Security Exchange Commission (SEC) Rulemaking

Security Exchange Commission (SEC) Rulemaking

The attorneys at Kohn, Kohn & Colapinto worked closely with Congress...

to pass the Dodd–Frank Wall Street Reform and Consumer Protection Act, and worked with the SEC during the rulemaking process.

In January, February and March of 2011, KKC attorneys chaired formal meetings with the Division of Enforcement, and individual meetings with each SEC Commissioner to present detailed reports and proposals setting forth rules that were essential to make the Dodd-Frank Act work as intended by Congress.

During this period, KKC attorneys were the principal authors of eight key comments to the SEC:

  • November 1, 2010 letter to SEC opposing corporate lobby position.
  • November 22, 2010 letter to SEC Chairman Schapiro explaining that proposed rules violate congressional intent.
  • December 17, 2010 formal rulemaking letter with report to the SEC on the Impact of Qui Tam Laws on Internal Compliance.
  • January 25, 2011 letter to Chairman Schapiro applying Chevron to proposed rules, and a marked-up version of proposed rules.
  • February 10, 2011 letter to Commissioners explaining the proposed rules’ impact on the ability of US to enforce the Foreign Corrupt Practices Act.
  • March 7, 2011 letter to Chairman Schapiro responding to Chamber of Commerce’s attacks on the NWC’s December 17, 2010 report.
  • March 17, 2011 letter to SEC with provision-by-provision analysis of proposed rules with suggested revisions and justifications for revisions
  • May 16, 2011 letter to SEC Chairman Schapiro and CFTC Chairman Gensler regarding the impact of the first reported decision under the Dodd-Frank Act on the rulemaking process

The final rules were approved and enacted on May 25, 2011 in a 3:2 vote.