U.S. Securities and Exchange Commission building in Washington, D.C. Jan. 5, 2019. Photo: Diego M. Radzinschi/ALM The SEC's Rulemaking Process: Long-Haul or Short-Cut?
This article: describes the SEC's authority to issue rules under the Securities Exchange Act of 1934 and the additional requirements for rulemaking under the Administrative Procedure Act; considers a professor's recent proposal of a "fairness" short-cut around the traditional "economic" or quantitative component of the SEC rulemaking process; and describes the exacting analytical process that has been required by courts to date in cases of SEC rulemaking.
January 20, 2022 at 11:45 AM
13 minute read
Federal Government
SEC Chair Gary Gensler has set out an ambitious regulatory agenda. In testimony, speeches, and interviews, he has put forward a substantial set of rulemaking priorities for the staff and Commission to consider. Among these priorities are (1) disclosure regarding environmental, social, and governance (ESG) policies, including the impact of business on climate change; (2) disclosure and liability obligations for special purpose acquisition companies (SPACs); (3) regulatory oversight of crypto currency; and (4) equities trading and market structure, including payment for order flow (PFOF).
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