(d) All briefs, including briefs filed pursuant to Rule VI § 201.6, 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. If briefs are typewritten, 10 copies shall be filed; if printed or mimeographed, 20 copies, provided that only 7 copies of briefs in proceedings held pursuant to the provisions of Clause 30 of Schedule A of the Securities Act of 1933, as amended, or section 24 (b) of the Securities Exchange Act of 1934, as amended, or section 22 (b) of the Public Utility Holding Company Act of 1935, or Rule N-45A-1 under the Investment Company Act of 1940 (17 CFR, 270.45a-1) need be filed in any instance. No brief shall exceed 60 pages in length, except with the permission of the Commission.

(e) Copies of briefs shall be served by the Secretary or other duly designated officer of the Commission on the parties to the proceeding, and reply briefs may be filed within 5 days thereafter or within such other time as the Commission may specify.

(f) Briefs not filed on or before the time fixed in this part or by Commission direction will be received only upon special permission of the Commission.

§ 201.12 Hearing before the Commission. (a) Except as to motions and procedural applications dealt with in Rule VI (b) (§ 201.6 (b)) 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) The Commission shall determine the matter on the record, any briefs of the parties, and any oral argument before the Commission.

(c) 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

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the proceeding to the hearing officer for the taking of such additional evidence.

(d) Any petition for rehearing by the Commission shall be filed within 5 days after issuance of the order complained of and, shall clearly state the specific grounds and the specific matters upon which rehearing is sought.

§ 201.13 Filing papers; docket; computation of time; public information; confidential treatment. (a) All reports, exceptions, briefs, and other papers required to be filed with the Commission in any proceeding shall be filed with the Secretary, except that all papers containing data as to which confidential treatment is sought pursuant to Rules 580, X-24B-2 or U-104 (b) of the Rules and Regulations of the Commission (17 CFR, 230.580, 240.24b-2, 250.104 (b)), together with applications making objection to the disclosure thereof, and all papers and data relating to proceedings instituted by the Commission pursuant to Rule N-45A-1 (17 CFR, 270.45a-1) shall be filed with the Chairman. Any such papers may be sent by mail or express to the officer with whom they are directed to be filed, but must be received by such officer at the office of the Commission in Philadelphia, Pennsylvania, within the time limit, if any, for such filing.

(b) The Secretary shall maintain a docket of all proceedings, and each proceeding shall be assigned a number.

(c) Wherever under this part, unless otherwise expressly provided, any limitation is made as to the time within which any recommended decisions, proposed findings and conclusions, exceptions, briefs, or other papers are required to be filed with the Commission in any proceeding, hearing officers and parties who are residents of the following states: Montana, Idaho, Wyoming, Colorado, New Mexico, Utah, Arizona, Nevada, Washington, Oregon, and California, shall have an additional period of 5 days; and hearing officers and parties who reside beyond the confines of the continental United States shall have an additional period of 20 days within which to file such recommended decisions, proposed findings and conclusions, exceptions, briefs, and other papers. For the purposes of this section the person upon whom service is made by the Commission is the party whose residence shall determine whether the additional time provided herein shall be granted.

(d) In computing any period of time prescribed or allowed by this part 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 a 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. A half-holiday shall be considered as other days and not as a holiday.

(e) Unless otherwise specifically provided in this part or by a particular rule, regulation or order of the Commission an original and 8 copies of all papers shall be filed, unless the same be printed or mimeographed, in which case 20 copies shall be filed.

(f) Unless otherwise provided by statute or rule or otherwise directed by the Commission, all information contained in any notification, statement, application, declaration, intermediate decision, or other document filed with the Commission pursuant to requirement of a statute or a rule or regulation or order of this Commission shall be available to the public.

(g) Confidential treatment of material listed in paragraph (f) of this section may be requested for good cause where authorized by statute. Request for confidential treatment pursuant to the provisions of Clause 30 of Schedule A of the Securities Act of 1933 as amended, section 24 (b) of the Securities Exchange Act of 1934 as amended, or section 22 (b) of the Public Utility Holding Company Act of 1935 shall be made, respectively, in accordance with Rule 580 (17 CFR, 230.580), X-24B-2 (17 CFR, 240.24b-2), or U-104 (17 CFR, 250.104) of the Rules and Regulations of the Commission. In any case where a hearing for the purpose of taking testimony relating to whether confidential treatment should be granted or continued is to be held, the Commission may in its discretion, prior to the hearing, require the person desiring the confidential treatment to furnish in writing additional information in respect of its grounds of objection to public disclosure. Failure to supply the information so requested within 15 days from the date of receipt by the registrant of a notice of the in

formation required, shall be deemed a waiver of the objections to public disclosure of that portion of the information filed confidentially with respect to which the additional information required by the Commission relates, unless the Commission shall otherwise order for good cause shown at or before the expiration of such 15-day period.

