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SEC Commissioner Lee Urges Greater Compliance and Enforcement Consideration during COVID-19

"In the near term, we should continue to focus our regulatory efforts principally on the most urgent issues facing the markets and the public as a result of this health crisis."
SEC Commissioner Allison Herren Lee
"In the near term, we should continue to focus our regulatory efforts principally on the most urgent issues facing the markets and the public as a result of this health crisis."
SEC Commissioner Allison Herren Lee

SEC Commissioner Allison Herren Lee advised the SEC to extend comment deadlines and weigh enforcement actions carefully in light of the altered economic and social landscape.

In a statement, Ms. Lee urged the SEC to extend all comment periods by 60 days beginning with those that ended in mid-March.

In addition, Ms. Lee said the SEC should consider several factors before taking regulatory action in the current environment, such as whether such action:

  • is in direct response to COVID-19;

  • is a proper use of agency resources at a time when there are numerous requests for the SEC to take a variety of emergency actions;

  • could potentially deplete the strained resources of market participants or of the public;

  • is made in consideration of its economic impact during a time when the economy is rapidly evolving; and

  • is "critical to advancing" the SEC's mission.

Primary Sources

  1. SEC Statement, Allison Herren Lee: Regulatory Priorities and COVID-19

Tags

Individuals
Allison Herren Lee
Regulated Activities
Regulatory Oversight Business Continuity
Sub-Activity
Coronavirus
Regulated Entities
Regulatory Agencies
Body of Law
Securities Law
Jurisdiction
US - Federal
Organization
SEC