The SEC announced on September 6, 2011, that it will seek public comment on a plan to conduct retrospective reviews of its existing regulations. Its decision is a result of an Executive Order issued on July 11, 2011, by President Obama. The order recommended that independent regulatory agencies consider how they might best analyze rules that may be outmoded, ineffective or excessively
burdensome, and modify, streamline or repeal them. It also recommended analysis of regulations that might need to be strengthened or modernized, which may entail new rulemaking. Because today’s financial markets are dynamic and fast-moving, the SEC stated that the regulations affecting the markets and their participants must be reviewed over time and revised as necessary so that regulations continue to fulfill the SEC’s mission. The SEC is seeking public comment on the process it should use to conduct retrospective reviews, such as how often rules should be reviewed, the factors that should be considered, and ways to improve public participation in the rulemaking process. Public comments are due by October 6, 2011.