SEC Issues Rule Amendments To Improve Timeliness of Administrative Proceedings and Appeals
FOR IMMEDIATE RELEASE
Washington, D.C., June 11, 2003 -- The Securities and Exchange Commission has adopted amendments to its Rules of Practice to formalize new policies designed to improve the timeliness of administrative proceedings and appeals.
The amendments adopted by the Commission on June 9, 2003 will become effective 30 days after publication in the Federal Register.
The amendments require administrative law judges to complete the hearing and issue an initial decision within a time period specified by the Commission for each case. The amendments also establish a policy of disfavoring requests that would delay a proceeding once instituted and create some time limits on the negotiation and submission of offers of settlement to the Commission. Additionally, the amendments would reduce the current Rules of Practice guideline for issuance of Commission opinions in appeals.
The full text of the release is posted on the SEC Web site at www.sec.gov.