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SEC adopts rule amendments to administrative proceedings

The SEC has adopted amendments on its rules of practicegoverning its administrativeproceedings.

Among other things, the amendments extend the potentiallength of the prehearing period to a maximum of 10 months from the current fourmonths for cases designated for the longest timelines. They alsoallow parties in these cases the right to notice three depositions per side insingle-respondent cases and five depositions per side in multi-respondentcases, and to request an additional two depositions.

Further, the amendments clarify the types of dispositivemotions that may be filed at various stages of proceedings and the applicableprocedures and legal standards for the motions. Additionalclarifying and conforming changes to other rules were also made, includingrules regarding the admissibility of certain types of evidence, expertdisclosures and reports, the requirements for the contents of an answer, andprocedures for appeals.

The amendments will become effective 60 days afterpublication in the Federal Register and will apply to all proceedings initiatedon or after that date.