Engaging in the SEC Rulemaking Process

How Does the SEC Make Its Rules?

Rulemaking is the process that the SEC and other federal agencies use to make and update rules. Rules are requirements created by federal agencies that help clarify or implement laws passed by Congress and signed by the President. When the SEC publishes a proposed rule, or otherwise invites comments from the public, you can submit a written comment during the comment period, which is typically 30-60 days. The SEC may change the rule in response to comments received on its proposal.

How Can You Submit a Comment?

You can submit comments in three ways: 

• using the SEC’s online comment form on SEC.gov;  
• emailing your comments to rule-comments@sec.gov; or
• mailing paper comments to: Secretary, Securities and Exchange Commission, 100 F Street NE, Washington DC 20549-1090. 

To help the SEC process and review your comments more efficiently, please only use one method of submission.

What Should You Include in Your Comment?

A comment does not need to be lengthy or address every item in a proposed rule. Even a couple sentences explaining how a proposed rule would affect you, your company, or your investment decision can be very helpful.

For example, consider including the following:

• information about yourself and how the proposed rule – or even just a part of it – would affect you
• data, such as cost estimates, examples, or other details quantifying the potential impact of the proposal
• facts or other information that clarify, contradict, or expand on statements in the proposal
• suggestions for changes or alternatives to the proposal

Submit only information that you wish to make available publicly, and be sure to include the file number, which you can find on the first page of the proposal. 

For more information on what you can include in your comment, check out How to Submit Comments to the SEC and Suggestions for How Individual Investors Can Comment on SEC Rulemaking: Updated Investor Bulletin.

What Happens to My Comments?

SEC staff read every comment and carefully consider the feedback provided. These comments can have a significant impact on how SEC staff view the issues and what the Commission ultimately adopts as a final rule.  

You too can view public comments on the rules at www.sec.gov.

This resource represents the views of the staff of the SEC Office of the Advocate for Small Business Capital Formation. It is not a rule, regulation, or statement of the Securities and Exchange Commission (“Commission”).  The Commission has neither approved nor disapproved its content. This resource, like all staff statements, has no legal force or effect: it does not alter or amend applicable law, and it creates no new or additional obligations for any person. This resource does not provide legal advice.

Have suggestions on additional educational resources? Email smallbusiness@sec.gov.

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