Rules of Procedure Governing the Issuance of Temporary Restraining Orders

March 15, 1998

RULES OF PROCEDURE GOVERNING THE ISSUANCE OF TEMPORARY RESTRAINING ORDERS

SECTION 1. Applicability. — These Rules shall apply to complaints or any initiatory pleadings with application for temporary restraining order (TRO) filed with the Securities and Exchange Commission.

SECTION 2. Where Filed. — Any complaint or initiatory pleading filed with the Securities Investigation and Clearing Department (SICD) of this Commission which contains a prayer for the issuance of TRO shall be referred to the Office of the Chairman for appropriate action. For this purpose, the SICD shall forward an original copy of such complaint or initiatory pleading to the Office of the Chairman. Unless otherwise ordered, the case before SICD shall proceed notwithstanding the pendency of the resolution of the application for TRO. Provided, however, that the dismissal by the SICD of the complaint or initiatory pleading shall render the application for TRO moot and academic.

SECTION 3. TRO Issued Ex-parte. — If the Chairman or, in his absence, the most senior Associate Commissioner, determines, in his discretion, that the matter is of extreme urgency such...

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