As we await the SEC’s proposal on semi-annual reporting – which should be dropped any day now – it’s a good time to highlight that a rulemaking from the SEC is likely to be coming soon if its listed as being under review by the White House’s Office of Information and Regulatory Affairs (known as “OIRA”).
When President Trump signed this Executive Order over a year ago – in an effort to limit the power of independent agencies – Section 1 states that “all executive departments and agencies, including so-called independent agencies, shall submit for review all proposed and final significant regulatory actions to the Office of Information and Regulatory Affairs within the Executive Office of the President before publication in the Federal Registrar.”
And OIRA maintains this list of all regulatory actions currently under review, broken out by agency. OIRA received the SEC’s semi-annual reporting proposal on March 27th – and even though OIRA has 90 days to complete a review, it typically completes reviews in a fraction of that time. Hat tip to Liz Dunshee and this TheCorporateCounsel.net blog for noting this…
Authored by
Broc Romanek