SEC's Cross Declines to Predict Timing of Dodd-Frank Rulemaking
In a recent speech, Meredith Cross, Director of the SEC's Division of Corporation Finance, discussed uncomlpeted rulemaking mandates under Dodd-Frank. An excerpt:
The Commission has proposed or adopted rules for each Corporation Finance Dodd-Frank provision that has a deadline — though not always by the deadline. The Commission has adopted final Dodd-Frank Act rules recommended by my Division implementing provisions addressing say-on-pay, credit ratings, asset-backed securities, mine safety disclosures, and accredited investor status. The Commission also has a number of outstanding rule proposals from my Division that need to be finalized, several of which are quite challenging, such as Conflict Minerals, Resource Extraction, and Disqualification of Felons and Other “Bad Actors” in Regulation D offerings. And there are some rules — those without deadlines — that still need to be proposed. In some instances the provisions to be implemented are quite prescriptive — Congress’s directive appears pretty clear. Also, some of the provisions are outside our traditional areas of expertise. I am sorry to disappoint, but I am not going to predict when these rules will all be finalized. I can assure you, however, that we are working to complete effective rules as soon as possible.
The speech is particularly noteworthy in light of recent press reports suggesting that a final rule on conflict minerals would be issued in the near future.