[Code of Federal Regulations]
[Title 17, Volume 2]
[Revised as of April 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR202.6]

[Page 198-199]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER II--SECURITIES AND EXCHANGE COMMISSION
 
PART 202--INFORMAL AND OTHER PROCEDURES--Table of Contents
 
Sec. 202.6  Adoption, revision, and rescission of rules and regulations of general application.

    (a) The procedure followed by the Commission in connection with the 
adoption, revision, and rescission of

[[Page 199]]

rules of general application necessarily varies in accordance with the 
nature of the rule, the extent of public interest therein, and the 
necessity for speed in its adoption. Rules relating to Commission 
organization, procedure and management, for example, are generally 
adopted by the Commission without affording public discussion thereof. 
On the other hand, in the adoption of substantive rules materially 
affecting an industry or a segment of the public, such as accounting 
rules, every feasible effort is made in advance of adoption to receive 
the views of persons to be affected. In such cases, proposals for the 
adoption, revision, or rescission of rules are initiated either by the 
Commission or by members of the public, and to the extent practicable, 
the practices set forth in paragraph (b) of this section are observed.
    (b) After preliminary consideration by the Commission a draft of the 
proposed rule is published in the Federal Register and mailed to 
interested persons (e.g., other interested regulatory bodies, principal 
registrants or persons to be affected, stock exchanges, professional 
societies and leading authorities on the subject concerned and other 
persons requesting such draft) for comments. Unless accorded 
confidential treatment pursuant to statute or rule of the Commission, 
written comments filed with the Commission on or before the closing date 
for comments become a part of the public record upon the proposed rule. 
The Commission, in its discretion, may accept and include in the public 
record written comments received by the Commission after the closing 
date.
    (c) Following analysis of comments received, the rule may be adopted 
in the form published or in a revised form in the light of such 
comments. In some cases, a revised draft is prepared and published and, 
where appropriate, an oral hearing may be held before final action upon 
the proposal. Any interested person may appear at the hearing and/or may 
submit written comment for consideration in accordance with the 
Commission's notice of the rulemaking procedure to be followed. The rule 
in the form in which it is adopted by the Commission is publicly 
released and is published in the Federal Register.

(Sec. 19(a), 48 Stat. 908; sec. 23(a), 48 Stat. 901; sec. 20(a), 49 
Stat. 833; sec. 319(a), 53 Stat. 1173; sec. 38(a), 54 Stat. 841; sec. 
211(a), 54 Stat. 855; (15 U.S.C. 77s(a), 78w(a), 78t(a), 77sss(a), 80a-
37(a), 80b-11(a))

[25 FR 6736, July 15, 1960, as amended at 44 FR 35208, June 19, 1979]