Document ID: SEC-2009-0608-0001
Agency: sec
Document Type: Rule
Title: Delegation of Authority to the General Counsel
Posted Date: 2009-05-04T04:00Z

[Federal Register Volume 74, Number 84 (Monday, May 4, 2009)]
[Rules and Regulations]
[Pages 20411-20412]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-10123]

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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 200

[Release No. 34-59829]

Delegation of Authority to the General Counsel

AGENCY: Securities and Exchange Commission.

ACTION: Final rule.

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SUMMARY: The Commission is amending its rules to delegate to the 
General Counsel its authority to designate officers in authorized 
investigations conducted by the Office of General Counsel. The Office 
of General Counsel of the Commission has the authority to conduct 
authorized investigations under Section 21 of the Securities Exchange 
Act of 1934 (15 U.S.C. 78u) of possible violations by attorneys of the 
Commission Rules of Practice. In connection with these investigations, 
it may be necessary from time to time to amend the formal orders to add 
or remove officers designated to conduct the inquiry.
    A delegation of authority to the General Counsel to designate 
officers would spare the Commissioners and their staffs from having to 
review matters in which the Commission has already issued an order and 
which implicate no policy issues. This would allow the General Counsel 
to designate additional officers to take testimony and conduct 
investigations in those matters or similarly remove officer 
designations as may be necessary. This authority is identical to that 
granted to the Director of the Division of Enforcement with respect to 
authorized investigations conducted by that Division.

DATES: Effective Date: May 4, 2009.

FOR FURTHER INFORMATION CONTACT: Donna McCaffrey, 202-551-5174, Office 
of General Counsel, Office of Litigation and Administrative Practice, 
Securities and Exchange Commission, 100 F Street, NE., Washington, DC 
20549-9612.

SUPPLEMENTARY INFORMATION: Section 21 (a)(1) of the Securities Exchange 
Act of 1934 (``Exchange Act'') authorizes the Commission to conduct 
investigations regarding violations of the Exchange Act or its related 
rules or regulations. As part of such investigations, under Section 
21(b) of the Exchange Act, the Commission may designate officers to 
administer oaths and affirmations, subpoena witnesses, compel their 
attendance, take evidence, and require the production of any books, 
papers, correspondence, memoranda or other records which the Commission 
deems relevant or material to the inquiry.
    The Commission is delegating to the General Counsel the authority 
to designate additional officers in authorized investigations and to 
remove designated officers as necessary. This delegated authority will 
also apply to already authorized investigations by the Commission, so 
the delegation will allow the General Counsel to designate additional 
officers for an authorized investigation or rescind designations as the 
investigation proceeds.
    Nevertheless, the staff may submit matters to the Commission for 
consideration, as it deems appropriate.
    Administrative Law Matters:
    The Commission finds, in accordance with the Administrative 
Procedure Act (APA) (5 U.S.C. 553(b)(3)(A)), that this revision relates 
solely to agency organization, procedures, or practices. Therefore, the 
provisions of the APA regarding notice of the proposed rulemaking and 
opportunities for public participation are not applicable.\1\ 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.\2\ Additionally, the provisions of the Regulatory 
Flexibility Act, which apply only when notice and comment are required 
by the APA or other law, are not applicable.\3\ Section 23(a)(2) of the 
Exchange Act requires the Commission, in adopting rules under the Act, 
to consider the anticompetitive effects of any rules it adopts. The 
Commission does not believe this rule will have any impact on 
competition because it imposes no new burdens on parties in authorized 
investigations. Finally, these amendments do not contain any collection 
of information requirements as defined by the Paperwork Reduction Act 
of 1995, as amended.\4\
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    \1\ 5 U.S.C. 533.
    \2\ 5 U.S.C. 804(3)(C).
    \3\ 5 U.S.C. 603.
    \4\ 44 U.S.C. 3501 et seq.
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    Accordingly, it is effective May 4, 2009.

List of Subjects in 17 CFR Part 200

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

Text of Amendment

0
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

0
1. The authority citation for part 200, subpart A, continues to read in 
part as follows:

    Authority:  15 U.S.C. 77o, 77s, 77sss, 78d, 78d-1, 78d-2, 78w, 
78ll(d), 78mm, 80a-37, 80b-11, and 7202, unless otherwise noted.
* * * * *

0
2. Section 200.30-14 is amended by adding paragraph (m) to read as 
follows:

Sec.  200-30-14   Delegation of authority to the General Counsel.

* * * * *
    (m)(1) To designate officers empowered to administer oaths and 
affirmations, subpoena witnesses, compel their attendance, take 
evidence, and require the production of any books, papers, 
correspondence, memoranda, contracts, agreements, or other records in 
the course of investigations instituted by the Commission pursuant to 
Section 21 of the Securities Exchange Act of 1934 (15 U.S.C. 78u) 
including for possible violations by attorneys of Rule 102(e) of the 
Commission Rules of Practice (17 CFR 201.102(e)).
    (2) To terminate the authority of officers to administer oaths and 
affirmations, subpoena witnesses, compel their attendance, take 
evidence, and require the production of any books, papers, 
correspondence, memoranda, contracts, agreements, or other records in 
the course of investigations instituted by the Commission pursuant to 
Section 21 of the Securities Exchange Act of 1934 (15 U.S.C. 78u) 
including for possible violations by attorneys of Rule 102(e) of the 
Commission Rules of Practice (17 CFR 201.102(e)).

    By the Commission.

[[Page 20412]]

    Dated: April 28, 2009.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-10123 Filed 5-1-09; 8:45 am]
BILLING CODE 8010-01-P