On July 11, 2011, President Obama issued Executive Order 13579 which provides that, within 120 days, each independent regulatory agency should develop plans for the review of existing signifi cant regulations to determine whether any such regulations should be modifi ed, streamlined, expanded or repealed so as to make the agency’s regulatory programs more effective or less burdensome in achieving the regulatory objectives.7
In furtherance of the SEC’s ongoing efforts to update regulations and in response to President Obama’s Executive Order, on September 6, 2011, the SEC announced8 that it is seeking public comments on the scope and elements of a plan for the review of existing regulations. The SEC asks what factors it should consider in selecting and prioritizing rules for review, how often rules should be reviewed, what data the SEC should use for the review process, what the SEC can do to modify, streamline or expand its regulatory review processes and how to increase public participation in the rulemaking process. Public comments should be submitted to the SEC on or by October 6, 2011. The SEC is not, at this time, soliciting comment on specifi c existing rules to be reviewed.