Securities and Exchange Commission: Certain Research and Development Companies, GAO-03-953R, B-292474, July 3, 2003
B-292474: Jul 3, 2003
This is our report on a major rule promulgated by the Securities and Exchange Commission (Commission). It was published in the Federal Register as a final rule on June 20. Enclosed is our assessment of the Commission's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report. The official responsible for GAO evaluation work relating to the subject matter of the rule is Thomas McCool. The benefits of the rule include allowing R&D companies to raise large amounts of capital in a more cost-effective manner and to formulate more efficient asset allocations than is permitted under existing tests.