[Federal Register Volume 59, Number 88 (Monday, May 9, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-11028]


[[Page Unknown]]

[Federal Register: May 9, 1994]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 200

[Release No. 34-33998]

 

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 Division of Enforcement to institute subpoena 
enforcement proceedings in federal court to seek an order compelling 
the production of documents or an individual's appearance for testimony 
pursuant to a validly-issued Commission subpoena. This amendment will 
expedite the investigation process by enabling the staff to more 
quickly compel individuals or entities to comply with Commission 
subpoenas.

EFFECTIVE DATE: May 9, 1994.

FOR FURTHER INFORMATION CONTACT: Emily P. Gordy, Assistant Director, 
Division of Enforcement, 942-4627, Stephen M. DeTore, Associate Chief 
Counsel, 942-4593 or Earle B. Wilson, Attorney, 942-4842.

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 (``Division Director'') to institute subpoena 
enforcement proceedings in federal court to seek an order compelling 
individuals or entities to comply with Commission subpoenas. This 
delegation will expedite the investigation process by enabling the 
Division to more quickly seek to compel compliance with Commission 
subpoenas in cases where the entry of a court order is necessary. 
Notwithstanding this delegation of authority, in instances where 
potential subpoena enforcement action 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)(10) to read 
as follows:


Sec. 200.30-4  Delegation of authority to Director of Division of 
Enforcement.

* * * * *
    (a) * * *
    (10) To institute subpoena enforcement proceedings in federal court 
to seek an order compelling the production of documents or an 
individual's appearance for testimony pursuant to subpoenas issued 
pursuant to paragraph (a)(1) of this section 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 Utilities 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)).
* * * * *
    Dated: May 3, 1994.

    By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-11028 Filed 5-6-94; 8:45 am]
BILLING CODE 8010-01-M