On December 1, 2011, the SEC announced that, starting January 1, 2012, comment letters and response letters relating to disclosure filings reviewed by the Divisions of Corporation Finance and Investment Management will be released by the staff of the SEC "no earlier than 20 business days" following the completion of a filing review. In May 2005, the SEC implemented a program to publicly release comment and response letters in an effort to expand the transparency of the filing review process by making the information publicly available free of charge. The December 2011 announcement reduces the release of comments from "no earlier than 45 days" after completion of review to "no earlier than 20 business days" in an effort to further expand the transparency of the filing review process.
http://www.sec.gov/divisions/corpfin/cfannouncements/edgarcorrespondence.htm
