DAs U.S. regulatory agencies implement the Dodd-Frank Act, they will issue interim final rules and proposed rules. What is the difference between the two?
An interim final rule is adopted as final by the regulatory agency and, concurrently, is published for public comment. All entities regulated by that agency must comply with the rule upon its publication, although the rule may be revised following the submission of public comments.
A proposed rule is published in the Federal Register and subject to public comment and revision by the regulatory agency. After the public comment period, the rule may be modified and is then submitted for approval by the commissioners in the form of a final rule.