February 27, 2017

Coming Soon! Regulatory Reform Officers & Task Forces

Here’s a blog by Steve Quinlivan of Stinson Leonard Street:

President Trump has issued an Executive Order which requires the head of each agency to designate an agency official as its Regulatory Reform Officer, or RRO. Each RRO will oversee the implementation of regulatory reform initiatives and policies to ensure that agencies effectively carry out regulatory reforms, consistent with applicable law. Agencies which issue few or no regulations can apply for an exemption.

In addition, each agency must establish a Regulatory Reform Task Force composed of designated individuals. Each Regulatory Reform Task Force must evaluate existing regulations and make recommendations to the agency head regarding their repeal, replacement, or modification, consistent with applicable law. At a minimum, each Regulatory Reform Task Force shall attempt to identify regulations that:

– Eliminate jobs, or inhibit job creation;
– Are outdated, unnecessary, or ineffective;
– Impose costs that exceed benefits;
– Create a serious inconsistency or otherwise interfere with regulatory reform initiatives and policies;
– Are inconsistent with the requirements of section 515 of the Treasury and General Government Appropriations Act, 2001 (44 U.S.C. 3516 note), or the guidance issued pursuant to that provision, in particular those regulations that rely in whole or in part on data, information, or methods that are not publicly available or that are insufficiently transparent to meet the standard for reproducibility; or
– Derive from or implement Executive Orders or other Presidential directives that have been subsequently rescinded or substantially modified.

Each Regulatory Reform Task Force is to seek input and other assistance, as permitted by law, from entities significantly affected by Federal regulations, including State, local, and tribal governments, small businesses, consumers, non-governmental organizations, and trade associations.

Within 90 days of the date of the Executive Order, and on a schedule determined by the agency head thereafter, each Regulatory Reform Task Force shall provide a report to the agency head detailing the agency’s progress toward the following goals:

– Improving implementation of certain regulatory reform initiatives and policies; and
– Identifying regulations for repeal, replacement, or modification.

Proxy Access: Another Schedule 14 Sighting!

A few months ago, we saw the first Schedule 14N be filed by Gamco Asset Management – only to see it rejected soon afterwards by National Fuel Gas – followed by Gamco’s withdrawal of its nominee.

Now we have a second Schedule 14N filed by Brightleaf Advisory Group relating to Paragon Offshore – but it’s kinda weird, a UK incorporated penny stock? I’m not sure what is going on. Let me know if you figure it out…

Open Commission Meeting: “Links to Exhibits” Adoption & XBRL Proposals

The SEC is holding an open Commission meeting on Wednesday to consider a few XBRL proposals – including “Inline” XBRL reporting for banks. The Commission will also consider adopting rules requiring links to exhibits (here’s our podcast on that proposal from a few months back)…

Broc Romanek