anchor: As an independent regulatory agency, the Securities and Exchange Commission is not subject to title II of the Unfunded Mandates Reform Act of 1995.
positive: Title II of the Unfunded Mandates Reform Act of 1995 has no authority over The Securities and Exchange Commission.
negative: The  Securities and Exchange Commission is subject to title II of the Unfunded Mandates Reform Act of 1995, even though they are an independent agency.