September 22, 2011


SEC Request for Comment on Retrospective Review of Existing Regulation

On July 11, 2011, President Obama issued Executive Order 13579, "Regulation and Independent Regulatory Agencies," which states that regulatory agencies of the federal government should promote the goal of a regulatory system that protects "public health, welfare, safety, and our environment while promoting economic growth, innovation, competitiveness, and job creation." In furtherance of its ongoing efforts to update regulations to reflect market developments and changes in the regulatory landscape, and in light of Executive Order 13579, on September 6, 2011, the Securities and Exchange Commission (the "SEC") invited the public to submit comments to assist the SEC in considering the development of a plan for the retrospective review of its regulations.


Specifically, the SEC requests general comments on what the scope and elements of such review plan should be. In addition, the SEC encourages commenters to respond to the questions below:

  1. What factors should the SEC consider in selecting and prioritizing rules for review?
  2. How often should the SEC review existing rules?
  3. Should different rules be reviewed at different intervals? If so, which categories of rules should be reviewed more or less frequently, and on what basis?
  4. To what extent does relevant data exist that the SEC should consider in selecting and prioritizing rules for review and in reviewing rules, and how should the SEC assess such data in these processes? To what extent should these processes include reviewing financial economic literature or conducting empirical studies? How can our review processes obtain and consider data and analyses that address the benefits of our rules in preventing fraud or other harms to our financial markets and in otherwise protecting investors?
  5. What can the SEC do to modify, streamline, or expand its regulatory review processes?
  6. How should the SEC improve public outreach and increase public participation in the rulemaking process?
  7. Is there any other information that the SEC should consider in developing and implementing a preliminary plan for retrospective review of regulations?


Comments to this Request for Information should be submitted to the SEC by Thursday, October 6, 2011.


This Request for Information can be found via the SEC’s website.


If you have any questions regarding this Request, please contact Orical LLP at 212-705-4285 or visit our website at

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