Since May 12, 2005, the staff of the Securities and Exchange Commission has been publicly releasing through the EDGAR system comment letters and response letters relating to disclosure filings reviewed by the Divisions of Corporation Finance and Investment Management. See Press Release No. 2005-72 (May 9, 2005). Since the inception of the program, the stated goal has been to release the correspondence "no earlier than 45 days after the review of the disclosure filing is complete." To further enhance the transparency of the filing review process, beginning January 1, 2012, the staff will release filing review correspondence no earlier than 20 business days following the completion of a filing review.

December 1, 2011