Legal Status
Legal Status
Rule
Delegation of Authority to the Director of the Office of Compliance Inspections and Examinations and the Secretary of the Commission
A Rule by the Securities and Exchange Commission on
Document Details
Information about this document as published in the Federal Register.
- Printed version:
- Publication Date:
- 11/19/2008
- Agency:
- Securities and Exchange Commission
- Document Type:
- Rule
- Document Citation:
- 73 FR 69531
- Page:
- 69531-69532 (2 pages)
- CFR:
- 17 CFR 200
- Agency/Docket Number:
- Release No. 34-58938
- Document Number:
- E8-27403
Document Details
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- AGENCY:
- ACTION:
- SUMMARY:
- DATES:
- FOR FURTHER INFORMATION CONTACT:
- SUPPLEMENTARY INFORMATION:
- I. Discussion
- II. Administrative Procedures Act and Other Administrative Laws
- III. Cost Benefit Analysis
- IV. Consideration of Burden on Competition
- V. Statutory Basis
- VI. Text of Final Amendments
- List of Subjects in 17 CFR Part 200
- PART 200—ORGANIZATION; CONDUCT AND ETHICS; AND INFORMATION AND REQUESTS
- Subpart A—Organization and Program Management
- Footnotes
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Published Document
This document has been published in the Federal Register. Use the PDF linked in the document sidebar for the official electronic format.
AGENCY:
Securities and Exchange Commission.
ACTION:
Final rule.
SUMMARY:
The Securities and Exchange Commission (“Commission”) is amending Rules 30-18 [1] and 30-7 [2] to delegate to the Director of the Office of Compliance Inspections and Examinations (“OCIE”) and the Secretary of the Commission, respectively, functions currently delegated to the Associate Executive Director of the Office of Filings and Information Services (“OFIS”). This re-delegation reflects the transfer to OCIE and the Office of the Secretary of functions previously performed by OFIS, which was fully dissolved in May 2007. The Commission is delegating to the Director of OCIE functions relating to, among other things, the granting and cancellation of the registrations of brokers, dealers, municipal securities dealers, government securities brokers or government securities dealers for which the Commission is the appropriate regulatory agency, transfer agents, and investment advisers. The Commission is delegating to the Secretary of the Commission the function of authenticating all Commission documents produced for administrative and judicial proceedings.
DATES:
Effective Date: November 19, 2008.
Start Further InfoFOR FURTHER INFORMATION CONTACT:
For information regarding the delegation of authority to the Director of OCIE, contact John Walsh, Associate Director—Chief Counsel, at (202) 551-6460, or Nancy Hansbrough, Assistant Chief Counsel, at (202) 551-6475. For information regarding the delegation of authority to the Secretary of the Commission, contact Florence Harmon, Acting Secretary, at (202) 551-5604.
End Further Info End Preamble Start Supplemental InformationSUPPLEMENTARY INFORMATION:
I. Discussion
The advent of the Commission's Electronic Data Gathering and Retrieval (“EDGAR”) system in the 1980s diminished the need for the processing of paper filings (formerly the primary function of OFIS and its predecessor offices) and, as a result, the number of staff to handle the filings. In recognition of this diminished need, OFIS was dissolved fully in May 2007, with its functions allocated among other divisions and offices within the Commission in order to achieve greater efficiencies. Certain of these functions are now performed by OCIE and the Office of the Secretary of the Commission.[3]
The Commission today is amending Rule 30-18 [4] and Rule 30-7,[5] which specify the functions delegated to the Director of OCIE and the Secretary of the Commission, respectively, to include functions currently delegated to the Associate Executive Director of OFIS in Rule 30-11.[6] The functions that are being delegated to the Director of OCIE include, among other things, the granting and cancellation of the registrations of brokers, dealers, municipal securities dealers, transfer agents, investment advisers, and government securities brokers or government securities dealers for which the Commission is the appropriate regulatory agency.[7] They also include the functions of notifying a broker or dealer that has failed to comply with certain requirements of the Securities Investor Protection Act of 1970 that it is unlawful to engage in business as a broker or dealer, and of authorizing a broker or dealer to resume business upon compliance.[8] The function that is being delegated to the Secretary of the Commission is to authenticate all Commission documents produced for administrative and judicial proceedings.[9] As a result of these re-delegations, Rule 30-11 is being removed and reserved.
