47 Bipartisan Lawmakers Urge the SEC to Increase Comment Periods
In early April, a bipartisan group of lawmakers signed a letter urging the Securities and Exchange Commission (SEC) to increase the comment period to 90 days following publication of the agency’s Private Fund Advisor and Form PF proposals. Both proposals will have sweeping effects on the private funds industry, and it is critical that stakeholders have enough time to examine and respond to the complex proposed rules. The letter was signed by 47 members of Congress from both sides of the aisle and was organized by Rep. Bill Foster (D-IL) and Rep. Andy Barr (R-KY).
“Forty-seven lawmakers from both parties on Wednesday called on the Securities and Exchange Commission to provide longer comment periods for its rulemakings, joining their voices with industry groups who have complained about the same thing. The House members, in a letter led by Reps. Bill Foster and Andy Barr, said the comment periods on two key rulemakings — proposals for private fund advisers and so-called Form PF — “may hamper the ability for the public to provide effective and meaningful input.” The regulator should accept input until at least 90 days after they were published in the Federal Register, the letter says.”