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

Summary

After staff gives someone a written Wells notice, staff must, within 180 days, either bring an enforcement action against that person or tell the Enforcement Director that it does not plan to bring one. If the Enforcement Director (or their designee) decides the investigation is too complex to finish in 180 days, the Director may, after telling the Chairman, extend the deadline one more 180-day period. If it still needs more time after that extra 180 days, the Director may ask the full Commission for approval to extend the deadline for one or more additional successive 180-day periods. After staff finishes the on-site part of a compliance exam or inspection, or receives all requested records (whichever is later), staff must, within 180 days, send the examined entity a written notice saying the exam is finished, finished with no findings, or that staff wants the entity to fix problems. If the head of the division responsible for exams (or their designee) finds the exam is too complex to finish in 180 days, that person may, after telling the Chairman, extend the deadline for one additional 180-day period.