Document ID: SEC-2008-1557-0001
Agency: sec
Document Type: Rule
Title: Delegation of Authority to the Director of the Office of Compliance Inspections and Examinations and the Secretary of the Commission
Posted Date: 2008-11-19T05:00Z

[Federal Register: November 19, 2008 (Volume 73, Number 224)]
[Rules and Regulations]               
[Page 69531-69532]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr19no08-3]                         

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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 200

[Release No. 34-58938]

 
Delegation of Authority to the Director of the Office of 
Compliance Inspections and Examinations and the Secretary of the 
Commission

AGENCY: Securities and Exchange Commission.

ACTION: Final rule.

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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.
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    \1\ 17 CFR 200.30-18: Delegation of Authority to Director of the 
Office of Compliance Inspections and Examinations.
    \2\ 17 CFR 200.30-7: Delegation of Authority to Secretary of the 
Commission.

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DATES: Effective Date: November 19, 2008.

FOR 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.

SUPPLEMENTARY 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\
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    \3\ See 17 CFR 200.30-11: Delegation of Authority to Associate 
Executive Director of the Office of Filings and Information 
Services.
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    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.
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    \4\ 17 CFR 200.30-18.
    \5\ 17 CFR 200.30-7.
    \6\ 17 CFR 200.30-11: Delegation of Authority to Associate 
Executive Director of the Office of Filings and Information 
Services.
    \7\ See 17 CFR 200.30-11(a)-(b).
    \8\ See 17 CFR 200.30-11(c).
    \9\ See 17 CFR 200.30-11(e).
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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

[[Page 69532]]

other 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\
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    \10\ 5 U.S.C. 533.
    \11\ 5 U.S.C. 804.
    \12\ 5 U.S.C. 601-12.
    \13\ 44 U.S.C. 3501-20.
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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

List of Subjects in 17 CFR Part 200

    Administrative practices and procedures, Authority delegations 
(Government agencies).

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

Subpart A--Organization and Program Management

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. Amend Sec.  200.30-7 by redesignating paragraph (c) as paragraph 
(d).

0
3. Section 200.30-11(e) is redesignated as Sec.  200.30-7(c).

0
4. Amend Sec.  200.30-18 by redesignating paragraph (j) as paragraph 
(m).

0
5. Section 200.30-11 paragraphs (a), (b), and (c) are redesignated as 
Sec.  200.30-18 paragraphs (j), (k), and (l).

0
6. Remove and reserve Sec.  200.30-11.

    By the Commission.

    Dated: November 13, 2008.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-27403 Filed 11-18-08; 8:45 am]

BILLING CODE 8011-01-P