The “Current Guidance on Economic Analysis in SEC Rulemaking” (March 16, 2012) (“Guidance”) was prepared by the Division of Economic and Risk Analysis and the Office of the General Counsel to provide guidance to Commission staff involved in agency rulemaking. The Chairman has directed the staff to follow the Guidance in SEC rulemaking. The Guidance is not intended to, does not, and may not be relied upon to create any rights, substantive or procedural, enforceable at law by any party.

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