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SEC Reopens Comment Periods for Several Proposed Rules
Practical Law Legal Update w-037-2045 (Approx. 5 pages)
SEC Reopens Comment Periods for Several Proposed Rules
by Practical Law Corporate & Securities
| Published on 10 Oct 2022 • USA (National/Federal) |
The SEC has reopened the comment period for several of its proposals due to a technological error in receiving certain comments.
Update: This Legal Update does not reflect further rulemaking action on the affected releases. For up-to-date information on their status, see Practice Note, SEC Rulemaking Tracker.
On October 7, 2022, the Securities and Exchange Commission (SEC) reopened the comment periods for 11 rulemaking releases and one request for comment due to a technological error in receiving comments. As a result of the error, the SEC did not receive a number of public comments submitted through its internet comment form between June 2021 and August 2022.
Commenters should each check their relevant comment file on the SEC's website to determine whether their comment was received and posted. If a comment was not posted, commenters should resubmit their comment by following the instructions provided in the reopening release. The renewed comment periods will be open for 14 days following publication of the reopening release in the Federal Register.
Affected Releases:
- December 8, 2021, release no. 34-93613, related to reporting of securities loans.For more information on the proposal, see Legal Updates, SEC Proposes Rule to Require Reporting of Securities Lending Transaction Terms and SEC Reopens Comment Period on Proposal to Require Reporting of Securities Lending.
- February 4, 2022, release no. 34-93784, related to 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.
- February 8, 2022, release no. IC-34441, related to money market fund reforms.
- February 15, 2022, release nos. 34-93783 and IC-34440, related to share repurchase disclosure modernization.For more information on the proposal, see Legal Update, SEC Proposes to Modernize Share Repurchase Disclosure Rules.
- March 16, 2022, release nos. 34-94313 and 34-94314, related to short position and short activity reporting by institutional investment managers and notice of the text of proposed amendments to the national market system plan governing the consolidated audit trail for purposes of short sale-related data collection.For more information on the proposal, see Legal Update, SEC Proposes Short Sale Disclosure Rules.
- March 23, 2022, release nos. 33-11038, 34-94382, and IC-34529, related to cybersecurity risk management, strategy, governance, and incident disclosure.For more information on the proposal, see Legal Update, SEC Proposes Cybersecurity Risk Management Rules for Investment Advisers.
- March 24, 2022, release no. IA-5955, related to private fund advisers; documentation of registered investment adviser compliance reviews.
- April 11, 2022, release nos. 33-11042 and 34-94478, related to the enhancement and standardization of climate-related disclosures for investors.For more information on the proposal, see Legal Update, SEC Proposes Mandatory Climate Disclosure Rules.
- May 13, 2022, release nos. 33-11048, 34-94546, and IC-34549, related to special purpose acquisition companies, shell companies, and projections.For more information on the proposal, see Legal Update, SEC Proposes New Rules and Amendments on SPACs, Shell Companies, and Projections.
- June 17, 2022, release nos. 33-11067, 34-94981, and IC-34593, related to investment company names.
- June 17, 2022, release nos. 33-11068, 34-94985, IA-6034, and IC-34594, related to enhanced disclosures by certain investment advisers and investment companies about environmental, social, and governance investment practices.For more information on the proposal, see Legal Update, SEC Proposes ESG Disclosure Rules for Investment Advisers and Funds.
- June 22, 2022, release nos. IA-6050 and IC-34618, related to request for comment on certain information providers acting as investment advisers.For more information on the request for comment, see Legal Update, SEC Requests Comment on Information Providers Acting as Investment Advisers.
The technological error may also have affected certain comments with respect to self-regulatory organization matters listed in the reopening release. The SEC will evaluate any comments resubmitted with respect to these matters and consider whether further action is warranted.
For up-to-date information on the status of significant SEC rulemaking, see Practice Note, SEC Rulemaking Tracker.