Due to Commenting Error, SEC Re-Opens Feedback on Certain Rulemaking Proposals

The Securities and Exchange Commission (SEC) has re-opened the commenting period due to a “technological error,” according to a statement by the regulator.

Historically, when the Commission proposes new rules, there is a period of time where individuals and entities may comment as to how changes may impact industry or individuals. Once a comment period is closed, the Commission may take into consideration the feedback and adjust the rules – or simply ignore some concerns. The SEC said the glitch mainly impacted comments during August 2022, but the problem was known as early as June 2021. The current Chairman of the SEC, Gary Gensler, took over the helm of the Commission in April 2021.

The SEC said that interested individuals now have the ability to submit or resubmit comments on a slew of proposed rules.

The SEC provided a list of the impacted rule proposals:

  • Reporting of Securities Loans, Release No. 34-93613 (Dec. 8, 2021)
  • Prohibition Against Fraud, Manipulation, or Deception in Connection with Security-Based Swaps; Prohibition against Undue Influence over Chief Compliance Officers; Position Reporting of Large Security-Based Swap Positions, Release No. 34-93784 (Feb. 4, 2022)
  • Money Market Fund Reforms, Release No. IC-34441 (Feb. 8, 2022)
  • Share Repurchase Disclosure Modernization, Release Nos. 34-93783, IC-34440 (Feb. 15, 2022)
  • Short Position and Short Activity Reporting by Institutional Investment Managers, Release No. 34-94313 (Mar. 16, 2022); see also Notice of the Text of the Proposed Amendments to the National Market System Plan Governing the Consolidated Audit Trail for Purposes of Short Sale-Related Data Collection, Release No. 34-94314 (Mar. 16, 2022)
  • Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, Release Nos. 33-11038, 34-94382, IC-34529 (Mar. 23, 2022)
  • Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews, Release No. IA-5955 (Mar. 24, 2022)
  • The Enhancement and Standardization of Climate-Related Disclosures for Investors Release Nos. 33-11042, 34-94478 (Apr. 11, 2022)
  • Special Purpose Acquisition Companies, Shell Companies, and Projections, Release Nos. 33-11048, 34-94546, IC-34549 (May 13, 2022)
  • Investment Company Names, Release Nos. 33-11067, 34-94981, IC-34593 (June 17, 2022)
  • Enhanced Disclosures by Certain Investment Advisers and Investment Companies About Environmental, Social, and Governance Investment Practices, Release Nos. 33-11068, 34-94985, IA-6034, IC-34594 (June 17, 2022)
  • Request for Comment on Certain Information Providers Acting as Investment Advisers, Release Nos. IA-6050, IC-34618 (June 22, 2022)

Links to submit comments may be found here.

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