Summary settlement procedure allows noticees to apply and remit amounts to resolve specified regulatory defaults. The Board may issue a summary settlement notice requiring a noticee to file a settlement application, remit a settlement amount and/or furnish or comply with specified non monetary undertakings for enumerated defaults such as delayed disclosures, format non compliance, and delayed statutory compliance. A noticee has thirty calendar days to apply, remit and provide undertakings, may seek rectification of the amount subject to the Board's final decision, and may receive a recorded extension of up to fifteen days. The Board may refuse settlement for lack of full disclosure or cooperation, may modify enforcement action, and will pass a settlement order when satisfied.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Summary settlement procedure allows noticees to apply and remit amounts to resolve specified regulatory defaults.
The Board may issue a summary settlement notice requiring a noticee to file a settlement application, remit a settlement amount and/or furnish or comply with specified non monetary undertakings for enumerated defaults such as delayed disclosures, format non compliance, and delayed statutory compliance. A noticee has thirty calendar days to apply, remit and provide undertakings, may seek rectification of the amount subject to the Board's final decision, and may receive a recorded extension of up to fifteen days. The Board may refuse settlement for lack of full disclosure or cooperation, may modify enforcement action, and will pass a settlement order when satisfied.
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