Tuesday, October 1, 2013

SEC To Remain Open During Government Shutdown

When is a government shut down not a government shut down? Quite frankly, we are confused. The SEC says it will remain open:

The SEC will remain open and operational in the event the federal government undergoes a lapse in appropriations on October 1. Any changes to the SEC's operational status after October 1 will be announced on this website. The SEC's current operational plan in the event of an SEC shutdown is available here.

But in the operational plan they say:

Under the Antideficiency Act (31 USC §1341, et seq.), officers and employees of the federal government cannot obligate funds in advance of appropriations or beyond appropriated levels. If there is a lapse in appropriations, the SEC will be able to continue only certain types of functionsthat qualify as exceptions to the Antideficiency Act restrictions, including those needed for a brief time to ensure the orderly shutdown of functions that will not continue during the lapse. The functions that qualify as exceptions include those related to emergencies involving the safety of human life or the protection of property, including law enforcement functions; those for which there is an express authority to continue during an appropriations lapse; and those for which authority to continue during an appropriations lapse arises by necessary implication. Accordingly, if there is a lapse in appropriations, the SEC must initiate the orderly shutdown of agency activities not considered essential to these functions.

Sounds like the SEC is shut down if there is a "lapse in appropriations."

My best guess - carry on as if they are open.

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