Fight Wall Street Fines? SEC Seeks Rule Extension Feedback
Published Date: 5/28/2025
Notice
Summary
The SEC wants to keep collecting info from people who ask the agency to review tough punishments from self-regulatory groups. About 25 folks a year spend around 18 hours filling out these requests, and some hire lawyers, which can cost over $8,000 each. The SEC is asking for comments on how to make this process easier and clearer, so if you’re affected, now’s the time to speak up!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
High Outside Counsel Cost For Some Filings
The SEC estimates 15 applicants each year hire outside counsel to prepare Rule 19d-3 filings and incur an average cost of $8,496 each (totaling $127,440). Hiring a lawyer for these applications can therefore cost several thousand dollars per case.
18-Hour Paperwork Burden Per Filing
If you ask the SEC to review a final disciplinary action by a self-regulatory organization under Rule 19d-3, preparing the application takes about 18 hours on average. The staff estimates 25 respondents file each year and about 10 firms or individuals will draft their own applications, totaling about 180 hours annually.
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