Discretion (Recommendations)

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The following recommendations concern the process by which the Division of Corporation Finance of the Securities and Exchange Commission (the “Division”) advises stockholders whether proposed sales of unregistered stock might involve a violation of the Securities Act of 1933 for which the Division would recommend Commission enforcement action. This no-action process is an...

Recommendation

1. In order to make more efficient use of the time and energies of agency members and their staffs, to improve the quality of decision without sacrificing procedural fairness, and to help eliminate delay in the administrative process, every agency having a substantial caseload of formal adjudications should consider...