[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]
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