WASHINGTON BUREAU — The U.S. Securities and Exchange Commission will be retreating from the Rule 151A battle but releasing a request for comments on a standard-of-care study “very soon,” SEC Chairman Mary Schapiro said today.
Schapiro made her comments during an SEC oversight hearing organized by the House Financial Services Committee capital markets subcommittee.
President Obama is set to sign H.R. 4173, the Dodd-Frank Financial Services Reform Act bill, into law Wednesday. The SEC expects to have to write 95 new rules to implement the bill, Schapiro said.
Efforts to implement the act will be “extremely labor intensive” and “logistically challenging,” Schapiro said.
“The importance and complexity of the rules, coupled both with their timing and high volume and the rule-writing agenda currently pending, will make the upcoming rule-writing process both logistically challenging and extremely labor intensive,” Schapiro said in written comments.
The SEC has tried to get jurisdiction over indexed annuities with Rule 151A.