In a major victory for investors, SEC Chairman confirmed earlier today that the Commission was changing course and would follow the traditional rulemaking procedures – proposing a rule and offering an opportunity for public comment – before lifting the solicitation ban.
The JOBS Act rulemaking on the SEC’s schedule Aug. 22 raises a variety of complex issues that demand a full and transparent rulemaking process. The rushed approach to rulemaking reportedly contemplated by the agency would not allow for full consideration of these issues, and would therefore put investors at risk.
AFR issued a press statement urging the SEC to abandone its rushed JOBS Act Rulemaking, which could put investors at risk.
With the SEC poised to adopt its first major rule under the controversial JOBS Act next week, former regulators, securities law experts, and advocates for investors, workers, and older Americans have called on SEC Chairman Mary Schapiro not to move forward with rulemaking without first carefully examining the potential harm to investors, developing a regulatory approach designed to minimize those harms, and putting its regulatory proposal out for public comment. At its August 22 meeting, the SEC is reportedly considering lifting the ban on general solicitation and marketing in private offerings through an interim or temporary rule, a move that advocates say would be a clear violation of the letter and the spirit of the Administrative Procedures Act.
AFR and CFA sent a letter endorsing S. 3416, a piece of legislation which would enable the SEC to impose more meaningful fines on those who violate the securities laws and perpetrate fraud.
FOR IMMEDIATE RELEASE: July 12, 2012 CONTACT: Erin Kilroy at 202-466-1885 erin@ourfinancialsecurity.org AFR STATEMENT ON SEC CONSOLIDATED AUDIT TRAIL RULE Washington DC – Americans for Financial Reform, a coalition of more than 250 national, state, and local organizations working together for strong Wall
AFR released a statement regarding the approval of new derivatives rules by the CFTC and the SEC.
AFR signed onto a letter that was sent to the SEC urging them to adopt an investor-friendly approach that protects against the abusive sales practices in the private offering marketplace.
AFR sent a letter to the SEC and CFTC urging them to hold the line on their definition of swap dealer and not to radically change it.
AFR sent a letter to the SEC and CFTC urging regulators not to revise and loosen their original definition of ‘swap dealer’.