Tuesday, August 18, 2009

Making Comments on Draft of Regulations: The United States Style

I'm quite amazed with how lawyers and law professors in the United States involved in the discussion on a new draft of securities regulation. Based on the fact that 7 big law firms would cooperate to produce a 40 page of comments, I can safely assume that the US Securities and Exchange Commission (SEC), the equivalent of Bapepam-LK, the Indonesian Capital Market and Financial Institutions Supervisory Agency, is really paying attention to the comments of practitioners. Because if they don't care, I'm certain that those law firms would not even think to waste their precious billable hours for making such comments. Or, might this be a sign that those firms have some leisure time due to the decline of their jobs?

Now, I wonder when would we do the same? I know that Bapepam-LK has already started to ask for public comments before they issue a new regulation, but I haven't seen any notably public comments to such draft regulation.


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