SEC announces plans in the event of a shutdown

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By Edward J Johnsen        

The Securities and Exchange Commission (SEC) has announced that it will remain open and operational in the event of the federal government lapse in appropriations on 1 October. Changes to its operational status after 1 October will be announced on the SEC website. The SEC has not shut down operations yet.

The SEC has also issued an operational plan in the event of an SEC shutdown.

If there is a lapse in appropriations resulting in an SEC shutdown, the SEC will continue only certain functions, including those briefly needed to ensure the orderly shutdown of functions that will not continue during the lapse. Functions that qualify for continuation during the lapse include those related to emergencies involving the safety of human life or the protection of property (including law enforcement functions); those for which there is express authority to continue during a lapse; and those for which authority to continue arises by necessary implication. The SEC must initiate the orderly shutdown of activities not considered essential…

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