The Securities and Exchange Commission published a list of rules to be reviewed pursuant to the Regulatory Flexibility Act. The publication invites comments on whether the rules should be amended or continued without change. Two items caught my attention.
The first is Form PF. It was adopted in October 2011. The second is the registration requirement imposed on private funds and other Dodd-Frank requirement. That rule and rule amendments was adopted in June 2011.
Does this mean changes are coming?
The Regulatory Flexibility Act (5 U.S.C. 601-612) requires an agency to review its rules that have a significant economic impact upon a substantial number of small entities within ten years of the publication of such rules as final rules. 5 U.S.C. 610(a). The purpose of the review is “to determine whether such rules should be continued without change, or should be amended or rescinded . . . to minimize any significant economic impact of the rules upon a substantial number of such small entities.”
The SEC notes that there were no comments on its initial Regulatory Flexibility Analysis for either rule.
The publication of these opening for comments seems like a pro forma step by the SEC to comply with the Regulatory Flexibility Act and not movement to make regulatory changes. But if the SEC gets comments, maybe it will think about making changes. The link to leave comments is on this page: https://www.sec.gov/rules/other.htm.
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