Document ID: SEC-2011-1062-0001
Agency: sec
Document Type: Rule
Title: Commission Procedures for Filing Applications for Orders for Exemptive Relief
Posted Date: 2011-07-22T04:00Z

[Federal Register Volume 76, Number 141 (Friday, July 22, 2011)]
[Rules and Regulations]
[Pages 43890-43891]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-18513]

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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 240

[Release No. 34-64913]

Technical Amendment to Commission Procedures for Filing 
Applications for Orders for Exemptive Relief Under Section 36 of the 
Exchange Act

AGENCY: Securities and Exchange Commission.

ACTION: Final rule; technical amendment.

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[[Page 43891]]

SUMMARY: The Securities and Exchange Commission (``SEC'' or 
``Commission'') is making technical amendments to the rule by which 
applications for exemptive relief under section 36 of the Securities 
and Exchange Act of 1934 (``Exchange Act'') may be submitted 
electronically. The amendments are intended only to clarify and update 
references to an SEC Web site address and to eliminate certain 
formatting requirements.

DATES: Effective Date: July 22, 2011.

FOR FURTHER INFORMATION CONTACT: Linda Stamp Sundberg, Senior Special 
Counsel, at (202) 551-5550, Office of the Chief Counsel, Division of 
Trading and Markets, Securities and Exchange Commission, 100 F Street, 
NE., Washington, DC 20549.

SUPPLEMENTARY INFORMATION: The Commission is amending Sec.  240.0-12(b) 
to update references to an SEC Web site address to be used in 
submitting applications for exemptive relief under section 36 of the 
Exchange Act and to eliminate certain formatting requirements.

I. Certain Findings

    Under the Administrative Procedure Act (``APA''), notice of 
proposed rulemaking is not required when an agency, for good cause, 
finds ``that notice and public procedure thereon are impracticable, 
unnecessary, or contrary to the public interest.'' \1\ The Commission 
is making technical changes to update the instructions and method for 
submitting a petition. The Commission finds that because the amendment 
is technical in nature and is being made solely to reflect the changes 
in way a person would submit and the Commission would receive a 
petition, publishing the amendment for comment is unnecessary.\2\
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    \1\ 5 U.S.C. 553(b).
    \2\ For similar reasons, the amendments do not require analysis 
under the Regulatory Flexibility Act (``RFA'') or analysis of major 
rule status under the Small Business Regulatory Enforcement Fairness 
Act. See 5 U.S.C. 601(2) (for purposes of RFA analysis, the term 
``rule'' means any rule for which the agency publishes a general 
notice of proposed rulemaking); and 5 U.S.C. 804(3)(C) (for purposes 
of Congressional review of agency rulemaking, the term ``rule'' does 
not include any rule of agency organization, procedure or practice 
that does not substantially affect the rights or obligations of non-
agency parties).
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    The APA also requires publication of a rule at least 30 days before 
its effective date unless the agency finds otherwise for good cause.\3\ 
For the same reasons described above with respect to notice and 
opportunity for comment, the Commission finds that there is good cause 
for these technical amendments to take effect on July 22, 2011.
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    \3\ See 5 U.S.C. 553(d)(3).
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II. Consideration of Competitive Effects of Amendment

    Section 3(f) of the Exchange Act,\4\ provides that whenever the 
Commission is engaged in rulemaking and is required to consider or 
determine whether an action is necessary or appropriate in the public 
interest, the Commission shall consider, in addition to the protection 
of investors, whether the action will promote efficiency, competition, 
and capital formation. Section 23(a)(2) of the Exchange Act requires 
the Commission, in adopting rules under the Exchange Act, to consider 
the competitive effects of such rules, if any, and to refrain from 
adopting a rule that would impose a burden on competition not necessary 
or appropriate in the furtherance of the purposes of the Exchange 
Act.\5\
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    \4\ 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78w(a)(2).
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    Because these procedural amendments are technical in nature, and do 
not impose any additional requirements beyond those already required, 
we do not anticipate that the amendments would have a significant 
effect on efficiency, competition, or capital formation, and we do not 
anticipate that any competitive advantages or disadvantages would be 
created.

III. Statutory Authority and Text of Amendment

    We are adopting these technical amendments pursuant to the 
authority set forth in the Exchange Act and particularly Sections 23(a) 
and 36(a) (15 U.S.C. 78w(a), and 78mm(a), respectively).

List of Subjects in 17 CFR Part 240

    Brokers, Confidential business information, Fraud, Reporting and 
recordkeeping requirements, Securities.

    For the reasons set out in the preamble, Title 17, Chapter II of 
the Code of Federal Regulations is amended as follows:

PART 240--GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 
1934

0
1. The authority citation for part 240 continues to read, in part, as 
follows:

    Authority:  15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3, 
77eee, 77ggg, 77nnn, 77sss, 77ttt, 78c, 78d, 78e, 78f, 78g, 78i, 
78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78n-1, 78o, 78o-4, 78p, 78q, 
78s, 78u-5, 78w, 78x, 78ll, 78mm, 80a-20, 80a-23, 80a-29, 80a-37, 
80b- 3, 80b-4, 80b-11, and 7201 et seq., 18 U.S.C. 1350, and 12 
U.S.C. 5221(e)(3), unless otherwise noted.
* * * * *

0
2. Section 240.0-12 is amended by revising paragraph (b) to read as 
follows:

Sec.  240.0-12  Commission procedures for filing applications for 
orders for exemptive relief under Section 36 of the Exchange Act.

* * * * *
    (b) An applicant may submit a request electronically. The 
electronic mailbox to use for these applications is described on the 
Commission's Web site at http://www.sec.gov in the ``Exchange Act 
Exemptive Applications'' section. In the event the electronic mailbox 
is revised in the future, applicants can find the appropriate mailbox 
by accessing the ``Electronic Mailboxes at the Commission'' section.
* * * * *

    Dated: July 19, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-18513 Filed 7-21-11; 8:45 am]
BILLING CODE 8011-01-P