[Federal Register Volume 86, Number 29 (Tuesday, February 16, 2021)]
[Rules and Regulations]
[Pages 9436-9448]
[FR Doc No: 2020-28819]

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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 200

[Release Nos. 33-10913; 34-90787; IA-5656; IC-34151]

Modernization of Delegations of Authority to Commission Staff and
Division and Office Descriptions

AGENCY: Securities and Exchange Commission.

ACTION: Final rule.

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SUMMARY: The Securities and Exchange Commission (the ``Commission'') is
amending its rules delegating authority to the Commission's staff to
modernize these rules and more efficiently use the Commission's
resources, as well as descriptions of the responsibilities of its
divisions and offices.

DATES: This rule is effective February 16, 2021.

FOR FURTHER INFORMATION CONTACT: J. Matthew DeLesDernier, Assistant
Secretary, Office of the Secretary,<PHONE_NUMBER>, Securities and
Exchange Commission, 100 F Street NE, Washington, DC 20549-9040.

SUPPLEMENTARY INFORMATION: The Commission is adopting new rules 17 CFR
200.19e (``Article 19e''), 17 CFR 200.30-2 (``Article 30-2''), and 17
CFR 200.30-3b (``Article 30-3b''); we are adding and reserving 17 CFR
200.20a; and we are adopting amendments to:

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                                                           CFR citation
                  Commission reference                       (17 CFR)
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Article 10..............................................          200.10
Article 11..............................................          200.11
Article 13..............................................          200.13
Article 13a.............................................         200.13a
Article 13b.............................................         200.13b
Article 14..............................................          200.14
Article 16..............................................          200.16
Article 17..............................................          200.17
Article 19a.............................................         200.19a
Article 19c.............................................         200.19c
Article 19d.............................................         200.19d
Article 21..............................................          200.21
Article 21a.............................................         200.21a
Article 23a.............................................         200.23a
Article 24..............................................          200.24
Article 24a.............................................         200.24a
Article 26a.............................................         200.26a
Article 27..............................................          200.27
Article 30-1............................................        200.30-1
Article 30-3............................................        200.30-3
Article 30-3a...........................................       200.30-3a
Article 30-5............................................        200.30-5
Article 30-6............................................        200.30-6
Article 30-7............................................        200.30-7
Article 30-10...........................................       200.30-10
Article 30-11...........................................       200.30-11
Article 30-13...........................................       200.30-13
Article 30-14...........................................       200.30-14
Article 30-15...........................................       200.30-15
Article 30-16...........................................       200.30-16
Article 30-18...........................................       200.30-18
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I. Discussion

    The Commission is amending its rules delegating authority to the
Commission's staff. Currently, the Commission delegates to its staff
certain authorities that would otherwise be exercised only by the
Commission itself. These delegations are codified in our Rules of
General Organization,\1\ alongside descriptions of the responsibilities
of the divisions and offices.\2\ We are amending these rules to better
reflect the way the Commission conducts its business and to use our
resources more efficiently. In some cases, authority previously granted
to a particular member of the staff is no longer appropriate, because,
for example, the authority references a rule or process that has since
been amended or rescinded or because the responsibility for the
delegated activity should now rest with another member of the staff. In
other instances, authority that is currently exercised only by the
Commission could be exercised by the staff with appropriate Commission
oversight, thereby preserving the Commission's resources for other
activities. In addition, certain of the descriptions are no longer an
accurate reflection of the responsibilities of the respective divisions
and offices. We have determined, therefore, to make a number of
amendments to our rules delegating authority to the staff and to the
division and office descriptions, as discussed in detail below.
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    \1\ Articles 30-1 through 30-19 [17 CFR 200.30-1 through 200.30-
19].
    \2\ Articles 10 through 27 [17 CFR 200.10 through 200.27].
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A. Delegation to the Director and Chief Economist of the Division of
Economic and Risk Analysis

    We are delegating authority to the Director of the Division of
Economic and Risk Analysis (``DERA'') and Chief Economist to update
taxonomies and schemas required for use in Commission filings and made
available on the Commission's website.\3\ DERA maintains on the
Commission's website a collection of taxonomies and schemas related to
certain Commission structured data reporting requirements.\4\ A
taxonomy is a list of standardized disclosure elements that covers a
variety of concepts, and can contain descriptive labels, definitions,
and authoritative references to standards and Commission
regulations.\5\ Meanwhile, a schema defines the elements and attributes
of a structured data report so that the report is appropriately
constrained for machine-readability.\6\ Updates to these taxonomies and
schemas are ministerial in nature. The updates generally reflect
changes to the underlying standard--such as to U.S. generally accepted
accounting principles--to the underlying technology, to industry
practice, or to Commission requirements. We believe that delegating
authority for updates to taxonomies and schemas to the Director of DERA
and Chief Economist will

