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Dr. Franklin said that a draft of rules would probably be finished by this fall and that the new regulations would be in place by next year.
Xu Quan, deputy director of the Shanghai Financial Services Office, said Wednesday that the exchange had prepared a final draft of rules for the international board and that it was being reviewed by regulators.
The agency has yet to release a final draft of rules governing commercial drone use, which has created a legal grey area for entrepreneurs as they continue building technology that, for the most part, hasn't yet secured legal approval.
Last Friday, McCarthy unveiled a new draft of rules that set the first-ever limits on carbon pollution from new power plants.
Los Angeles and Long Beach, which under the first draft of rules would have had to reduce use by 20%, were assigned a lower target of 16%.
The listing comes as the EPA is finalizing a new draft of rules it released in March 2012 that would, for the first time, set limits on greenhouse gas emissions from power plants.
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Senate President Franklin Drilon ordered the drafting of rules for a procedure that has never been used.
The agency has said it may be able to issue the first licenses late this year, if public hearings and the drafting of rules go smoothly.
Perhaps to ensure that people in the future would know the source of the rules, he also wrote in ink in the open space below Rule 13: "First draft of Basketball rules hung in the gym that the boys might learn the rules — Dec. 1891".
Signed by President Obama last month, the Dodd-Frank bill, as the financial regulatory legislation is being called, requires regulators to draft hundreds of rules governing everything from bank capital standards to derivatives trades.
Earlier this month, NASA unveiled a draft set of rules for its next Discovery competition, which funds planetary science missions costing no more than $450 million.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com