[Federal Register Volume 61, Number 32 (Thursday, February 15, 1996)]
[Rules and Regulations]
[Page 5939]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-3359]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Part 200
[Release No. 34-36824]
Delegation of Authority to the Secretary of the Commission
AGENCY: Securities and Exchange Commission.
ACTION: Final rule.
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SUMMARY: The Commission is amending its rules to delegate authority to
the Secretary of the Commission to publish notice of proposed plans for
distribution of funds ordered to be disgorged pursuant to an Order of
the Commission. The delegation also provides authority to waive any of
the requirements for a plan contained in Rule 611 of the Commission's
Rules of Practice, and to issue an order approving the plan, if no
negative comments or objections are submitted during the notice period.
This delegation of authority will conserve the resources of the
Commission as well as expedite the distribution of moneys paid in
satisfaction of judgements.
EFFECTIVE DATE: February 15, 1996.
FOR FURTHER INFORMATION CONTACT: Jonathan G. Katz, Secretary, Office of
the Secretary, Securities and Exchange Commission, 450 Fifth Street
NW., Washington, D.C. 20549, telephone (202) 942-7070.
SUPPLEMENTARY INFORMATION: The Securities and Exchange Commission
(``Commission'') today announced amendments to its rules governing
delegation of authority to the Office of the Secretary.
On June 9, 1995, the Commission adopted comprehensive revisions to
its Rules of Practice for administrative proceedings. These rules,
published in the Federal Register on June 23, 1995 (60 FR 32738),
established procedures for the payment and distribution of penalties
and disgorgements ordered in a Commission administrative proceeding.
The Commission is delegating to its Secretary the authority to
publish the notice of proposed plans of disgorgement pursuant to Rule
612 of the Rules of Practice, and, if no comments opposing the proposed
plan are received, to issue an order approving the proposed plan of
distribution pursuant to Rule 613. The delegation also authorizes the
Secretary to permit the staff to omit from the proposed plan of
disgorgement any of the plan elements required by Rule 611, upon motion
by the staff for good cause.
The Commission finds, in accordance with Section 553(b)(A) of the
Administrative Procedure Act, 5 U.S.C. 553(b)(A), that this amendment
relates solely to agency organization, procedure, or practice.
Accordingly, notice and opportunity for public comment, as well as
publication 30 days before its effective date, are unnecessary.
List of Subjects in 17 CFR Part 200
Administrative practice and procedure, Authority delegations
(Government agencies).
Text of Amendment
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
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), 79t,
77sss, 80a-7, 80b-11, unless otherwise noted.
* * * * *
2. Section 200.30-7 is amended by removing the period at the end of
paragraphs (a)(9) and (a)(10) and adding a semicolon in its place and
by adding paragraph (a)(11) to read as follows:
Sec. 200.30-7 Delegation of authority to Secretary of the Commission.
* * * * *
(a) * * *
(11) To publish pursuant to Rule 612 of the Commission's Rules of
Practice, Sec. 201.612 of this chapter, notices of plans of
disgorgement and, if no negative comments are received, to issue orders
approving proposed plans of disgorgement pursuant to Rule 613 of the
Commission's Rules of Practice, Sec. 201.613 of this chapter. Upon the
motion of the staff for good cause shown, to approve the publication of
proposed plans of disgorgement that omit plan elements required by Rule
611 of the Commission's Rules of Practice, Sec. 201.611 of this
chapter.
* * * * *
By the Commission.
Dated: February 9, 1996.
Jonathan G. Katz,
Secretary.
[FR Doc. 96-3359 Filed 2-14-96; 8:45 am]
BILLING CODE 8010-01-P
