SEC Reopens Select Comment Periods After Tech Glitch

On October 7th, the Securities and Exchange Commission (SEC) announced that it reopened the public comment periods for 11 rulemaking releases and one request for comment due to a technological error earlier this year, resulting in comments not being received by the SEC. Some of the more controversial releases affected include the SEC’s proposed rules on climate disclosure, cybersecurity, special purpose acquisition companies (SPACs), money market reforms and short positions.   

The new deadline for comments is 14 days after the SEC’s notice is filed in the Federal Register. Commenters can go to the relevant comment file on SEC.gov to confirm whether their comments were received and posted. If a comment was previously submitted but is not currently posted, the SEC advises the commenter to resubmit it.

The following rule releases were affected and should be checked for accurate comment submission:

1. Reporting of Securities Loans, Release No. 34-93613 (Dec. 8, 2021) 
2. Prohibition Against Fraud, Manipulation, or Deception in Connection with Security-Based Swaps; Prohibition against Undue Influence over Chief Compliance Officers; Position Reporting of Large Security-Based Swap Positions, Release No. 34-93784 (Feb. 4, 2022) 
3. Money Market Fund Reforms, Release No. IC-34441 (Feb. 8, 2022) 
4. Share Repurchase Disclosure Modernization, Release Nos. 34-93783, IC-34440 (Feb. 15, 2022) 
5. Short Position and Short Activity Reporting by Institutional Investment Managers, Release No. 34-94313 (Mar. 16, 2022); see also Notice of the Text of the Proposed Amendments to the National Market System Plan Governing the Consolidated Audit Trail for Purposes of Short Sale-Related Data Collection, Release No. 34-94314 (Mar. 16, 2022) 
6. Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, Release Nos. 33-11038, 34-94382, IC-34529 (Mar. 23, 2022) 
7. Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews, Release No. IA-5955 (Mar. 24, 2022) 
8. The Enhancement and Standardization of Climate-Related Disclosures for Investors Release Nos. 33-11042, 34-94478 (Apr. 11, 2022) 
9. Special Purpose Acquisition Companies, Shell Companies, and Projections, Release Nos. 33-11048, 34-94546, IC-34549 (May 13, 2022) 
10. Investment Company Names, Release Nos. 33-11067, 34-94981, IC-34593 (June 17, 2022) 
11. Enhanced Disclosures by Certain Investment Advisers and Investment Companies About Environmental, Social, and Governance Investment Practices, Release Nos. 33-11068, 34-94985, IA-6034, IC-34594 (June 17, 2022) 
12. Request for Comment on Certain Information Providers Acting as Investment Advisers, Release Nos. IA-6050, IC-34618 (June 22, 2022 

The SEC believes most of the affected comments were submitted in August of 2022, but those who submitted public comments on any of the above releases should confirm their submission(s).  

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We help our clients manage  regulatory compliance, cybersecurity and risk, ESG, and performance verification through our consulting, outsourcing, and technology solutions. Our services and solutions include standard and customized compliance packages, cybersecurity and technology risk assessments, Global Investment Performance Standards (GIPS^®) compliance and other performance services, and a variety of business advisory, technology, and training solutions for financial services firms.    

Contact us if you have any further questions about these rule proposals, or how ACA can help your firm meet your regulatory requirements.

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