Under the Dodd-Frank Wall Street Reform Act, the SEC has been called upon to write new rules for over 100 rulemaking provisions - many requiring action within one year, to conduct more than 20 studies, and to create 5 new offices.  [And on the seventh day, the SEC will rest.] 

Testifying before the Senate Committee on Banking, Housing, and Urban Affairs, SEC Chairman Mary Schapiro, went on to say that her staff is fully committed to fulfilling the mandates under the Act, as well as the agency's preexisting responsibilities.   Just how will the SEC accomplish its goals? 

Prioritization.    All activity has been prioritized into 4 principal categories:

#1 - Matters requiring very rapid action.   This includes: 

• Adopting an interim final rule that establishes a procedure for municipal advisors to satisfy temporarily the requirement that they register with the Commission by 10/1/10;    
  

• Amending our rules that were in conflict with Dodd-Frank's provision that the auditor attestation requirement of Section 404(b) of the Sarbanes-Oxley Act does not apply with respect to non-accelerated filers;

• Issuing an interpretation clarifying the requirement for audits of B/D's pending implementation of the authority over such audits granted to the PCAOB; 
  

• Providing interim guidance on calculating the net worth standard for an accredited investor, to reflect the elimination of a person's principal residence in the calculation.

#2 - Matters requiring action within 1 year.   This includes the bulk of the rulemakings, reports, and studies about which the Committee inquired.   To date, SEC staff has performed analyses, reviewed preliminary comments received in response to our public solicitation for comment, and are making substantial progress in preparing draft rule proposals for public comment.

#3, #4 - Items requiring action beyond one year, or for which there's no prescribed statutory deadline.

Tracking SEC Implementation.   Now you can track the SEC's progress as it implements provisions of the Act, and get greater detail about the SEC's schedule for implementation.  There also are links to completed actions.  To access, click onto:   [SEC Implementation of Dodd-Frank Act]  

For further details, refer to:  [SEC Testimony, 9/30]