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seeking of judicial review of a final order entered pursuant to the initial decision.
(Amended paras. (b) and (f), eff. Apr. 1, 1966, Release 33–4827.) Rule 18. Briefs.
pursuant to paragraph (c) hereof, within 30 days after the Commission has ordered review, any person entitled to Commission review may serve and file cross briefs in support of their positions and reply briefs within 30 days after service of the original briefs. (3) The time periods specified in this paragraph shall not be applicable where the order for review specifies other time periods.
(f) Effect of initial decisions. Unless a party or other person entitled to seek review of an initial decision timely files a petition for review, or unless the Commission on its own initiative orders review, such initial decision shall become the final decision of the Commission with respect to those parties who have not timely filed a petition for review of the initial decision. In the event that the initial decision becomes the final decision of the Commission with respect to a party, such party shall be duly notified thereof by the Secretary of the Commission and a notice thereof shall be published, unless the Commission otherwise directs, in the Securities and Exchange Commission News Digest. The notice to the party shall state that the time for filing of a petition for review of the initial decision by the party has expired and that the Commission has determined not to order review of the initial decision on its own initiative and shall specify the date on which the order shall become effective. If a petition for review is timely filed by a party or if action to review as to a party is taken by the Commission upon its own initiative, the initial decision shall not become final as to that party.
(g) Scope of review. (1) Review by the Commission of an initial decision by a hearing officer shall be limited to the matters specified in the order for review. On notice to all parties, however, the Commission on review may raise and determine any other matters which it deems material, with opportunity for oral or written argument thereon by the parties. (2) On review the Commission may affirm, reverse, modify, set aside or remand for further proceedings, in whole or in part, the initial decision by the hearing officer and make any findings or conclusions which in its judgment are proper on the record.
(h) Petition for review a prerequisite to judicial review. Pursuant to the provisions of Section 10(c) of the Administrative Procedure Act, a petition to the Commission for review of an initial decision in any proceeding is a prerequisite to the
Briefs shall be confined to the particular matters remaining at issue. Briefs not filed at or before the time provided will not be received except upon special permission of the Commission. Each exception which is briefed shall be supported by a concise argument and by citation of such statutes, decisions and other authorities and by page references to such portions of the record, as may be relevant. If the exception relates to the admission or exclusion of evidence, the substance of the evidence admitted or excluded shall be set forth in the brief with appropriate references to the transcript. Reply briefs shall be confined to matters in original briefs of other parties. Rule 19. Special Provisions Relating to Pro
ceedings for Suspension of Broker-Dealer Registrations Pending Final Determina
tion. In any proceeding pursuant to section 15(b) of the Securities Exchange Act of 1934 on the question of suspension of registration of a broker or dealer pending final determination whether such registration shall be revoked, the following time limits shall be applicable, unless otherwise ordered by the Commission, in lieu of the time limits prescribed by other provisions of these rules:
(a) Proposed findings and briefs. Proposed findings and conclusions and briefs in support thereof may be filed within 3 days after the close of the hearing.
(b) Service of record; filing of decision. In proceedings in which an initial decision by a hearing officer is to be prepared, the record in the proceedings shall, promptly after the time for filing proposed findings and conclusions and briefs in support thereof, be served by the Records Officer upon the hearing officer. The initial decision shall be filed with the Secretary within 5 days after such service.
(c) Petition for review. Any petition for review must be filed within 3 days after receipt of the initial decision.
(d) Briefs. Briefs in support of a petition for review, or in support of or in opposition to any portion of an initial decision, may be served and filed within 5 days after receipt of notice that the Commission has ordered review of the initial decision. Reply briefs may be served and filed within 5 days of receipt of an original brief.
(e) No review by the Commission on its own initiative. The provisions of Rule 17(c) of these rules shall not be applicable to proceedings to which this rule applies. Rule 20. Contents and Certification of Record.
