[Federal Register Volume 59, Number 207 (Thursday, October 27, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-26582]
[[Page Unknown]]
[Federal Register: October 27, 1994]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR PART 200
[Release No. 34-34871]
Disposition of Business by Seriatim Commission Consideration or
by Delegated Authority
ACTION: Final rule.
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SUMMARY: The Securities and Exchange Commission (``Commission'') is
amending its rules on disposition of Commission business to formalize
current practice regarding procedures for seriatim and delegated
consideration of business.
EFFECTIVE DATE: October 27, 1994.
FOR FURTHER INFORMATION CONTACT: C. Hunter Jones, Office of the General
Counsel, (202) 942-0877, or Anne Sullivan, Office of the General
Counsel, (202) 942-0954.
SUPPLEMENTARY INFORMATION: The Commission is modifying 17 CFR 200.41-
200.42 concerning seriatim consideration of business and actions by
individual Commissioners on a delegated basis in order to formalize
current practice and clarify that any member of the Commission may
schedule a matter for joint deliberation, regardless of the number of
Commissioners who have voted to approve it, and that a member of the
Commission who is serving as duty officer is authorized to approve a
formal order of private investigation.
The Commission has determined that these amendments and additions
to its procedural rules relate solely to the agency's organization,
procedure or practice. Therefore, the provisions of the Administrative
Procedure Act (``APA'') regarding notice of proposed rulemaking,
opportunities for public participation, and prior publication\1\ are
not applicable. Similarly, the provisions of the Regulatory Flexibility
Act,\2\ which apply only when notice and comment are required by the
APA or other laws, are not applicable.
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\1\5 U.S.C. 553.
\2\5 U.S.C. 601-612.
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Effects on Competition
Section 23(a)(2) of the Securities Exchange Act of 1934 (``Exchange
Act'')\3\ requires the Commission, in adopting rules under the Exchange
Act, to consider the anti-competitive effects of such rules, if any,
and to balance any impact against the regulatory benefits gained in
furthering the purposes of the Exchange Act. The Commission has
considered the changes adopted in this release in light of the
standards cited in section 23(a)(2) and believes that their adoption
would not impose any burden on competition not necessary or appropriate
in furtherance of the Exchange Act.
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\3\15 U.S.C. 78w(a)(2).
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Statutory Basis of Rule
The amendments to the Commission's rules are adopted pursuant to
the authorities set forth therein.
List of Subjects in 17 CFR Part 200
Administrative practice and procedure, Authority delegations
(Government agencies).
Text of Amendments
For the reasons set out in the preamble, Title 17, Chapter II, Part
200 of the Code of Federal Regulations is amended as follows:
PART 200--ORGANIZATION; CONDUCT AND ETHICS; AND INFORMATION AND
REQUESTS
Subpart B--Disposition of Commission Business
1. The authority citation for Part 200, Subpart B, continues to
read as follows:
Authority: 5 U.S.C. 552b.
2. Section 200.41 is amended by revising paragraph (a) to read as
follows:
Sec. 200.41 Disposition of business by seriatim Commission
consideration.
(a) Whenever the Commission's Chairman, or the Commission member
designated as duty officer pursuant to Sec. 200.42, is of the opinion
that joint deliberation among the members of the Commission upon any
matter is unnecessary in light of the nature of the matter,
impracticable, or contrary to the requirements of agency business, but
is of the view that such matter should be the subject of a vote of the
Commission, such matter may be disposed of by circulation of any
relevant materials concerning the matter among all Commission members.
Each participating Commission member shall report his or her vote to
the Secretary, who shall record it in the Minute Record of the
Commission. Any matter circulated for disposition pursuant to this
subsection shall not be considered final until each Commission member
has reported his or her vote to the Secretary or has reported to the
Secretary that the Commissioner does not intend to participate in the
matter.
* * * * *
3. Section 200.42 is amended by redesignating paragraph (b)(2) as
paragraph (b)(3) and adding a new paragraph (b)(2) to read as follows:
Sec. 200.42 Disposition of business by exercise of authority delegated
to individual Commissioner.
* * * * *
(b) * * *
(2) The duty officer may, when in his or her opinion it would be
proper and timely, exercise the authority delegated in this section to
initiate by order a nonpublic formal investigative proceeding pursuant
to section 19(b) of the Securities Act of 1933 (15 U.S.C. 77s(b)),
section 21(b) of the Securities Exchange Act of 1934 (15 U.S.C.
78u(b)), section 18(c) of the Public Utility Holding Company Act of
1935 (15 U.S.C. 79r(c)), section 42(b) of the Investment Company Act of
1940 (15 U.S.C. 80a-41(b)), section 209(b) of the Investment Advisers
Act of 1940 (15 U.S.C. 80b-9(b)), and Part 203 (Rules Relating to
Investigations) of this title (17 CFR part 203). After consideration of
a staff recommendation for initiation by order of a nonpublic formal
investigative proceeding, the duty officer shall forthwith report his
or her action thereon to the Secretary.
* * * * *
By the Commission.
Dated: October 21, 1994.
Jonathan G. Katz,
Secretary.
[FR Doc. 94-26582 Filed 10-26-94; 8:45 am]
BILLING CODE 8010-01-P
