Summary

On September 30, the Securities and Exchange Commission quietly rewrote the rule that decides the number of commissioners who must be present to act on agency business. Under the amended Rule 200.41 , whenever the other sitting commissioner is disqualified from a matter, the one remaining commissioner will now constitute a quorum. The agency that was created to protect investors and the public market made this change without public comment, calling it internal “housekeeping” that does not “substantially affect the rights or obligations” of anyone.

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