Settlement orders: disposal by designated Board officers based on approved settlement terms, with prescribed contents. Regulation 23 requires that the Whole Time Member, Adjudicating Officer or competent officer dispose of proceedings before them by an order based on approved settlement terms, while specified proceedings initiated or proposed shall be disposed of by the Panel of Whole Time Members on approved settlement terms; the settlement order must state the alleged defaults, relevant securities law provisions, brief facts and circumstances, any admissions by the applicant, and the settlement terms.