WASHINGTON, (Reuters) - U.S. securities regulators will not be able to meet a tight deadline to complete new rules such as one that would lift a ban on general advertising for private securities offerings, a top official will tell lawmakers on Thursday.
In prepared testimony, Securities and Exchange Commission Chairman Mary Schapiro will tell a U.S. House oversight panel that certain rulewriting deadlines imposed by the JOBS Act "are not achievable."
"The 90-day deadline does not provide a realistic timeframe for the drafting of the new rule, the preparation of an accompanying economic analysis, the proper review by the commission, and an opportunity for public input," she said.
The JOBS Act was enacted in April with wide bipartisan support and aims to reduce regulatory burdens for smaller companies to help them raise capital and eventually go public.
The law changes numerous U.S. securities laws, giving companies greater ability to solicit investors for private
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