April 11, 2011 –
Effects of Shutdown on the S.E.C.

Assuming that Congress and the President cannot agree on either a continuing resolution to fund the operations of the United States’ government or a budget prior to midnight, the SEC will immediately suspend most of its operations.  According to the SEC’s contingency plan, of its 3,969 employees only 332 will report to work during the government shutdown.  The employees not furloughed will largely consist of those critical for the safety of human life or the protection of property or to carry out emergency enforcement activities.  No one may volunteer to work without pay.  All law enforcement and litigation matters, except emergency matters, all processing and approvals of filings and registration statements, and all non-emergency rule-making will be suspended.  EDGAR will remain operational; however, the Divisions of Corporation Finance, Investment Management, and Trading and Markets, and the Office of Compliance Inspections and Examinations will be unable to process filings, provide interpretive advice, issue no-action letters or conduct any other normal Division and Office activities.

To review the contingency plan, click here.