[Federal Register Volume 61, Number 90 (Wednesday, May 8, 1996)]
[Rules and Regulations]
[Page 20721]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-11451]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Part 200
[Release No. 34-37159]
Delegation of Authority to Director of Division of Enforcement
AGENCY: Securities and Exchange Commission.
ACTION: Final rule.
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SUMMARY: The Commission is amending its rules to delegate authority to
the Director of the Division of Enforcement to authorize staff to
appear in federal bankruptcy court where the debtor is involved with
the subject matter of a Commission investigation, and to take necessary
action therein to preserve potential Commission claims. This amendment
will expedite and enhance the effectiveness of the enforcement process
by enabling staff to meet bankruptcy court deadlines that affect
potential Commission claims and to preserve and protect such claims.
EFFECTIVE DATE: May 8, 1996.
FOR FURTHER INFORMATION CONTACT: Judith R. Starr, Division Bankruptcy
Counsel, Division of Enforcement, 202/942-4868.
SUPPLEMENTARY INFORMATION: The Securities and Exchange Commission today
announced amendments to its rules governing delegation of authority to
the Division of Enforcement (``Division'').
The amendment to Rule 30-4 1 authorizes the Director of
Division of Enforcement to approve staff appearances in federal
bankruptcy court where the debtor is involved with the subject matter
of a Commission investigation. This delegation will expedite and
enhance the effectiveness of the enforcement process by enabling prompt
action to protect and preserve potential claims. Notwithstanding this
delegation of authority, in instances where contemplated action in a
bankruptcy case raises any close or controversial issues, the Division
may consult with the Commission before the action is filed in federal
court.
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\1\ 17 CFR 200.30-4.
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The Commission finds, in accordance with Section 553(b)(3)(A) of
the Administrative Procedure Act,2 that this amendment relates
solely to agency organization, procedure, or practice, and does not
relate to a substantive rule. Accordingly, notice and opportunity for
public comment are unnecessary, and publication of the amendment 30
days before its effective date is also unnecessary.
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\2\ 5 U.S.C. 553(b)(3)(A).
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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 continues to read in part as
follows:
Authority: 15 U.S.C. 77s, 78d-1, 78d-2, 78w, 78ll(d), 79t,
77sss, 80a-37, 80b-11, unless otherwise noted.
* * * * *
2. Section 200.30-4 is amended by adding paragraph (a)(11) to read
as follows:
Sec. 200.30-4 Delegation of authority to Director of Division of
Enforcement.
* * * * *
(a) * * *
(11) To authorize staff to appear in federal bankruptcy court to
preserve Commission claims in connection with investigations 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)) and section 209(b) of the Investment
Advisers Act of 1940 (15 U.S.C. 80b-9(b)).
* * * * *
By the Commission.
Dated: May 2, 1996.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-11451 Filed 5-7-96; 8:45 am]
BILLING CODE 8010-01-P
