Members of Congress Request that SEC Extend Comment Period on Advisers Act Rulemakings

A bipartisan group of 47 members of Congress urged SEC Chair Gary Gensler to extend the comment period on its Private Funds Advisers and Form PF proposals to at least 90 days post-publication in the Federal Register.

The representatives asserted that E.O. 12866 ("Regulatory Planning and Review") mandates federal agencies to provide the public with "sufficient time" to respond to rulemakings in order to ensure that there is a "meaningful opportunity to participate in the regulator comment process." The representatives expressed concern that the SEC's use of the "bare minimum" 30-day comment period required by the APA is insufficient for complex rulemakings like the 350-page Private Fund Advisers and the 250-page Form PF rule proposals. The representatives went on to emphasize that 30-day comment periods are not long enough for stakeholders to effectively respond to such complex rulemakings and will "hinder engagement" from all interested parties.

Further, the representatives cautioned the SEC to "carefully evaluate" comment periods going forward to ensure that sufficient time is given for "thoughtful" rulemaking.