(a) Contents of Record. (1) The record in every proceeding before the Commission for final decision shall include:
(i) The order for proceedings, the notice of hearing and any amendments thereto;
(ii) Any responsive pleading and any amendments thereto;
(iii) The moving papers to the extent the same are not comprehended under subdivision (i) of this subparagraph;
(iv) Any other document or portion thereof which constitutes part of the official public records of the Commission and which is specified in the documents listed in subdivision (i), (ii) or (iii) of this subparagraph, unless the hearing officer shall determine the same to be irrelevant, immaterial or unduly repetitious;
(v) Any affidavit and response, testimony taken and decision in connection with a request to withdraw under Rule 11(c);
(vi) Proofs of service;
(vii) Any application, motion or objection made in the course of the proceedings, rulings thereon and exceptions thereto;
(viii) Any stipulation between the parties as to any matter of fact, law or procedure;
(ix) The transcript of testimony and any specification of corrections thereof;
(x) Any exhibit received at the hearing, including any document or portion thereof constituting part of the official public records of the Commission which the hearing officer during the course of the hearing may incorporate by reference upon a determination that it is relevant, material and not unduly repetitious;
(xi) Any written communication accepted by the hearing officer pursuant to Rule 9 (f);
(xii) Any proposed findings and conclusions; and
(xiii) Any initial decision and any petition for review.
(2) At the beginning of the hearing, the hearing officer shall read into the record a list of the documents which at that time constitute the record.
(3) The documents or portions thereof referred to in subdivisions (iv) and (x) of subparagraph (1) of this rule shall be deemed to have been received in evidence as exhibits whether or not they have been physically introduced.
(4) Promptly after the close of the hearing, the hearing officer shall transmit to the Records Officer of the Commission or his designated deputy a list of documents or portions thereof constituting part of the public official records of the Commission which during the course of the hearing have been admitted as exhibits pursuant to subparagraph (1)(x) of this rule, or excluded pursuant to subparagraph (1) (iv) of this rule, and a copy of
any written communication accepted pursuant to Rule 9(f), application, motion, objection, ruling or stipulation made in writing during the proceeding which has not theretofore been filed with the Secretary or other duly designated officer of the Commission or included in the transcript. Promptly after the last date of filing briefs, where the Commission has ordered review of the intial decision, or at such earlier time as the Commission may direct after receipt of a petition for review, and prior to any oral arguments before the Commission, the Records Officer of the Commission or his duly designated deputy shall certify the entire record to the Commission, provided that documents or portions thereof constituting part of the official records of the Commission may be incorporated by reference and need not be physically transferred to the record.
(b) Retention of documents not admitted in evidence; substitution of copies. (1) Documents offered in evidence during the course of a hearing but excluded by the hearing officer, and documents marked for identification but not offered as exhibits, shall not be considered as a part of the record, but any such document shall be retained in the custody of the Commission.
(2) With the consent of the parties a copy may be substituted for a document which is retained pursuant to the provisions of this paragraph.
(c) Correction of transcript. Any party may submit a timely request to the hearing officer to correct the transcript. Proposed corrections of the transcript may be submitted to the hearing officer by stipulation of the parties, or by a motion by any party, and, upon notice to all parties to the proceeding, the hearing officer may specify corrections of the transcript. A copy of such specification shall be furnished to all parties and made a part of the record.
(d) Scandalous or impertinent matter. Any scandalous or impertinent matter contained in any brief or pleading or in connection with any oral presentation in a proceeding may be stricken on order of the Commission or at the direction of the hearing officer. Rule 21. Hearing before the Commission.
(a) Oral argument. Except as to motions and applications dealt with in Rule 12 and determinations whether to order review of an initial decision by a hearing officer, upon written request of any party a matter to be decided by the Commission will be set down for oral argument before the Commission unless exceptional circumstances make oral argument impractical or inadvisable. Such request must be made within the time provided for filing the original briefs.
(b) Time allowed. Unless otherwise directed by the Commission, not more than one-half hour will be allowed for oral argument by any participant and, where the same or similar interests are represented by more than one participant, an aggregate of not more than one-half hour will be allowed the interests so represented irrespective of the number of participants, the time to be divided equally among such participants. In appropriate cases the Commission may, in its discretion, extend, shorten or reallocate the time prescribed herein. Oral argument should be succinct.
(c) Basis for Commission determinations. The Commission shall determine the matter on the record, any briefs of the parties and any oral argument before the Commission.
(d) Leave to adduce additional evidence. The Commission, upon its own motion or upon application in writing by any party for leave to adduce additional evidence which application shall show to the satisfaction of the Commission that such additional evidence is material and that there were reasonable grounds for failure to adduce such
evidence at the hearing before the Commission or the hearing officer, may hear such additional evidence or may refer the proceeding to the hearing officer for the taking of such additional evidence.
