC staff. Typically, those wishing to comment must wait until the Commission issues a proposal or concept release to do so.
According to the announcement, "the public comment portal goes well beyond what is legally required and will provide expanded opportunity for public comment and greater transparency and accountability. The SEC also expects to hold public hearings on some regulatory reform topics."
Chairman Schapiro said, "[w]e recognize that the process of establishing regulations works best when all stakeholders are engaged and contribute their combined talents and experiences. We look forward to preliminary public comments in these areas."
A comment page has been set up at http://sec.gov/spotlight/regreformcomments.shtml, and comments may be submitted by email or by filling out a web form under the appropriate topic. The topics are organized by title under the Dodd-Frank Act. The Commission will post all of the submissions, and all submissions received will be posted without change.