CFR > Title 12 - Banks and Banking > CHAPTER III—FEDERAL DEPOSIT INSURANCE CORPORATION > SUBCHAPTER A—PROCEDURE AND RULES OF PRACTICE (parts 300 to 313) > PART 308—RULES OF PRACTICE AND PROCEDURE > SUBPART J—Rules and Procedures Relating to Exemption Proceedings Under Section 12(h) of the Securities Exchange Act of 1934 (§308.138 to §308.143) > 308.142—Hearing.

308.142—Hearing.

(a) Proceedings are informal. Formal rules of evidence, the adjudicative procedures of the APA (5 U.S.C. 554-557 ), the Uniform Rules and § 308.108 of subpart B of the Local Rules shall not apply to hearings under this subpart.
(b) Hearing Procedure. (1) Parties to the hearing may appear personally or through counsel and shall have the right to introduce relevant and material documents and to make an oral statement.
(2) There shall be no discovery in proceeding under this subpart J.
(3) The presiding officer shall have discretion to permit presentation of witnesses within specified time limits, provided that a list of witnesses is furnished to the presiding officer prior to the hearing. Witnesses shall be sworn, unless otherwise directed by the presiding officer. The presiding officer may ask questions of any witness and each party may cross-examine any witness presented by an opposing party.
(4) The proceedings shall be on the record and the transcript shall be promptly submitted to the Board of Directors. The presiding officer shall make recommendations to the Board of Directors, unless the Board of Directors, in its sole discretion, directs otherwise.