In our January 9, 2019, alert [available here], we highlighted some of the ongoing impacts of the government shutdown on both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission. With the passage of another week, the impact of the shutdown has continued to expand, resulting in a stay of all SEC administrative proceedings.
Today the SEC issued an order halting all administrative proceedings until further notice, due to the lapse in appropriations − that is, the government shutdown.
Only if an administrative proceeding is an emergency, involving the safety of human life or the protection of property, can the parties involved seek to lift the stay by motion to the Administrative Law Judge assigned to the case or to the SEC if the matter is pending before it.
A copy of the SEC's order is available here.
Learn more by contacting any of the authors.