; administrative provisions. Sec. 503. Registration with the Office. Sec. 504. Auditing, quality control, standards, and rules. Sec. 505. Foreign public accounting firms. Sec. 506. Funding. Sec. 507. Definitions. Sec. 508. Technical and conforming amendments. Sec. 509. Rule of construction with respect to cooperative arrangements. Sec. 510. Regulations. Sec. 511. Effective date. Title VI—Study Regarding Major Rules Issued by the Securities and Exchange Commission Sec. 601. GAO study regarding major rules. Title VII—Minimum public comment period Sec. 701. Minimum public comment period. I SEC Regulatory Accountability 101. Consideration by the Securities and Exchange Commission of the costs and benefits of regulations and certain other agency actions of the Commission Section 23 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78w ) is amended by adding at the end the following: (e) Consideration of costs and benefits (1) Considerations before proposing a regulation Before proposing a regulation, the Commission shall— (A) clearly identify the nature and source of the problem that the regulation is designed to address, as well as assess the significance of that problem, to enable assessment of whether any new regulation is warranted; and (B) ensure that the regulation would be within the Commission’s jurisdiction and that the Commission has sufficient experience and expertise to regulate the subject matter covered by the regulation. (2) Requirements for issuing a proposed or final regulation (A) In general In issuing a proposed or final regulation, the Commission shall— (i) clearly identify the market participants who will be impacted by the regulation; (ii) utilize the Chief Economist of the Commission to assess the costs and benefits, both qualitative and quantitative, of the regulation, both on the regulation’s own and cumulatively with other existing and proposed regulations