17 C.F.R. § 12.27
If the Director of the Office of Proceedings should determine not to proceed in a manner set forth in § 12.26(a), (b) , or (c), consideration of the complaint and the answer (and reply, if any) shall terminate, and no proceeding shall be held on the allegations in any such pleadings. Such termination shall be regarded by the Commission as without prejudice to the right of the parties to seek such alternative forms of relief as may be available to them. If the consideration of the pleadings should be terminated, the Proceedings Clerk shall immediately notify the parties to that effect by registered or certified mail. A determination by the Director not to proceed in the manner set forth in § 12.26(a), (b) , or (c) of these rules is not subject to appeal pursuant to subpart F of these rules.
17 C.F.R. §12.27