II. Administrative Procedures Act and Other Administrative Laws
The Commission has determined that these amendments to its rules relate solely to the agency's organization, procedure or practice. Therefore, the provisions of the Administrative Procedures Act (“APA”) regarding notice of proposed rulemaking and opportunities for public participation are not applicable.[10] For the same reason, and because these amendments do not substantially affect the rights or obligations of non-agency parties, the provisions of the Small Business Regulatory Enforcement Fairness Act are not applicable.[11] In addition, the provisions of the Regulatory Flexibility Act, which apply only when notice and comment are required by the APA or Start Printed Page 69532other law, are not applicable.[12] Finally, these amendments do not contain any collection of information requirements as defined by the Paperwork Reduction Act of 1995, as amended.[13]
III. Cost Benefit Analysis
The Commission is sensitive to the costs and benefits imposed by its rules. The rule amendments the Commission is adopting today re-delegate functions from the Associate Executive Director of OFIS to the Director of OCIE and the Secretary of the Commission to reflect the transfer of OFIS's responsibilities to OCIE and the Office of the Secretary. The re-delegation will update the Commission's rules to accurately reflect that OCIE and the Office of the Secretary are performing functions previously performed by OFIS. The Commission does not believe that the rule amendments will impose any costs on non-agency parties, or that if there are costs, they are negligible.
IV. Consideration of Burden on Competition
Section 23(a)(2) of the Securities Exchange Act of 1934 (“Exchange Act”) requires the Commission, in making rules pursuant to any provision of the Exchange Act, to consider among other matters the impact any such rule would have on competition. The Commission does not believe that the amendments that the Commission is adopting today will have any impact on competition.
V. Statutory Basis
The amendments to the Commission's delegations are being adopted pursuant to statutory authority granted to the Commission, including Section 4A of the Exchange Act.
VI. Text of Final Amendments
Start List of SubjectsList of Subjects in 17 CFR Part 200
End List of Subjects Start Amendment PartFor the reasons set out in the preamble, Title 17, Chapter II of the Code of Federal Regulations is amended as follows:
End Amendment Part Start PartPART 200—ORGANIZATION; CONDUCT AND ETHICS; AND INFORMATION AND REQUESTS
Subpart A—Organization and Program Management
End Part Start Amendment Part1. The authority citation for part 200 subpart A continues to read in part as follows:
End Amendment Part Start AuthorityAuthority: 15 U.S.C. 77o, 77s, 77sss, 78d, 78d-1, 78d-2, 78w, 78 ll (d), 78mm, 80a-37, 80b-11, and 7202, unless otherwise noted.
End Authority2. Amend § 200.30-7 by redesignating paragraph (c) as paragraph (d).
End Amendment Part Start Amendment Part3. Section 200.30-11(e) is redesignated as § 200.30-7(c).
End Amendment Part Start Amendment Part4. Amend § 200.30-18 by redesignating paragraph (j) as paragraph (m).
End Amendment Part Start Amendment Part5. Section 200.30-11 paragraphs (a), (b), and (c) are redesignated as § 200.30-18 paragraphs (j), (k), and (l).
End Amendment Part Start Amendment Part6. Remove and reserve § 200.30-11.
End Amendment Part Start SignatureBy the Commission.
Dated: November 13, 2008.
Florence E. Harmon,
Acting Secretary.
Footnotes
1. 17 CFR 200.30-18: Delegation of Authority to Director of the Office of Compliance Inspections and Examinations.
Back to Citation2. 17 CFR 200.30-7: Delegation of Authority to Secretary of the Commission.
Back to Citation3. See 17 CFR 200.30-11: Delegation of Authority to Associate Executive Director of the Office of Filings and Information Services.
Back to Citation4. 17 CFR 200.30-18.
Back to Citation6. 17 CFR 200.30-11: Delegation of Authority to Associate Executive Director of the Office of Filings and Information Services.
Back to Citation7. See 17 CFR 200.30-11(a)-(b).
Back to Citation8. See 17 CFR 200.30-11(c).
Back to Citation9. See 17 CFR 200.30-11(e).
Back to Citation12. 5 U.S.C. 601-12.
Back to Citation13. 44 U.S.C. 3501-20.
Back to Citation[FR Doc. E8-27403 Filed 11-18-08; 8:45 am]
BILLING CODE 8011-01-P