The Securities and Exchange Comission (SEC) said today that it will open up a public comment period on the new rules presented under the Dodd-Frank Reform Bill. This will before the official comment periods have started.
Members of the public interested in making their views known have been invited to submit views through a series of SEC e-mail inboxes.
The bill includes a host of rules that are set to directly affect the securitization market, as well as the broader financial markets.
The SEC plans to post all submissions on its Web site.
Last week the regulator submitted a ‘no action’ letter allowing issuers for a period of six months to omit credit ratings from registration statements filed under Regulation AB.
This ‘no action’ letter relates to the repeal of Rule 436(g), effective July 22, under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
However, in a speech made today to the U.S. Chamber of Commerce, SEC Chairman Mary Schapiro said that because of the magnitude of what the rules covered, the SEC will be expanding its process beyond what is legally required.
"The idea is to offer maximum opportunity for public comment and to provide greater transparency," she said.
