In the past, the practice of the Commission has generally been that three members constitute a quorum. This practice, however, has never been formally adopted as a policy or rule. The Commission, which currently has only three members, has reconsidered its quorum practice. It has decided to adopt a general rule, with the exceptions discussed below, that three commissioners are required for a quorum. Although this rule may create difficulties when only three commissioners are in office, these difficulties are outweighed by the benefits of having all three commissioners deliberate and vote on matters.
Situations arise, however, in which only two members are able to participate in a matter.
When three members are in office, for example, one member may recuse himself or herself from considering a matter. See 17 CFR 200.60. Similarly, it is possible that, at some point, there would be only two commissioners in office. In the past, the Commission has resorted to the duty officer procedure to deal with urgent matters as to which only two commissioners are available. See 17 CFR 200.42.