---
kind: "section"
citation: "17 C.F.R. § 201.120"
title: "17"
number: "201.120"
heading: "Ex parte communications."
url: "https://uscodex.org/cfr/17/201.120"
---

# §201.120. Ex parte communications.

- (a) Except to the extent required for the disposition of ex parte matters as authorized by law, the person presiding over an evidentiary hearing may not:
  - (1) Consult a person or party on a fact in issue, unless on notice and opportunity for all parties to participate; or
  - (2) Be responsible to or subject to the supervision or direction of an employee or agent engaged in the performance of investigative or prosecuting functions for the Commission.
- (b) The Commission's code of behavior regarding ex parte communications between persons outside the Commission and decisional employees, [17 CFR 200.110 through 200.114](/cfr/17/200.110..200.114.md), governs other prohibited communications during a proceeding conducted under the Rules of Practice.

## Notes

### Authority

Authority: 15 U.S.C. 77f, 77g, 77h, 77h-1, 77j, 77s, 77u, 77sss, 78c(b), 78d-1, 78d-2, 78 l, 78m, 78n, 78 o (d), 78 o -3, 78 o -10(b)(6), 78s, 78u-2, 78u-3, 78v, 78w, 80a-8, 80a-9, 80a-37, 80a-38, 80a-39, 80a-40, 80a-41, 80a-44, 80b-3, 80b-9, 80b-11, 80b-12, 7202, 7215, and 7217.

### Source

Source: 60 FR 32796, June 23, 1995, unless otherwise noted.

### Authority

Authority: 15 U.S.C. 77s, 77sss, 78w, 78x, 80a-37, and 80b-11; 5 U.S.C. 504(c)(1). Sections 201.700 and 201.701 are also issued under sec. 916, Pub. L. 111-203, 124 Stat. 1376.

### Source

Source: 47 FR 610, Jan. 6, 1982, unless otherwise noted.