17 CFR § 201.321 - Evidence: Objections and offers of proof.

---
identifier: "/us/cfr/t17/s201.321"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 201.321 - Evidence: Objections and offers of proof."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "201.321"
section_name: "Evidence: Objections and offers of proof."
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"
---


# 201.321 Evidence: Objections and offers of proof.

(a) *Objections.* Objections to the admission or exclusion of evidence must be made on the record and shall be in short form, stating the grounds relied upon. Exceptions to any ruling thereon by the hearing officer need not be noted at the time of the ruling. Such exceptions will be deemed waived on appeal to the Commission, however, unless raised:

(1) Pursuant to interlocutory review in accordance with § 201.400;

(2) In a proposed finding or conclusion filed pursuant to § 201.340; or

(3) In a petition for Commission review of an initial decision filed in accordance with § 201.410.

(b) *Offers of proof.* Whenever evidence is excluded from the record, the party offering such evidence may make an offer of proof, which shall be included in the record. Excluded material shall be retained pursuant to § 201.350(b).