---
kind: "section"
citation: "15 U.S.C. § 78d–5"
title: "15"
title_heading: "Commerce and Trade"
number: "78d–5"
heading: "Deadline for completing enforcement investigations and compliance examinations and inspections"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/78d-5"
units:
  - "Chapter 2B — Securities Exchanges"
---

# §78d–5. Deadline for completing enforcement investigations and compliance examinations and inspections

- (a) **Enforcement investigations—**
  - (1) **In general—** Not later than 180 days after the date on which [Commission](/usc/15/78c.md?p=a-15) staff provide[^1] a written Wells notification to any [person](/usc/15/78c.md?p=a-9), the [Commission](/usc/15/78c.md?p=a-15) staff shall either file an action against such [person](/usc/15/78c.md?p=a-9) or provide notice to the [Director](/usc/15/78c.md?p=a-7) of the Division of Enforcement of its intent to not file an action.
  - (2) **Exceptions for certain complex actions—** Notwithstanding [paragraph (1)](#a-1), if the [Director](/usc/15/78c.md?p=a-7) of the Division of Enforcement of the [Commission](/usc/15/78c.md?p=a-15) or the [Director](/usc/15/78c.md?p=a-7)’s designee determines that a particular enforcement investigation is sufficiently complex such that a determination regarding the filing of an action against a [person](/usc/15/78c.md?p=a-9) cannot be completed within the deadline specified in [paragraph (1)](#a-1), the [Director](/usc/15/78c.md?p=a-7) of the Division of Enforcement of the [Commission](/usc/15/78c.md?p=a-15) or the [Director](/usc/15/78c.md?p=a-7)’s designee may, after providing notice to the Chairman of the [Commission](/usc/15/78c.md?p=a-15), extend such deadline as needed for one additional 180-day period. If after the additional 180-day period the [Director](/usc/15/78c.md?p=a-7) of the Division of Enforcement of the [Commission](/usc/15/78c.md?p=a-15) or the [Director](/usc/15/78c.md?p=a-7)’s designee determines that a particular enforcement investigation is sufficiently complex such that a determination regarding the filing of an action against a [person](/usc/15/78c.md?p=a-9) cannot be completed within the additional 180-day period, the [Director](/usc/15/78c.md?p=a-7) of the Division of Enforcement of the [Commission](/usc/15/78c.md?p=a-15) or the [Director](/usc/15/78c.md?p=a-7)’s designee may, after providing notice to and receiving approval of the [Commission](/usc/15/78c.md?p=a-15), extend such deadline as needed for one or more additional successive 180-day periods.
- (b) **Compliance examinations and inspections—**
  - (1) **In general—** Not later than 180 days after the date on which [Commission](/usc/15/78c.md?p=a-15) staff completes the on-site portion of its compliance examination or inspection or receives all [records](/usc/15/78c.md?p=a-37) requested from the entity being examined or inspected, whichever is later, [Commission](/usc/15/78c.md?p=a-15) staff shall provide the entity being examined or inspected with written notification indicating either that the examination or inspection has concluded, has concluded without findings, or that the staff requests the entity undertake corrective action.
  - (2) **Exception for certain complex actions—** Notwithstanding [paragraph (1)](#b-1), if the head of any division or office within the [Commission](/usc/15/78c.md?p=a-15) responsible for compliance examinations and inspections or his designee determines that a particular compliance examination or inspection is sufficiently complex such that a determination regarding concluding the examination or inspection, or regarding the staff requests the entity undertake corrective action, cannot be completed within the deadline specified in [paragraph (1)](#b-1), the head of any division or office within the [Commission](/usc/15/78c.md?p=a-15) responsible for compliance examinations and inspections or his designee may, after providing notice to the Chairman of the [Commission](/usc/15/78c.md?p=a-15), extend such deadline as needed for one additional 180-day period.

## Footnotes

[^1]: So in original. Probably should be “provides”.

## Source credit

(June 6, 1934, ch. 404, title I, § 4E, as added Pub. L. 111–203, title IX, § 929U, July 21, 2010, 124 Stat. 1867.)

## Notes

### Statutory Notes and Related Subsidiaries

### Effective Date

Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of Title 12, Banks and Banking.