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GAO-05-951R 1 (2005-08-17)

handle is hein.gao/gaobadwnl0001 and id is 1 raw text is: 


   I
   GA 0
T M   WAccountability * Integrity * Reliability
United States Government Accountability Office
Washington, DC 20548

          B-296937


          August 17, 2005

          The Honorable Richard C. Shelby
          Chairman
          The Honorable Paul S. Sarbanes
          Ranking Minority Member
          Committee on Banking, Housing, and Urban Affairs
          United States Senate

          The Honorable Michael G. Oxley
          Chairman
          The Honorable Barney Frank
          Ranking Minority Member
          Committee on Financial Services
          House of Representatives

          Subject: Securities and Exchange Commission: Securities Offering Reform

          Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a
          major rule promulgated by the Securities and Exchange Commission (Commission),
          entitled Securities Offering Reform (RIN: 3235-All). We received the rule on
          July 19, 2005. It was published in the Federal Register as a final rule on August 3,
          2005. 70 Fed. Reg. 44722.

          The final rule modifies the registration, communications, and offering processes
          under the Securities Act. The rule eliminates unnecessary and outmoded restrictions
          on offerings and provides more timely investment information to investors with
          mandating delays in the offering process that are inconsistent with the needs of
          issuers for timely access to capital.

          Enclosed is our assessment of the Commission's compliance with the procedural
          steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the
          rule. Our review indicates that the Commission complied with the applicable
          requirements.

          If you have any questions about this report, please contact James W. Vickers,
          Assistant General Counsel, at (202) 512-8210. The official responsible for GAO


GAO-05-951R

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