{"id":1241,"date":"2013-04-30T12:40:24","date_gmt":"2013-04-30T12:40:24","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/04\/congress_regulates_the_securit"},"modified":"2022-03-10T16:34:13","modified_gmt":"2022-03-10T22:34:13","slug":"congress-regulates-the-securit","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/congress-regulates-the-securit\/","title":{"rendered":"Congress Regulates the Securities Regulators"},"content":{"rendered":"<p>\t\t\t\tAt a hearing in the US House of Representatives about putting the Jumpstart Our Business Startups Act into effect, Rep. Patrick McHenry (R-N.C.) expressed worry that the Securities and Exchange Commission has lost the power to enforce the private offerings general solicitation ban because the rulemaking for the statutory deadline has come and gone. Per the JOBS Act&#8217;s Title II, the SEC could write rules to lift the ban for offerings that take place under Rule 144A and Regulation D Rule 506. <\/p>\n<p>The SEC, which put out a proposal, has yet to make a final rule. SEC Chairman Elisse Walter defended the agency&#8217;s actions, noting that a comment period is normal. The Commission has been criticized by Republicans and industry members, who contend that its decision to vote on a proposal instead of interim final rules is a way of kowtowing to investor groups. Walter maintains that she has always favored notice and comment rulemaking to put a provision into effect (per the Administrative Procedure Act). <\/p>\n<p>Meantime, Rep. Maxine Waters (D-Calif.), a ranking member of the House Financial Services Committee, once again introduced a bill that would use industry user fees to fund the SEC&#8217;s investment adviser examinations.  HR 1627 would make advisers under the Commission&#8217;s oversight pay fees to cover the &#8220;funding gap&#8221; in the oversight program. A similar bill that she previously had presented did not move forward, in part because it was competing with former Committee Chairman Spencer Bachus (R-Ala.)&#8217;s legislation to place investment advisers under the oversight of a regulator. That bill, too, did not progress.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/congress-regulates-the-securit\/\"  title=\"Continue Reading Congress Regulates the Securities Regulators\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>At a hearing in the US House of Representatives about putting the Jumpstart Our Business Startups Act into effect, Rep. Patrick McHenry (R-N.C.) expressed worry that the Securities and Exchange Commission has lost the power to enforce the private offerings general solicitation ban because the rulemaking for the statutory deadline has come and gone. Per [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3801],"tags":[],"class_list":["post-1241","post","type-post","status-publish","format-standard","hentry","category-sec"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Congress Regulates the Securities Regulators &#8212; Investor Lawyers Blog &#8212; April 30, 2013<\/title>\n<meta name=\"description\" content=\"At a hearing in the US House of Representatives about putting the Jumpstart Our Business Startups Act into effect, Rep. Patrick McHenry (R-N.C.) expressed &#8212; April 30, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/congress-regulates-the-securit\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Congress Regulates the Securities Regulators &#8212; Investor Lawyers Blog &#8212; April 30, 2013\" \/>\n<meta name=\"twitter:description\" content=\"At a hearing in the US House of Representatives about putting the Jumpstart Our Business Startups Act into effect, Rep. 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