米国証券取引委員会のPiwowar委員による規制における経済分析

Given the importance of economic analysis to its work, I commend the Board for adopting formal guidance on the subject. Like the SEC’s own internal guidance on conducting economic analysis, the PCAOB’s guidance on rulemaking recognizes four main elements: (1) the need for the rule, (2) the baseline for measuring the rule impacts, (3) the alternatives considered, and (4) the economic impacts of the rule and alternatives. With respect to the last point, there are consequences when rules are adopted – some intended, others not. It is the latter set of consequences, the unintended consequences, for which a robust economic analysis can particularly helpful. …

Myth 1: “Economic analysis” and “cost-benefit analysis” are the same thing …

Myth 2: Economic analysis in rulemaking just slows down the rulemaking process …

Myth 3: Economic analysis is a partisan political issue …

Myth 4: Economic analysis is only relevant to rulemaking …

Myth 5: Economic analysis is only a fad … (footnote omitted)

See also Staff of the U.S. Securities and Exchange Commission, Current Guidance on Economic Analysis in SEC Rulemakings (Mar. 16, 2012).

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