§78d–5 Deadline for Completing Enforcement Investigations and Compliance Examinations and Inspections

Summary

When Commission staff give someone a written Wells notice, they must, within 180 days, either sue that person or tell the Enforcement Division Director they will not sue. If the Enforcement Director or their designee decides the investigation is unusually complex, they can tell the Chairman and extend the deadline one more 180-day period. If it’s still too complex after that extra 180 days, the Director or designee can ask the full Commission and, with its approval, extend the deadline for one or more extra 180-day periods. When staff finish the on-site part of a compliance exam or inspection, or when they get all requested records (whichever happens later), they must, within 180 days, send the examined entity a written notice saying the exam is finished, finished with no findings, or that the entity must fix problems. If the division head or their designee finds the exam unusually complex, they can tell the Chairman and extend the deadline one more 180-day period.