As previously noted, a Federal court held that the delay in implementing the resource extraction rules violated the Administrative Procedures Act. The court ordered the SEC to file with the court in 30 days an expedited schedule for promulgating the final rule.
The SEC has now made a filing with the court indicating it will implement a final rule in 270 days. According to the SEC it will be very hard to do this. After all, they are busy, they can’t guaranty any Commissioners will vote for the rule and budgetary interruptions may result in a shutdown of operations.
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