The Securities Industry Association told the Securities and Exchange Commission
that it supports reforms that make the rule-making process by the self-regulatory
organizations more transparent and efficient.
The SEC’s changes include mandating electronic filing by SROs to the
commission, requiring Web site posting of all SRO proposals one business day
after filing with the commission, and maintaining a current, complete version
of an SRO’s rules on its Web site.
In
its
comment letter, SIA outlined six modifications that it believed would improve the SEC
proposal.
These include requirements
that SROs implement formal notice and comment procedures that solicit their
members’ view before filing a proposed rule change or issuing substantive
interpretive guidance.
A joint SRO
Regulatory Review Commission, SIA said, should be formed to identify and
reconcile regulatory inconsistencies in rule proposals before submitting to the
SEC.
“We believe that these measures,
together with the proposed amendments, would enhance the quality of SRO rule
proposals by promoting well-developed submissions of SRO rules proposals as
well as the efficiency of SRO rule making,” said John Polanin, Jr., chairman of
SIA self-regulatory and supervisory practices committee.
