[Federal Register Volume 66, Number 114 (Wednesday, June 13, 2001)]
[Rules and Regulations]
[Pages 31839-31840]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-14830]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 200

[Release No. 34-44397]


Delegation of Authority to the Director of the Division of Market 
Regulation

AGENCY: Securities and Exchange Commission.

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: The Securities and Exchange Commission is amending its rules 
to delegate to the Director of the Division of Market Regulation 
authority to publish notice of a filing of an application for 
registration as a national securities exchange, or for exemption from 
registration based on limited volume, and amendments to such 
applications filed under section 6 of the Securities Exchange Act of 
1934. This delegation will facilitate and expedite the process of 
exchange registration and exemption from registration based on limited 
volume. This delegation will not include the authority to approve an 
application for registration as a national securities exchange or 
exemption from registration based on limited volume.

EFFECTIVE DATE: June 13, 2001.

FOR FURTHER INFORMATION CONTACT: Rebekah Liu, Special Counsel, at (202) 
942-0133; Susie Cho, Attorney, at (202) 942-0748, Office of Market 
Supervision, Division of Market Regulation, Securities and Exchange 
Commission, 450 Fifth Street, NW., Washington, DC 20549-1001.

SUPPLEMENTARY INFORMATION: The Securities and Exchange Commission 
(``Commission'') has adopted an amendment to Rule 30-3 of its Rules of 
Organization and Program Management governing Delegations of Authority 
to the Director of the Division of Market Regulation (``Director'').\1\ 
The amendment adds new paragraph (a)(73) to Rule 30-3 authorizing the 
Director to publish notice of a filing of an application for 
registration as a national securities exchange, or for exemption from 
registration as a national securities exchange based on limited volume, 
and amendments to such applications filed under section 6 of the 
Securities Exchange Act of 1934 (``Exchange Act'').\2\
---------------------------------------------------------------------------

    \1\ 17 CFR 200.30-3.
    \2\ 15 U.S.C. 78f.
---------------------------------------------------------------------------

    Section 6(a) of the Exchange Act provides that an exchange may be 
registered as a national securities exchange ``by filing with the 
Commission an application for registration in such form as the 
Commission, by rule, may prescribe containing the rules of the exchange 
and such other information and documents as the Commission, by rule, 
may prescribe as necessary or appropriate in the public interest or for 
the protection of investors.'' \3\ Rule 6a-1 \4\ specifies that an 
application for registration as a national securities exchange, or for 
exemption from such registration based on limited volume, shall be 
filed on Form 1.\5\
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78f(a).
    \4\ 17 CFR 240.6a-1.
    \5\ 17 CFR 249.1.
---------------------------------------------------------------------------

    The delegation of authority to the Director to publish a notice of 
filing of an application for registration, or an exemption from 
registration based on limited volume, and amendments to such 
applications filed pursuant to Rule 6a-1, is intended to conserve 
Commission resources by permitting Division staff to review and publish 
for comment a notice of filing of an application and any amendments to 
such applications on a more expedited basis. The Division has received 
several applications for registration as a national securities exchange 
which, after careful review by Division staff, must be published for 
comment. In addition, the Division anticipates that, when an 
application for registration as a national securities exchange or 
exemption from registration based on limited volume is filed and 
published for comment, there will be significant comment on the 
application and amendments to the application will be necessary. 
Granting the Division delegated authority to publish amendments will 
provide the Division with greater flexibility to respond to any 
commenters' concerns, and may expedite the process of publishing 
amendments to the Form 1. Nevertheless, the staff may submit matters to 
the Commission for consideration as it deems appropriate. The 
Commission retains authority to approve an application for exchange 
registration or exemption from exchange registration based on limited 
volume.
    The Commission finds, in accordance with section 553(b)(3)(A) of 
the Administrative Procedures Act,\6\ that this amendment relates 
solely to agency organization, procedure, or practice, and does not 
relate to a substantive rule. Accordingly, notice, opportunity for 
public comment, and publication of the amendment prior to its effective 
date are unnecessary.
---------------------------------------------------------------------------

    \6\ 5 U.S.C. 553(b)(A).
---------------------------------------------------------------------------

List of Subjects in 17 CFR Part 200

    Administrative practice and procedure, Authority delegations 
(Government agencies), Organization and functions (Government 
agencies).

Text of Amendment

    In accordance with the preamble, the Commission hereby amends Title 
17, Chapter II of the Code of Federal Regulations as follows:

[[Page 31840]]

PART 200--ORGANIZATION; CONDUCT AND ETHICS; AND INFORMATION AND 
REQUESTS

Subpart A--Organization and Program Management

    1. The authority citation for Part 200, Subpart A, continues to 
read, in part, 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)(73) to read 
as follows:


Sec. 200.30-3  Delegation of authority to Director of Division of 
Market Regulation.

* * * * *
    (a) * * *
    (73) Pursuant to section 6(a) of the Act, 15 U.S.C. 78f(a), and 
Rule 6a-1 thereunder, 17 CFR 240.6a-1:
    (i) To publish a notice of filing of an application for 
registration as a national securities exchange, or for exemption from 
registration based on limited volume; and
    (ii) To publish amendments to an application for registration as a 
national securities exchange, or for exemption from registration based 
on limited volume.
* * * * *

    Dated: June 7, 2001.

    By the Commission.
Jonathan G. Katz,
Secretary.
[FR Doc. 01-14830 Filed 6-12-01; 8:45 am]
BILLING CODE 8010-01-P