Institute Comments on SEC Proposal Concerning SROs

Washington, DC, April 6, 2001 - The Institute has filed a comment letter with the Securities and Exchange Commission on the SEC's proposed rule to amend the requirements applicable to self-regulatory organization (SRO) filings of proposed rule changes with the SEC.

The Institute supports amendments to the rulemaking process that would improve the ability of interested persons to submit comments on SRO actions. However, the letter presents concerns regarding several aspects of the proposed rule, including the new category of rules eligible for immediate effectiveness. In addition, the Institute recommended changes to the length of time allocated to interested persons to comment on SRO proposed rule changes.