Administrative Proceeding Rules Changed To Include Added Depositions, Flexibility

After requesting comment on potential changes in September 2015, the SEC adopted amendments to its rules of practice governing its administrative proceedings. Chair Mary Jo White said the changes provide additional opportunities to conduct depositions while also adding flexibility to the timelines for the proceedings, which have been the target of criticism and constitutional court challenges. The adopted final amendments:

• Extend the potential length of the prehearing period from the current four months to a maximum of 10 months for the cases designated for the longest timelines;
• Allow parties in the cases designated for the longest timelines the right to notice three depositions per side in single-respondent cases and five depositions per side in multi-respondent cases, and to request an additional two depositions;