Someone previously said that an informal SEC inquiry becomes "formal" after 60 days if it is not otherwise closed (and in this case I would expect that approval of the S4 would be our evidence for closure). My best guess at the start date is July 1, which counting all days of the week would put us around day 51 right now. Can anyone confirm or correct that timeline?
The SEC does not have to publicly give information about the "inquiry". If there is no announcement about an investigation within 60 days, there won't be one. My gut feeling is that if there was going to be an investigation, it would have been announced before now. Stop beating a dead horse & let's concentrate on acquiring BRY.
since when has the obuma administration ever followed any rules If they have it in for you it could go on forever . Look how they bought off senators for health care and destroyed GMs public not union bondholding s.. They will go "formal" with nothing but spite I forsee LINE and other US MLPs going the way the Canadian ones did ..Squeeze the people.... that have done the right thing and saved a few bucks and invested them in America..
You people are just plain nuts cant you take good news you spend a cpl hrs discussing negative outcomes instead of posative things line is up today and has possibly broken the relentless short attacks and you dont celebrate you talk like the world is about to fall apart
The SEC enforcement manual in PDF form on the SEC website states:
"Procedures for Converting a MUI to an Investigation:
"As a general matter, MUIs should be closed or converted to an investigation within sixty days....." and then the manual spells out the several conditions for warranting such a conversion on page 18. It is NOT AUTOMATIC.
Note that a "MUI" is defined as a "matter under inquiry".
From the SEC Enforcement Manual, Page 18:
As a general matter, MUIs should be closed or converted to an investigation within sixty days as follows:
1) The assigned staff, in consultation with an assigned senior officer as necessary, should evaluate the facts gathered during the MUI, using the factors listed above, to determine whether, and to what extent, the investigation will have the potential to address violative conduct.
2) If it is determined that it is appropriate to proceed with the investigation, then the assigned staff should request approval to convert the MUI to an investigation in Hub by completing an Investigation Opening Narrative and clicking Covert. The request will be routed to the designated Associate Director/Regional Director/Unit Chief for consideration.
3) The Associate Director/Regional Director/Unit Chief should review the request promptly, and, if satisfied that an investigation has the potential to address violative conduct, approve the conversion of the MUI to an investigation in Hub.
4) If the assigned staff, in consultation with an assigned Associate Director/Regional Director/Unit Chief, determinesthat the investigation does not have the potential to address violative conduct, or there is another reason that the investigation would be an inappropriate use of resources, then the assigned staff, in consultation with the assigned Associate Director/Regional Director/Unit Chief, should close the MUI.
Assuming a start date around July 1, I would expect to hear something around next Thursday (Aug 29).
It supposedly moves from an inquiry to an "informal" investigation after 60 days. "Formal" carries a specific meaning - namely that the investigation has subpoena power. Not that it really matters for this discussion.
I believe companies have up to 48 hours to announce they are the subject of an investigation, so I guess it could be a bit later. Call it Monday, Sept 2nd.
This is the only thing I could find, which may be the cause for the confusion. the 60 day goes from an MUI to informal (which is where we are at now), there is no time line after that...
The SEC divides cases into five basic stages: 1.) “Matters Under Inquiry” or “MUIs” (the preliminary first look at new cases); 2.) Informal Investigations (MUIs are automatically converted into Informal Investigations after 60 days); 3.) Formal Investigations (which may be launched only after the SEC issues a Formal Order of Investigation); 4.) Enforcement Actions (which typically must be authorized by the entire Commission); and 5.) Termination