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RULES OF PRACTICE OF THE SECURITIES AND EXCHANGE

COMMISSION

These Rules are published as Part 201 of Title 17 of the Code of Federal Regulations. Thus the Code

citation for Rule 4 would be 17 CFR 201.4)

Rule 1. Scope of Rules of Practice.

These rules of practice are generally applicable to proceedings before the Commission under the statutes which it administers, particularly those which involve a hearing or opportunity for hearing before the Commission or its duly designated officer. In connection with any particular matter, reference should also be made to any special requirements of procedure and practice that may be contained in the particular statute involved or the rules and forms adopted by the Commission thereunder, which special requirements are controlling. These rules do not apply to investigations, except where made specifically applicable by the Rules Relating to Investigations. Rule 2. Appearance and Practice Before the

Commission. (a) By non-lawyers. An individual may appear in his own behalf, a member of a partnership may represent the partnership, a bona fide officer of a corporation, trust or association may represent the corporation, trust or association, and an officer or employee of a State commission or of a

a department or political subdivision of a State may represent the State commission or the department or political subdivision of the State, in any proceeding.

(b) By lawyers. A person may be represented in any proceeding by an attorney at law admitted to practice before the Supreme Court of the United States, or the highest court of any State or Territory of the United States, or the Court of Appeals or the District Court of the United States for the District of Columbia.

(c) Representation only as specified. A person shall not be represented at any hearing before

the Commission or a hearing officer except as stated in paragraphs (a) and (b) of this rule or except as otherwise permitted by the Commission.

(d) Notice of appearance; designation for service; power of attorney. When an individual appears in his own behalf before the Commission or a hearing officer in a particular proceeding which involves a hearing or an opportunity for hearing, he shall file with the Commission or otherwise state on the record an address at which any notice or other written communication required to be served upon him or furnished to him may be sent. When an attorney appears before the Commission or a hearing officer in a representative capacity in a particular proceeding which involves a hearing or an opportunity for hearing, he shall file with the Commission a written notice of such appearance, which shall state his name, address and telephone number and the name and address of the person or persons on whose behalf he appears. Any additional notice or other writte communication required to be served or furnished to the client may be sent to the attorney at the attorney's stated address. Any person appearing or practicing before the Commission in a representative capacity may be required to file a power of attorney with the Commission showing his authority to act in such capacity.

(e) Suspension and disbarment. The Commission may deny, temporarily or permanently, the privilege of appearing or practicing before it in any way to any person who is found by the Commission after notice of and opportunity for hearing in the matter (1) not to possess the requisite qualifications to represent others, or (2) to be lacking in character or integrity or to have engaged in unethical or improper professional conduct.

(f) Contemptuous conduct. Contemptuous conduct at any hearing before the Commission or

* Additional restrictions upon practice by former employees of the Commission are contained in Rule 6 of the Commission's Conduct Regulation (Article 36 of the Statement of Organization, Conduct and Ethics, and Information Practices).

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a hearing officer shall be ground for exclusion from said hearing and for summary suspension without a hearing for the duration of the hearing.

(g) Practice defined. For the purposes of this rule, practicing before the Commission shall include, but shall not be limited to (1) transacting any business with the Commission; and (2) the preparation of any statement, opinion or other paper by any attorney, accountant, engineer or other expert, filed with the Commission in any registration statement, notification, application, report or other document with the consent of such attorney, accountant, engineer or other expert.

(h) Service on attorneys. In any proceeding where an attorney has filed an appearance pursuant to paragraph (d) hereof, any notice or other written communication required to be served upon or furnished to the client should also be served upon or furnished to the attorney (or one of such attorneys if the client is represented by more than one attorney) in the same manner as prescribed for his client, regardless of whether such communication is furnished directly to the client.

(Amended para. (d), etr. April 1, 1966, Release 33 4827.) Rule 3. Rescinded April 1, 1964—Release 33–

4677. Rule 4. Issuance, Amendment and Repeal of

Rules of General Application. (a) By petition. Any person desiring the issuance, amendment or repeal of a rule of general application may file a petition therefor with the Secretary of the Commission. Such petition shall include a statement setting forth the text of any proposed rule or amendment desired or specifying the rule, the repeal of which is desired and stating the nature of his interest and his reasons for seeking the issuance, amendment or repeal of the rule. The Secretary shall acknowledge receipt of the petition and refer it to the Commission for such action as the Commission deems appropriate, and shall notify the petitioner of the action taken by the Commission.

(b) Notice of proposed issuance, amendment or repeal of rules. Except where the Commission finds that notice and public procedure are impracticable, unnecessary, or contrary to the public interest, whenever the Commission proposes to issue, amend, or repeal any rule or regulation of

general application other than an interpretative rule, general statement of policy, or a rule of agency organization, procedure, or practice, or any matter relating to agency management or personnel or to public property, loans, grants, benefits, or contracts, there shall first be published in the FEDERAL REGISTER a notice of the proposed action. Such notice shall include (1) a statement of the time, place, and nature of the rulemaking proceeding, with particular references to the manner in which interested persons shall be afforded the opportunity to participate in such proceedings; (2) reference to the authority under which the rule is proposed; and (3) the terms or substance of the proposed rule or a desrciption of the subjects and issues involved. Rule 5. Business Hours.

The principal office of the Commission, at 500 North Capitol Street, Washington, D.C., is open each day, except Saturdays, Sundays, and holidays, from 9 a.m. to 5:30 p.m., eastern standard time or eastern daylight-saving time, whichever is currently in effect in Washington. Rule 6. Notice of Proceedings and Hearings.

(a) Notice of proceedings; order for proceedings. Whenever an order for proceeding is issued by the Commission, appropriate notice thereof shall be given by the Secretary or other duly designated officer of the Commission to each party to the proceeding and any other person entitled to notice or to the person designated by any such party or person as being authorized to receive on his behalf notices issued by the Commission. The parties or persons entitled to notice shall be timely informed of the time, place and nature of any hearing and the legal authority and jurisdiction under which the hearing is to be held, and furnished a short and simple statement of the matters of fact and law to be considered and determined. In proceedings in which an answer is directed pursuant to Rule 7, the order for proceeding shall set forth the action proposed and the factual and legal basis alleged therefor in such detail as will permit a specific response thereto.

(b) Notice of hearing; service of notice. The time and place for any hearing in a proceeding shall be fixed with due regard for the public interest and the convenience and necessity of the parties or their representatives. Each party or person

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