[Federal Register Volume 77, Number 45 (Wednesday, March 7, 2012)]
[Rules and Regulations]
[Pages 13490-13491]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-5454]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Part 200
[Release No. 34-66502]
Rules of Organization; Conduct and Ethics; and Information and
Requests
AGENCY: Securities and Exchange Commission.
ACTION: Final rule; technical amendment.
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SUMMARY: The Securities and Exchange Commission (``SEC'' or
``Commission'') is making technical amendments to the rule under which
former members and employees of the Commission are required to file
with the Commission a statement concerning their practice outside the
government. The amendments change the office responsible for processing
these statements and provide a means of filing a statement
electronically.
DATES: Effective: March 7, 2012.
FOR FURTHER INFORMATION CONTACT: Shira Pavis Minton, Ethics Counsel,
202-551-7938, Office of the Ethics Counsel, Securities and Exchange
Commission, 100 F Street NE., Washington, DC 20549-9150.
SUPPLEMENTARY INFORMATION:
I. Background
SEC Conduct Rule 8(b) \1\ requires that any former member or
employee of the Commission who, within 2 years after ceasing to be
such, is employed or retained as the representative of any person
outside the government in any matter in which it is contemplated that
he or she will appear before the Commission, or communicate with the
Commission or its employees, shall, within ten days of such retainer or
employment, or of the time when appearance before, or communication
with the Commission or its employees is first contemplated, file with
the Secretary of the Commission a statement which includes: (i) A
description of the contemplated representation; (ii) An affirmative
representation that the former employee while on the Commission's staff
had neither personal and substantial responsibility nor official
responsibility for the matter which is the subject of the
representation; and (iii) The name of the Commission Division or Office
in which the person had been employed.
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\1\ 17 CFR 200.735-8(b)(1).
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In order to increase efficiency, the Commission is adopting a
technical amendment to require that SEC conduct rule 8(b) submissions
be sent to the Office of the Ethics Counsel rather than the Secretary
of the Commission and provide a means of filing a statement
electronically.\2\
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\2\ 17 CFR 200.735-8(b)(1).
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II. Administrative Law Matters
Under the Administrative Procedure Act, notice of proposed
rulemaking is not required when an agency, for good cause, finds that
notice and public comment are impracticable, unnecessary, or contrary
to the public interest. The amendments are technical changes, adopted
solely to update references to a statutory provision that remains
unchanged except for its designation. For this reason, the Commission
finds that it is unnecessary to publish notice of these amendments.
Similarly, the amendments do not require analysis under the Regulatory
Flexibility Act or analysis of major rule status under the Small
Business Regulatory Fairness Act. For purposes of Regulatory
Flexibility Act analysis, the term ``rule'' means any rule for which
the agency publishes a general notice of proposed rulemaking, and for
purposes of Congressional review of agency rulemaking, the term
``rule'' does not include any rule of agency organization, procedure or
practice that does not substantially affect the rights or obligations
of non-agency parties.\3\ Because these rules relate solely to the
agency's organization, procedure, or practice and do not substantially
affect the rights or obligations of non-agency parties, they are not
subject to the Small Business Regulatory Enforcement Fairness Act.\4\
Finally, these amendments do not contain any new collection of
information requirements as defined by the Paperwork Reduction Act of
1995, as amended.\5\
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\3\ 5 U.S.C. 601(2) and 5 U.S.C. 804(3)(C).
\4\ 5 U.S.C. 804.
\5\ 44 U.S.C. 3501-3520.
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III. Cost-Benefit Analysis
The Commission is sensitive to the costs and benefits imposed by
its rules. The amendments adopted today are technical in nature and
will produce the benefit of facilitating the efficient operation of the
Commission. The Commission also believes that these rules will not
impose any costs on non-agency parties, or that if there are any such
costs, they are negligible.
IV. Consideration of Burden on Competition
Section 23(a)(2) \6\ of the Exchange Act requires the Commission,
in adopting rules under the Exchange Act, to consider the competitive
effects of such rules. Because this amendment merely makes technical
changes to an existing requirement, no competitive advantages or
disadvantages would be created.
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\6\ 17 CFR 240.23(a)(2).
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V. Statutory Authority and Text of Amendments
We are adopting these technical amendments under the authority set
forth in Section 23(a) \7\ of the Exchange Act.
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\7\ 17 CFR 240.23(a).
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[[Page 13491]]
List of Subjects 17 CFR Part 200
Administrative practice and procedure, Organization and functions
(Government agencies), Reporting and recordkeeping requirements.
Text of Amendments
For the reasons set out in the preamble, Title 17, Chapter II of
the Code of Federal Regulations is amended as follows:
PART 200--RULES OF ORGANIZATION; CONDUCT AND ETHICS; AND
INFORMATION AND REQUESTS
Subpart M--Regulation Concerning Conduct of Members and Employees
and Former Members and Employees of the Commission
0
1. The authority citation for Part 200, Subpart M, continues to read in
part as follows:
Authority: 15 U.S.C. 77s, 77sss, 78w, 80a-37, 80b-11; E.O.
11222, 3 CFR, 1964-1965 Comp., p. 36; 5 CFR 735.104; 5 CFR 2634; and
5 CFR 2635, unless otherwise noted.
0
2. Section 200.735-8 is amended as follows:
0
a. In paragraph (b)(1) introductory text by removing the phrase
``Secretary of the Commission'' and adding in its place ``Office of the
Ethics Counsel'';
0
b. Paragraph (b)(2) is redesignated as paragraph (b)(3) and new
paragraph (b)(2) is added to read as follows:
Sec. 200.735-8 Practice by former members and employees of the
Commission.
* * * * *
(b) * * *
(2) The statement required by paragraph (b)(1) of this section may
be filed electronically based on instructions provided by the Office of
the Ethics Counsel at www.sec.gov, or filed in paper by mailing to the
U.S. Securities & Exchange Commission, Office of the Ethics Counsel,
100 F Street NE., Washington, DC 20549-9150.
* * * * *
Dated: March 1, 2012.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-5454 Filed 3-6-12; 8:45 am]
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