(h) All papers containing data as to which confidential treatment is sought, together with any application making objection to the disclosure thereof, or other papers relating in any way to such application, shall be made available to the public only in accordance with the applicable provisions of Rules 580 (h), X-24B-2 (i) or U-104 (b) of the rules and regulations of the Commission (17 CFR 230.580 (h), 240.24b-2 (i), 250.104 (b)). Papers in connection with proceedings instituted by the Commission pursuant to Rule N-45A-1 of the rules and regulations of the Commission (17 CFR, 270.45a-1) shall not be made public except by order of the Commission. An intermediate decision, exceptions thereto, proposed findings and conclusions, and briefs in support of such proposed findings and conclusions or in support of or in opposition to such exceptions, which are filed in connection with any hearing relating to a proceeding concerning confidential treatment shall, unless otherwise ordered by the Commission, first be made available to the public on the opening date of public argument on the merits before the Commission, or in the event of submission to the Commission without argument or with private argument, upon final determination of the proceedings by the Commission, and prior thereto shall be for the confidential use only of the Commission, the parties and counsel. (i) Information or documents obtained by the Commission in the course of any examination or investigation shall, unless made a matter of public record, be deemed confidential. Officers and employees are hereby prohibited from making such confidential information or documents available to anyone other than a member, officer, or employee of the Commission, unless the Commission authorizes the disclosure of such information or the production of such documents as not being contrary to the public interest. Any officer or employee who is served with a subpoena requiring the disclosure of such informa

tion or the production of such documents shall appear in court and, unless the authorization described in the preceding sentence shall have been given, shall respectfully decline to disclose the information or produce the documents called for, basing his refusal upon this rule. Any officer or employee who is served with such a subpoena shall promptly advise the Commission of the service of such subpoena, the nature of the information or documents sought, and any circumstances which may bear upon the desirability of making available such information or documents.

(j) Matters of public record 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 those offices, during regular office hours. Copies of matters of public record will be furnished to any person upon request and upon payment of the charges therefor as specified in Rule 121. under the Securities Act of 1933 (17 CFR, 230.121).

(k) All final opinions and orders entered by the Commission 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., at a prescribed charge.

§ 201.14 Service of intermediate decisions, exceptions, briefs, and other papers. (a) All intermediate decisions, exceptions, briefs, proposed findings and conclusions, or other documents or papers required by this part to be served on any party to a proceeding shall be served by the Secretary or other duly designated officer 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, as amended, or section 24 (b) of the Securities Exchange Act of 1934, as amended, or section 22 (b) of the Public Utility Holding Company Act of 1935, or Rule N-45A-1 under the Investment Company Act of

1940 (17 CFR, 270.45a-1), shall be served by the Chairman.

(b) Subject to the provisions of Rule III (b) (17 CFR, 201.3 (b)), such service, except on counsel to the interested Division of the Commission, shall be made by personal service on the party or his attorney of record or by registered mail addressed to the party or his attorney of record.

$201.15 Formal requirements as to papers filed in proceedings. (a) All papers filed under this part 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 102 inches long, with left-hand margin 12 inches wide, and shall be bound at the upper left-hand corner. 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 double-leaded text and single-leaded quotations.

(b) 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.

(c) All papers filed must include at the head thereof, or on a title page, the name of the Commission, the names of the parties, and the subject of the particular paper or pleading, and the docket number assigned to the proceeding.

§ 201.16 Signature of Commission orders; service of Commission rulings. (a) All orders of the Commission shall be signed by the Secretary or such other person as may be authorized by the Commission.

(b) Copies of all decisions, orders and rulings by the Commission on any written application shall be served on the applicant and, if made in connection with a pending proceeding, on all parties thereto.

§ 201.17 Intervention; leave to be heard; informal participation. (a) Any interested representative, agency, authority or instrumentality of the United States or any interested State, State commission, State securities commission, municipality or other political subdivision of a State shall become a party to any proceeding upon the filing of a written notice of appearance therein.

Except to the extent that this part provide otherwise, the interested Division of the Commission shall be deemed a party to all proceedings.

(b) Any person may, at the discretion of the hearing officer, be given leave to be heard in any proceeding as to any matter affecting his interests. Requests for leave to be heard shall be in writing, shall set forth the nature and extent of the applicant's interest in the proceeding, and shall be filed with the hearing officer or the Commission not later than 2 days prior to the date fixed for the commencement of the hearing, except that where a respondent is required to answer, requests for leave to be heard shall be filed within the time provided for the filing of the answer. The hearing officer or the Commission may direct any person requesting leave to be heard to submit himself to examination as to his interest in the proceeding.

(c) Leave to be heard pursuant to paragraph (b) of this section may include leave to call and examine witnesses, to offer documentary evidence, to crossexamine witnesses, to file briefs, to submit proposed findings and conclusions and to make oral argument.

