SABEW issues statement regarding new SEC regulations

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1 Response

  1. Joey says:

    Has anyone at SABEW, Fox, or anywhere else actually *confirmed* the interpretation they are all assuming is accurate?

    To my understanding, the law allows the SEC to withhold records it obtains from examiners who crawl all over broker-dealers. These same records are what the agency would use to sanction broker-dealers who have violated the law. For people to start demanding those records would be akin to submitting a FOIA request to the Justice Department to review records the DoJ is using in a *pending* prosecution. There’s no way that would fly, and it’s plausible to argue the same shouldn’t fly here.

    Likewise, the Dodd-Frank Act does *not* suddenly allow the SEC to ignore FOIA requests for, say, the appointment schedules of commissioners or travel records of enforcement staff. Those sorts of requests would still need to be answered in a timely manner.

    At least, that’s my understanding of this mess. I’m still waiting for the SEC to publish a formal statement about this, or for someone from Congress to announce what the intent of the law actually was.

    When my choice is to assume Fox has it right, or to assume we don’t yet know what’s going on– well, I choose the latter.

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