Settlement orders require approved terms, recorded alleged defaults and admissions, while confidentiality matters protect applicant identity.

Settlement orders dispose of specified proceedings in accordance with settlement terms approved by the Panel of Whole Time Member. The order must state the alleged default, relevant securities-law provisions, material facts and circumstances, any applicant admissions, and the settlement terms. In confidentiality matters, the applicant's identity must not be disclosed directly or indirectly, although the allegedly violated securities-law provisions must be indicated.

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