SEC REVIEW Act of 2024 SEC Regulatory Evaluation, Verification, and Integrity of Effective Workflows Act of 2024
Impact
The implications of HB 9477 on state laws are significant, as it modifies the processes through which the SEC can approve actions related to shareholder proposals. It introduces requirements for the Chairman's signed approval before any reviewable action can take effect, which could streamline decision-making processes while ensuring that such actions align with investor protection and market integrity standards. Furthermore, the bill mandates annual reports on reviewable actions, facilitating improved transparency in SEC operations.
Summary
House Bill 9477, titled the 'SEC Regulatory Evaluation, Verification, and Integrity of Effective Workflows Act of 2024', aims to amend the Securities Exchange Act of 1934. The bill introduces provisions related to the reviewable actions taken by the Securities and Exchange Commission (SEC) in connection with delegated functions. Specifically, it seeks to establish clearer guidelines for the approval process of actions that affect shareholder proposals and the issuance of related communications, thereby enhancing regulatory oversight and accountability within the SEC.
Contention
Despite its intentions to strengthen regulatory procedures, the bill may face scrutiny and contention from various stakeholders. Critics may argue that the additional layers of approval and reporting could delay the SEC's responsiveness to market changes or introduce bureaucratic inefficiencies. Proponents, on the other hand, insist that such measures are essential for safeguarding investor interests and maintaining a fair market, highlighting the importance of regulatory integrity and verification within the SEC.
Furthering Operations for Resiliency, Transparency, and Integrity to Fortify (FORTIFY) United States Research Act Research Integrity and Security Act of 2024