SEC will let one commissioner form a quorum when every other member is disqualified
One commissioner may constitute an SEC quorum for a particular matter when every other sitting member is disqualified, under a final rule filed Thursday.
Three remains the normal quorum. If fewer than three commissioners are in office, the number serving remains sufficient, as it was under the previous rule.
The new language reaches recusals. When disqualifications leave two eligible commissioners, both form the quorum. When only one remains eligible, that commissioner may act as the quorum for that matter.
The SEC classified the amendment as an internal management rule that creates no new burden for private parties. It takes effect when published Friday.
