16 C.F.R. § 1502.40 – Initial decision.

(a) The presiding officer shall prepare and file an initial decision as soon as practicable after the filing of briefs and oral argument.
(b) The initial decision shall contain—
1. (1) Findings of fact based upon relevant, material, and reliable evidence of record;
2. (2) Conclusions of law;
3. (3) A discussion of the reasons for the findings and conclusions, including a discussion of the significant contentions made by any participant;
4. (4) Citations to the record supporting the findings and conclusions;
5. (5) An appropriate regulation supported by substantial evidence of record and based upon the findings of fact and conclusions of law (unless the initial decision is to not issue a regulation);
6. (6) An effective date for the regulation (if any), together with an explanation of why the effective date is appropriate; and
7. (7) The periods of time for filing exceptions to the initial decision with the Office of the Secretary and for filing replies to such exceptions, in accordance with § 1502.41(a)-(c).
(c) The initial decision must refrain from disclosing specific details of trade secrets and privileged or confidential commercial or financial information, except as specifically authorized in a protective order issued by the presiding officer.
(d) The initial decision is to be filed with the Office of the Secretary and served upon all participants. Once the initial decision is filed with the Office of the Secretary, the presiding officer has no further jurisdiction over the matter, and any motions or requests filed with the Office of the Secretary will be decided by the Commission.
(e) The initial decision becomes the final decision of the Commission by operation of law unless a participant files exceptions with the Office of the Secretary under § 1502.41(a) or the Commission files a notice of review under § 1502.41(f).
(f) Notice that an initial decision has become the decision of the Commission without appeal to or review by the Commission will be published in the Federal Register. The Commission also may publish the decision when it is of widespread interest.