[Federal Register Volume 63, Number 32 (Wednesday, February 18, 1998)]
[Rules and Regulations]
[Pages 8100-8101]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-3932]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Part 200
[Rel. No. 34-39627]
Delegation of Authority to the Director of the Division of Market
Regulation
AGENCY: Securities and Exchange Commission.
ACTION: Final rule.
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SUMMARY: The Securities and Exchange Commission is amending its Rules
of Practice to delegate its authority to the Director of the Division
of Market Regulation to grant or deny exemptions from Section 11(d)(1)
of the Securities Exchange Act of 1934 pursuant to Section 36 of the
Exchange Act. The delegation of authority is intended to conserve
Commission resources by permitting the staff to review and act on
[[Page 8101]]
exemptive applications under Section 36 when appropriate.
EFFECTIVE DATE: February 18, 1998.
FOR FURTHER INFORMATION CONTACT: Catherine McGuire, Chief Counsel, or
Paul P. Andrews, Special Counsel at (202) 942-0073, Office of Chief
Counsel, Division of Market Regulation, Mail Stop 7-11, Securities and
Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549.
SUPPLEMENTARY INFORMATION:
I. Amendment To Rules of Practice
The Securities and Exchange Commission (``Commission'') today
announces an amendment to its Rules of Practice governing Delegations
of Authority to the Director of the Division of Market Regulation
(``Director'').1 The amendment adds to Rule 30-3 a new
paragraph (a)(63) authorizing the Director to grant or deny exemptions
from Section 11(d)(1) of the Securities Exchange Act of 1934
(``Exchange Act''), where appropriate, under Section 36 of the Exchange
Act.2
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\1\ 17 CFR 200.30-3.
\2\ 15 U.S.C. 78k(d)(1) and 78mm.
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Section 36(a) provides that:
Except as provided in subsection (b) [not applicable here], but
notwithstanding any other provision of this title, the Commission,
by rule, regulation, or order, may conditionally or unconditionally
exempt any person, security, or transaction, or any class or classes
of persons, securities, or transactions, from any provision or
provisions of this title or of any rule or regulations thereunder,
to the extent that such exemption is necessary or appropriate in the
public interest, and is consistent with the protection of investors.
The delegation of authority to the Director is intended to conserve
Commission resources by permitting the staff to review and act on
exemptive applications under Section 36(a) when appropriate.
Nevertheless, the staff may submit matters to the Commission for
consideration as it deems appropriate. In addition, under Section 4A(b)
of the Exchange Act, the Commission retains discretionary authority to
review, upon its own initiative or upon application by a party
adversely affected, any exemption granted or denied by the Division
pursuant to delegated authority. Information concerning the filing of
exemptive relief applications can be found in Release No. 34-39624;
Rule 240.0-12, 17 CFR 240.0-12.
The Commission finds, in accordance with Section 553(b)(3)(A) of
the Administrative Procedure Act, 5 U.S.C. Sec. 553(b)(3)(A), that this
amendment relates to agency organization, procedure, or practice.
Accordingly, notice, opportunity for public comment, and publication of
the amendment prior to its effective date are unnecessary.
II. List of Subjects in 17 CFR Part 200
Administrative practice and procedure, Authority delegations
(Government agencies).
III. Text of Amendment
For the reasons set out in the preamble, Title 17, Chapter II of
the Code of Federal Regulations is amended as follows:
PART 200--ORGANIZATION; CONDUCT AND ETHICS; AND INFORMATION AND
REQUESTS
1. The general authority citation for Part 200 is revised to read
as follows:
Authority: 15 U.S.C. 77s, 78d-1, 78d-2, 78w, 78ll(d), 78mm, 79t,
77sss, 80a-37, 80b-11, unless otherwise noted.
* * * * *
2. Section 200.30-3 is amended by adding paragraph (a)(63) to read
as follows:
200.30-3 Delegation of authority to Director of Division of Market
Regulation.
* * * * *
(a) * * *
(63) Pursuant to section 36 of the Act (15 U.S.C. 78mm) to review
and, either unconditionally or on specified terms and conditions, grant
or deny exemptions from section 11(d)(1) of the Act (15 U.S.C.
78k(d)(1)).
* * * * *
By the Commission.
Dated: February 9, 1998.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-3932 Filed 2-17-98; 8:45 am]
BILLING CODE 8010-01-P