17 CFR § 201.320 - Evidence: Admissibility.

---
identifier: "/us/cfr/t17/s201.320"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 201.320 - Evidence: Admissibility."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "201.320"
section_name: "Evidence: Admissibility."
chapter_name: "SECURITIES AND EXCHANGE COMMISSION"
part_number: "201"
part_name: "RULES OF PRACTICE"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "15 U.S.C. 77s, 77sss, 78w, 78x, 80a-37, and 80b-11; 5 U.S.C. 504(c)(1)."
regulatory_source: "47 FR 610, Jan. 6, 1982, unless otherwise noted."
cfr_part: "201"
---


# 201.320 Evidence: Admissibility.

(a) Except as otherwise provided in this section, the Commission or the hearing officer may receive relevant evidence and shall exclude all evidence that is irrelevant, immaterial, unduly repetitious, or unreliable.

(b) Subject to § 201.235, evidence that constitutes hearsay may be admitted if it is relevant, material, and bears satisfactory indicia of reliability so that its use is fair.

[81 FR 50239, July 29, 2016]