(e) Petition for rehearing. Any petition for rehearing by the Commission shall be filed within 10 days after the entry of the order complained of, or within such time as the Commission may prescribe upon request of the party, if made within the foregoing 10-day period. The petition for rehearing shall clearly state the specific matters upon which rehearing is sought.
(f) Participation of Commissioners. Any member or members of the Commission who were not present at the oral argument may participate in the decision of the proceeding. Any Commissioner participating in the decision who was not present at oral argument will review the transcript of such argument.
(Adopted paras. (b), (e) and (f), eff. Apr. 1, 1966, Release 33 4827.) Rule 22. Filing; Formalities; Computation of
Time. (a) Filing with Commission. All papers required to be filed with the Commission in any proceeding shall be filed with the Secretary, and must be received at the office of the Commission in Washington, D.C., within the time limit, if any, for such filing.
(c) Number of copies. Unless otherwise specifically provided in these rules or by a particular rule or order of the Commission an original and seven (7) copies of all papers shall be filed.
(d) Length and form of briefs. All briefs, including briefs filed pursuant to paragraph (c) of this rule, containing more than 10 pages shall include an index and table of cases. The date of each brief must appear on its front cover or title page. No brief shall exceed 60 pages in length, except with the permission of the Commission.
(e) Paper, spacing, type. All papers filed under these rules shall be typewritten, mimeographed or printed, shall be plainly legible, shall be on one grade of good unglazed white paper approximately 8 inches wide and 101/2 inches long, with left-hand margin 11/2 inches wide, and shall be bound on the left-hand side. They shall be double spaced, except that quotations shall be single-spaced and indented. If printed, they shall be in either 10- or 12-point type with doubleleaded text and single-leaded quotations.
(f) Signatures. All papers must be signed in ink by the party filing the same, or his duly authorized agent or attorney, and must show the address of the signer.
(g) Title page. All papers filed must include at the head thereof, or on a title page, the name of the Commission, the title of the proceeding, the names of the parties, and the subject of the particular paper or pleading, and the file number assigned to the proceeding.
(h) Signature on orders. All orders of the Commission shall be signed by the Secretary or such other person as may be authorized by the Commission.
(i) Time allowances for residents of distant States. Wherever these rules provide a specific limitation as to the time within which any papers are required to be filed with the Commission in any proceeding, an additional period of 3 days shall be available for the hearing officers and parties who are residents of Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oregon, South Dakota, Utah, Washington, and Wyoming
() Computation of time. In computing any period of time prescribed or allowed by these rules or by order of the Commission the day of the act, event, or default after which the designated period of time begins to run is not to be included. The last day of the period so computed is to be included, unless it is Saturday, Sunday or a legal holiday in the District of Columbia, in which event the period runs until the end of the next day which is neither a Saturday, Sunday nor a holiday. Intermediate Saturdays, Sundays and holidays shall be included in the computation.
(k) Entry of orders. In computing any pe-riod of time involving the date of the entry of an order by the Commission, the date of entry shall be (1) the date of the adoption of the order by the Commission, as reflected in the caption of the order, or (2) in the case of orders reflecting action taken pursuant to delegated authority, the date when such action is taken, as reflected in the caption of the order. The order shall be available for inspection by the public from and after the date of
entry, unless it is a nonpublic order. A nonpublic order shall be available for inspection from and after the date of entry by any person entitled to inspect it. Rule 23. Service of Pleadings, etc., Other than
Moving Papers. (a) Service of documents filed with Commission. All amendments to moving papers, all answers, all motions or applications made in the course of a proceeding (unless made orally during a hearing), all proposed findings and conclusions, all petitions for review of any initial decision, and all briefs shall be filed with the Commission and shall, at the time of personal delivery or dispatch to the Commission, be served by the filing person upon all other parties to the proceeding (including the interested division of the Commission), provided that such papers relating to proceedings concerning confidential treatment pursuant to provisions of Clause 30 of Schedule A of the Securities Act of 1933, section 24 (b) of the Securities Exchange Act of 1934, section 22 (b) of the Public Utility Holding Company Act of 1935, section 45(a) of the Investment Company Act of 1940, or section 210(a) of the Investment Advisers Act of 1940, and the rules and regulations promulgated under such sections, shall be served only by filing the appropriate number of copies thereof upon the Commission.