The hear

ing officer shall determine the time and extent of such participation except that oral argument may be permitted only by the Commission upon written request therefor. Persons granted leave to be heard shall be bound, except as may be otherwise determined by the hearing officer, by any stipulation between the parties to the proceeding with respect to procedure, including submission of evidence, substitution of exhibits, corrections of the record, the time within which briefs or exceptions may be filed or proposed findings and conclusions may be submitted, the filing of intermediate decisions, the procedure to be followed in the preparation of decisions, and the effective date of the Commission's order in the case. Where the filing of briefs or exceptions or the submission of proposed findings and conclusions are waived by the parties to the proceeding, a person granted leave to be heard pursuant to paragraph (b) of this section shall not be permitted to file a brief or exception or submit proposed findings and conclusions except by leave of the hearing officer or of the Commission. Except as may otherwise be specifically directed by the hearing officer at

the request of any person granted leave to be heard, such person shall be expected to inform himself by attendance at public hearings and by examination of the public files of the Commission as to the various steps taken in the proceeding, including continuances, the filing of amendments, answers, motions, or briefs by parties to the proceeding, or the fixing of time for any such action, and such person shall not be entitled as of right to other notice thereof, or to service of copies of documents.

(d) Except as provided in paragraph (a) of this section, no person shall be admitted as a party to a proceeding unless the Commission is satisfied on the basis of the written application of such person (and any evidence taken in connection therewith) that his participation as a party will be in the public interest, and (1) that leave to be heard pursuant to paragraphs' (b) and (c) of this section would be inadequate for the protection of his interests or (2) in proceedings under the Securities Exchange Act of 1934, as amended, that he may be aggrieved by the Commission's order in the proceeding.

(e) Any person who has not complied with the requirements of paragraph (b) of this section may, in the discretion of the hearing officer, be permitted to file a memorandum or make an oral statement of this views, and the hearing officer may accept for the record written communications received from any such person. Unless offered and admitted as evidence of the truth of the statements therein made, the memoranda and oral or written communications submitted pursuant to the provisions of this paragraph will be considered by the Commission only to the extent that the statements therein made are otherwise supported by the record.

(f) The hearing officer is directed to grant leave to be heard under paragraph (b) or (e) of this section, whichever may be applicable, to any person to whom it is proposed to issue any security in exchange for one or more bona fide outstanding securities, claims or property interests, or partly in such exchange and partly for cash, where the Commission is authorized to approve the terms and conditions of such issuance and exchange after a hearing upon the fairness of such terms and conditions.

(g) Any ruling of the hearing officer as to matters within the scope of this rule shall be subject to review by the Commission at the close of the proceedings, or, at the Commission's discretion, in the course of the proceedings. The Commission may, by order in any case, modify the provisions of this section which would otherwise be applicable, and may impose such terms and conditions on the participation of any person in any proceeding as it may deem necessary or appropriate in the public interest.

$201.18 Consolidation. By order of the Commission, or upon agreement between the parties, proceedings involving a common question of law or fact may be joined for hearing of any or all the matters in issue in such proceedings and such proceedings may be consolidated; and the Commission may make such orders concerning the conduct of such proceedings as may tend to avoid unnecessary costs or delay.

$201.19 Rules of general application. (a) Any person desiring the issuance, amendment or repeal of a rule 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 th Commission for such action as the Commission deems appropriate, and shall notify the petitioner of the action decided upon by the Commission.

(b) 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 rule making proceeding, with particular reference to the manner in which interested persons shall be afforded the opportunity to participate in such proceeding; (2) reference to the authority under which the rule is proposed; and (3) the terms or substance of the proposed rule or a description of the subjects and issues involved.

§ 201.20 Nonapplicability of rules to investigations; transcripts in investigations. (a) This part, other than Rule II (e) (§ 201.2 (e)) and except to the extent to which this part specifically refers to investigations, shall not be applicable to investigations conducted by the Commission pursuant to sections 8 (e), 19 (b) and 20 (a) of the Securities Act of 1933, as amended; section 21 (a) of the Securities Exchange Act of 1934, as amended; sections 11 (a) 13 (g), 18 (a), 18 (b) and 30 of the Public Utility Holding Company Act of 1935; section 321 (a) of the Trust Indenture Act of 1939; section 209 (a) of the Investment Advisers Act of 1940; or sections 14 (b) and 42 (a) of the Investment Company Act of 1940.

(b) A person who has been compelled to submit data or evidence in such investigations shall, upon written application to the Commission, be entitled to retain or procure a copy or transcript of his data or evidence submitted on payment of the prescribed fees; Provided, however, That the Commission may, in any nonpublic investigatory proceeding, for good cause deny the application for such copy or transcript. In the latter event, such person shall have the right to inspect the official transcript of his testimony upon proper identification.