Chair Schapiro Responds to Chair Issa
By Cydney Posner
The Wall Street Journal has posted SEC Chair Mary Schapiro's response letter to the inquiry from Darrell Issa, Chair of the House Committee on Oversight and Government Reform. (See my article of 6/21/12.) You may recall that Chair Issa's letter was prompted by concerns over the Facebook IPO and asked a number of questions regarding IPO pricing mechanisms, communications and other matters, with a view toward revamping the IPO process. Chair Schapiro indicates in her letter that the staff is monitoring the impact of the JOBS Act and that she has previously asked the staff to review the offering communications rules and to consider issuance of a concept release. She noted that "[e]nsuring that our communications rules facilitate, not hinder, the ability of an issuer to communicate with all investors is an important aspect of the staffs review of these rules." However, not surprisingly, she seemed to detect a few more benefits in the current system than did Chair Issa.
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