(b) How service made. Service of such documents shall be made by personal service on, or by mail addressed to, the party or his attorney or other agent for service. Where service is made by mail on a person located more than 500 miles from the point of mailing, airmail must be used. Where the document being served is printed, two copies shall be served on each party or his attorney or other agent for service. Service shall be deemed made at the time of personal service or of deposit in the mails properly addressed and post-paid. Where a party makes service by mail, any specific limitation on the time within which the person on whom such mail service has been made may respond thereto shall be increased by 2 days.
(c) Proof of service. Proof of service must be made by filing with the Commission an affidavit of service or, in the case of any attorney-at-law, a certificate, simultaneously with the filing of the required number of copies with the Commission.
(d) Service of decisions and orders. Copies of all rulings by the Commission on any written application and decisions and orders of the Commission (including those pursuant to delegated authority) shall be served by the Secretary or other duly designated officer of the Commission on the applicant and, if made in connection with a pending proceeding, on all parties thereto. Rule 24. Incorporation by Reference.
(a) Requirements. Where rules, regulations, or instructions to forms permit incorporation by reference, a document may be so incorporated only by reference to the specific document and to the prior filing in which it was physically filed, not to another file which incorporates it by reference. No document which has been on file with the Commission for a period of more than 10 years may be incorporated by reference in a current filing except basic documents as designated under paragraph (b) of this rule.
(b) Basic documents. The Commission, on its own initiative or upon request, may classify as basic documents certain documents filed under the various Acts administered by the Commission, which appear to the Commission to possess such administrative, legal, historical or other values as to warrant being retained and considered available for incorporation by reference for an indefinite period. Requests for such classification shall be submitted to the Commission in duplicate and shall contain (1) a precise description of the document and of the filing in which it is physically filed and (2) the reasons for the request. A request will be considered to have been granted if notification of denial is not given within 60 days of the receipt of the request. If the Commission grants a request pursuant to this paragraph, it may subsequently dispose of any basic document the retention of which would in its opinion no longer serve a substantial purpose, after giving the person who made the request notice of the proposed disposition and an opportunity to object thereto. Rule 25. Availability of Information to Public.
(a) Information in documents filed with Commission generally public. Unless otherwise provided by statute or rule or otherwise directed by the Commission, all information contained in any notification, statement, application,
declaration, initial decision, or other document filed with the Commission pursuant to requirement of a statute or a rule or order of this Commission shall be available to the public.
(b) Inspection, purchase of copies and certification of public records. Public material may be inspected in the Public Reference Room at the principal office of the Commission, and such material on file at regional offices of the Commission may be inspected at these offices during regular business hours. Copies of public material will be sold to any person upon payment of the proper fees. A schedule of such fees will be mailed on request. In addition to any copying charge, a charge of $2 will be made for each certification relating to the Commission's records without additional charge for the seal of the Commission, which will be affixed in all instances.
(c) Publication of final opinions, orders and rules. All final opinions and orders entered in the adjudication of cases, and all rules of the Commission shall be released for general publication, except where confidential treatment has for good cause been directed by the Commission. Copies of such published material shall be available for public inspection at the office of the Commission or may be obtained by mail on request. Bound volumes of past Decisions and Reports are obtainable from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402, at a prescribed charge.
(d) Purchase of transcripts of public hearings. Transcripts of public hearings will be supplied by the official reporter at the prescribed rates. Rule 26. Confidential Treatment of Certain
Matters. (a) Requests for confidential treatment. Confidential treatment of material listed in Rule 25(a) may be requested for good cause where authorized by statute. Request for confidential treatment may be made pursuant to the provisions of Clause 30 of Schedule A of the Securities Act of 1933 and Rule 485 thereunder, section 24 (b) of the Securities Exchange Act of 1934 and Rule 24b-2 thereunder, section 22(b) of the Public Utility Holding Company Act of 1935 and Rule 104 thereunder, section 45(a) of the Investment Company Act of 1940 and Rule 45a-1 thereunder, or section 210(a) of the Investment Advisers Act