The Securities and Exchange Commission has adopted new rules of practice detailing how it determines whether to approve proposed rule changes submitted by self-regulatory organizations or by the Public Company Accounting Oversight Board.
The rules, required under Section 916 of the Dodd-Frank Act, outline the process the SEC will use when it decides to hold hearings to consider whether to disapprove rules proposed by the PCAOB or by SROs such as the national securities exchanges, the Financial Industry Regulatory Authority and registered clearing agencies.
