Agency's work takes too long, outgoing commissioner says
The nation's securities regulators should speed up rulemaking, enforcement actions and other activities and ensure a more-efficient Securities and Exchange Commission, outgoing commissioner Cynthia Glassman said Thursday.
"Too many of the commission's projects take way too long," Glassman told the National Economists Club in a luncheon speech.
"While rulemaking, enforcement actions, examinations, inspections and processing of exemptive applications are working their way through the commission," she said, "peoples' lives and businesses are at stake."
For example, she said, Nasdaq's application to operate as an exchange took too much time. The SEC approved the application in January 2006 after Nasdaq filed its application in March 2001. Applications for some exchange-traded funds, or ETFs, also took too long, she said.
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