§ 201.121 Separation of functions.

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Title 17 CFR: Commodity and Securities Exchanges › Chapter II: SECURITIES AND EXCHANGE COMMISSION › Part 201: RULES OF PRACTICE › Subpart D: Rules of Practice › § 201.121: § 201.121 Separation of functions.

This text was captured on Aug 14, 2026. It is a snapshot, not a live feed, so check the official code before relying on it.

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Any Commission officer, employee or agent engaged in the performance of investigative or prosecutorial functions for the Commission in a proceeding as defined in § 201.101(a) may not, in that proceeding or one that is factually related, participate or advise in the decision, or in Commission review of the decision pursuant to Section 557 of the Administrative Procedure Act, 5 U.S.C. 557, except as a witness or counsel in the proceeding.

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