17 C.F.R. § 201.401

Consideration of stays

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(a) Procedure. A request for a stay shall be made by written motion, filed pursuant to § 201.154, and served on all parties pursuant to § 201.150. The motion shall state the reasons for the relief requested and the facts relied upon, and, if the facts are subject to dispute, the motion shall be supported by affidavits or other sworn statements or copies thereof. Portions of the record relevant to the relief sought, if available to the movant, shall be filed with the motion. The Commission may issue a stay based on such motion or on its own motion.

(b) Scope of relief. The Commission may grant a stay in whole or in part, and may condition relief under this section upon such terms, or upon the implementation of such procedures, as it deems appropriate.

(c) Stay of a Commission order. A motion for a stay of a Commission order may be made by any person aggrieved thereby who would be entitled to review in a federal court of appeals. A motion seeking to stay the effectiveness of a Commission order pending judicial review may be made to the Commission at any time during which the Commission retains jurisdiction over the proceeding.

(d) Stay of an action by a self-regulatory organization—(1) Availability. A motion for a stay of an action by a self-regulatory organization for which the Commission is the appropriate regulatory agency, for which action review may be sought pursuant to § 201.420, may be made by any person aggrieved thereby at the time an application for review is filed in accordance with § 201.420 or thereafter.

(2) Summary entry. A stay may be entered summarily, without notice and opportunity for hearing.

(3) Expedited consideration. Where the action complained of has already taken effect and the motion for stay is filed within 10 days of the effectiveness of the action, or where the action complained of, will, by its terms, take effect within five days of the filing of the motion for stay, the consideration of and decision on the motion for a stay shall be expedited in every way, consistent with the Commission's other responsibilities. Where consideration will be expedited, persons opposing the motion for a stay may file a statement in opposition within two days of service of the motion unless the Commission, by written order, shall specify a different period.

(e) Lifting of stay of action by the Public Company Accounting Oversight Board—(1) Availability. Any person aggrieved by a stay of action by the Board entered in accordance with 15 U.S.C. 7215(e) for which review has been sought pursuant to § 201.440 or which the Commission has taken up on its motion pursuant to § 201.441 may make a motion to lift the stay. The Commission may, at any time, on its own motion determine whether to lift the automatic stay.

(2) Summary action. The Commission may lift a stay summarily, without notice and opportunity for hearing.

(3) Expedited consideration. The Commission may expedite consideration of a motion to lift a stay of Board action, consistent with the Commission's other responsibilities. Where consideration is expedited, persons opposing the lifting of the stay may file a statement in opposition within two days of service of the motion requesting lifting of the stay unless the Commission, by written order, shall specify a different period.

(f) Lifting of stay of action by a security-based swap execution facility. (1) Availability. Any person aggrieved by a stay of action by a security-based swap execution facility entered in accordance with § 201.442(c) may make a motion to lift the stay. The Commission may, at any time, on its own motion determine whether to lift the automatic stay.

(2) Summary action. The Commission may lift a stay summarily, without notice and opportunity for hearing.

(3) Expedited consideration. The Commission may expedite consideration of a motion to lift a stay of action by a security-based swap execution facility, consistent with the Commission's other responsibilities. Where consideration is expedited, persons opposing the lifting of the stay may file a statement in opposition within two days of service of the motion requesting lifting of the stay unless the Commission, by written order, shall specify a different period.

[60 FR 32796, June 23, 1995, as amended at 69 FR 13178, Mar. 19, 2004; 88 FR 87282, Dec. 15, 2023]

Notes of Decisions

Cited in 6 cases (2 in the last 5 years), 2016–2024 · leading case: Gray Fin. Grp., Inc. v. U.S. Sec. & Exch. Comm'n, 825 F.3d 1236 (11th Cir. 2016).

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Gray Fin. Grp., Inc. v. U.S. Sec. & Exch. Comm'n, 825 F.3d 1236 (11th Cir. 2016). · cites it 2× “17 C.F.R. § 201.401 . Section 78y then provides a detailed scheme for appellate court review of final Commission orders.”

Sharemaster v. U.S. Sec. & Exch. Comm'n, 847 F.3d 1059 (9th Cir. 2017). · cites it 2× “” 17 C.F.R. § 201.401 (d). Among the provisions enforced by FINRA are Exchange Act Section 17(e)(1)(A), 15 U.”

Bennett v. U.S. Sec. & Exch. Comm'n, 844 F.3d 174 (4th Cir. 2016). “" Second, the statute's judicial-review scheme ensures "meaningful review” because a court of appeals can remedy any sanctions order.”

An opinion was released in case 23-5129, Alpine Sec. Corp. v. Fin. Indus. Regulatory Auth., Inc., 121 F.4th 1314 (D.C. Cir. 2024). “Instead, unless the SEC chooses to act on its own, the expelled FINRA member must file a separate written request for a stay after filing its application for SEC review, see 17 C.F.R. §§ 201.401 (a), (d), and prove that it is entitled to a stay.”

Carnahan v. Sec. & Exch. Comm'n (S.D. Fla. 2020). “17 C.F.R. § 201.401 . Section 78y then provides a detailed scheme for appellate court review of final Commission orders.”

Blankenship v. Fin. Indus. Regulatory Auth. (E.D. Pa. 2024). “3 FINRA Rule 9370(a); 17 C.F.R. § 201.401 (d). And if he were dissatisfied with the final order of the SEC, he could appeal that to “the United States Court of Appeals for the circuit in which [the appellant] resides or has his principal place of business, or for the District of…”

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