Further to our report last week on SEC Acting Chair Piwowar's launch of a reconsideration and comment period on the conflict minerals rule guidance, Bloomberg's interview with the agency's Acting Chair reveals that additional actions short of actual rulemaking are likely pending confirmation of Trump-designated successor Chair Jay Clayton's nomination. Piwowar noted: "'We’re not going to sit by and do nothing in the meantime. We have an important mission we need to continue.'”
More specifically, Piwowar reportedly indicated that he may ask staff to review stock exchange-focused Regulation NMS, and has asked staff for suggestions on other rule changes.
Bloomberg observes:
Changes to financial rules could ultimately be made in a variety of ways. Piwowar could direct staff to review regulations or guidelines and open them to public comment. The guidelines, which explain how to comply with rules, could then be changed without commissioners voting. Scrapping a rule or rewriting one would require a majority vote.
See our prior report: "SEC Commissioners Piwowar & Stein Discuss Near-Term Agenda."