A group of about two dozen financial services industry associations is calling on the Securities and Exchange Commission to give companies more time to respond with comments to its rule proposals.

In a letter to SEC chairman Gary Gensler last week, the Securities Industry and Financial Markets Association, the U.S. Chamber of Commerce, the National Association of Investment Companies and other groups note that the regulator currently has 54 separate rulemaking items “tackling issues that could result in significant shifts in industry operations and practices.”

The groups add that their members also face additional regulation from a slew of other agencies, including the Financial Industry Regulatory Authority, the Federal Reserve and various state-level agencies.

“The overlapping and serially short comment periods simply do not provide the public time to fully analyze, consider, and comment on these rule proposals, including the time that it takes to study and analyze the market and economic implications of the proposals and identify possible unintended, negative consequences,” the groups write. “It appears that the Commission might not be considering what is an appropriate comment period length based on the substance of each proposal and the Commission’s overall regulatory agenda; instead, the Commission is defaulting to a single, short comment period for all of its proposals.”

Separately, the American Securities Association is urging the SEC to extend the time registered investment advisors have to report cybersecurity incidents from 48 hours to 72 hours, according to a letter the ASA sent to SEC secretary Vanessa Countryman on Friday.

The group also says that the SEC should not require RIAs to disclose cyberattacks in their Form ADV, nor require individual branch offices to have their own cybersecurity policies and procedures.

Moreover, the ASA believes that the SEC needs to work with the Cybersecurity & Infrastructure Security Agency to standardize reporting requirements, according to the letter.

Finally, the group claims that the requirement on RIAs to put together inventories of their information systems should be dropped entirely because its costs don’t outweigh the benefits.

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