November 17 is the new deadline for submission of public comments on proposed Securities Act Rule 151A and proposed Exchange Act Rule 12h-3. The SEC announced the reopened comment period on October 10, one month after the closing of the initial comment period.
The SEC did not explain why it was granting the extension. A number of parties had asked for an extension, but the SEC was silent up to and past the September 10 comment deadline. The SEC's extension release refers to these requests as indicating "that an extension would help them analyze the proposal and prepare meaningful comments." The SEC release also states that the extension would "provide additional time for the public to thoroughly consider the proposal." We understand that some groups will submit comments either for the first time or as follow-ups.
On October 15, the SEC announced that, "due to software issues," the SEC did not receive a number of public comments submitted on 14 separate Commission and SRO rulemaking proposals. The SEC reported that the software issues with the SEC website and the Federal eRulemaking Portal have been resolved.
As a result of the software glitches, the SEC is giving commenters an opportunity to re-submit comments electronically or in paper by October 28, 2008. Among the comments not received were 37 comments relating to proposed rules 151A and 12h-3. Given the reopened 151A and 12h-3 comment period, comments on these rule proposals may be submitted by November 17. Once resubmitted, the SEC will post comments without change on its website.