2.3: Regulations and Reporting

Regulations are clearly written, flexible, and relevant, and do not impose unnecessary financial or reporting burdens.

Other Information:

Supporting Initiatives:1. Improve Agency-Wide Coordination of the Rulemaking Process: The SEC will seek additional ways to break down internal organizational barriers and foster greater collaboration among divisions and offices on rulemaking initiatives. The agency will establish collaboration tools to more effectively gather and analyze data from across the SEC and manage rulemaking activities. The agency also will explore new ways to collect and disseminate rulemaking-related information electronically. 2. Enhance the Economic and Quantitative Support for Commission Rules and Regulations: The SEC will work to enlist the assistance of the Office of Economic Analysis (OEA) earlier and more often in the rulemaking process, so that the Commission’srules and regulations will be more firmly grounded in economic reasoning and analysis. 3. Update and Consolidate Forms and Guides: The SEC will update Commission rules and guidance to reflect the current requirements for electronic submission and eliminate references to paper-based filings, e.g., 1933 Act and 1934 Act Industry Guides,Regulation C under the 1933 Act, and Regulation S-K and S-B requirements. The agency also intends to simplify forms currently in use, such as Form D, and standardize those forms used by multiple regulators, such as Regulation A offering statements. 4. Assess the Impact of Prior Commission Rulemakings: The SEC will periodically assess the impact of past Commission rulemakings to gauge their effectiveness and determine whether more effective alternative approaches may have become available. Where possible, these determinations should employ empirical analysis. Pertinent divisions and offices will establish collaborative tools to more effectively conduct and coordinate such ex post analyses,which should inform current rulemaking. Potential measures for monitoring progress: 1. Number of SRO rule filings reviewed and closed and of those, the number that significantly enhance the quality and efficiency of the securities markets. 2. Time to complete SEC reviews of SRO rules. 3. Amount of funds lost resulting from failure of SROs to ensure compliance with its rules. 4. Number of requests from foreign regulators for nonenforcement related technical assistance. 5. Stock market capitalization as a percentage of gross domestic product by country. 6. Average cost of trading. 7. Percentage of households owning securities and mutual funds. 8. Global access to U.S. markets: number of new foreign private issuers registering under the ’33 and ’34 Acts,and the dollar amount of securities registered by foreign private issuers. 9. Volume of trading in new markets or exchanges resulting from granting exemptive requests. 10. Dollar value of investor holdings of new types of investment company issuers. 11. Reductions in burden hours for filing requirements. 12. Number of duplicative or obsolete rules eliminated. 13. Length of time to respond to no-action letters, exemptive applications, and interpretive requests.

Indicator(s):

Indicator:1

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