conserve our resources and increase efficiency, as these updates are
ministerial in nature and in the normal course of business. In
addition, we are updating the description of the responsibilities of
the Director of DERA and Chief Economist in our rules to include that
person's current title and responsibilities.\7\
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    \3\ Article 30-2.
    \4\ Taxonomies; www.sec.gov/structureddata/data_taxonomies.
    \5\ By referencing the same underlying taxonomy, structured data
from different filers and over different reporting periods can be
instantly aggregated and compared for analysis. Currently, DERA's
website hosts the U.S. Generally Accepted Accounting Principles
(``GAAP'') eXtensible Business Reporting Language (``XBRL'')
Taxonomy, the International Financial Reporting Standards (``IFRS'')
Taxonomy, the U.S. Mutual Fund Risk/Return XBRL Taxonomy, the SEC
Reporting Taxonomies (``SRT''), the Record of Credit Ratings XBRL
Taxonomy, the Draft Closed-End Fund Taxonomy, and the Draft Variable
Insurance Product Taxonomy.
    \6\ Currently, DERA's website hosts the Order Handling Data
Schema for Broker-Dealers, the Exchange Transaction Fee Summary
Schema for National Market System Stocks, the Draft Volcker Rule
Metrics Instructions and Technical Specifications, and the Draft
Financial Products Markup Language (``FpML'') and FIXML Schemas for
Security-Based Swap Data Repositories.
    \7\ Article 23a.
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B. Delegation to the Director of the Division of Trading and Markets

    We are amending our rules delegating authority to the Director of
the Division of Trading and Markets (``TM''), in some instances
delegating new authority and, in others, eliminating current authority.
1. Delegation of Advance Notice Authority
    We are delegating authority to the Director of TM for the
publication of an advance notice (``Advance Notice'') filed by a
registered clearing agency designated as systemically important (a
``DCA'') by the Financial Stability Oversight Council; \8\ for the
issuance of a request that the DCA provide any information necessary to
assess the effect a proposed change would have on the nature or level
of risks associated with such DCA's payment, clearing, or settlement
activities and the sufficiency of any proposed risk management
techniques; \9\ for the extension of the period of review when the
proposed changes in an Advance Notice raise novel or complex issues and
publication of notice thereof; \10\ and for the publication of a
withdrawal of an Advance Notice.\11\ The current process associated
with Advance Notice processing requires Commission action to, among
other things, publish notice of an Advance Notice and any amendments
thereto; make an additional information request; extend the period of
review of the Advance Notice when the proposed changes in an Advance
Notice raise novel or complex issues; or publish notice of a withdrawal
of an Advance Notice. These actions do not raise significant issues for
Commission consideration and are more administrative in nature in that
they provide notice to the public on the status of an Advance Notice
proposal and seek public comment for information to assist the
Commission as it considers each such action individually.
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    \8\ Article 30-3(a)(91).
    \9\ Article 30-3(a)(93).
    \10\ Article 30-3(a)(94).
    \11\ Article 30-3(a)(92).
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    We believe that delegating authority for Advance Notices will
conserve our resources and increase efficiency, as the processing
functions for Advance Notices are, in each instance, procedural matters
that are ministerial in nature and in the normal course of business. In
addition, this delegation will harmonize the staff's authority over
issuance of Advance Notices and related self-regulatory organization
(``SRO'') rule change filings. Finally, the expedited process that
would result from a delegation of authority to affect these matters
would provide TM and the Commission additional time to analyze and
consider a final determination on an Advance Notice proposal after the
comment period has closed.
2. Delegation of Security-Based Swap Authority to the Director of TM
and the Director of the Division of Examinations
    We are delegating authority to the Director of TM and the Director
of the Division of Examinations (``Examinations'') \12\ in connection
with applications for registration as a security-based swap dealer or
major security-based swap participant (``SBS Entities'').\13\ We
believe that permitting the Director of TM and the Director of
Examinations to share this authority will more efficiently allocate
agency resources. First, we are delegating authority to authorize
issuance of orders granting ongoing registration to SBS Entities
pursuant to 17 CFR 240.15Fb2-1(d) \14\ under the Securities Exchange
Act of 1934 (the ``Exchange Act'').\15\ Once an applicant is
conditionally registered as an SBS entity, the Commission may grant or
deny ongoing registration. The Commission will grant ongoing
registration if it finds that the requirements of section 15F(b) of the
Exchange Act are satisfied.\16\ We believe that delegating the
authority to the Director of TM and the Director of Examinations to
make the necessary findings and grant ongoing registration will make
efficient use of our resources, while still reserving for Commission
consideration any recommendation to deny ongoing registration. Similar
delegated authority exists for the Director of TM to grant registration
as a broker or dealer.\17\
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    \12\ Examinations was previously known as the Office of
Compliance Inspections and Examinations, or ``OCIE.'' See Public
Statement on the Renaming of the Office of Compliance Inspections
and Examinations to the Division of Examinations (Dec. 17, 2020),
available at https://www.sec.gov/news/public-statement/joint-statement-division-examinations.
    \13\ See infra footnotes 14-20 and accompanying text.
    \14\ Rule 15Fb2-1(d).
    \15\ 15 U.S.C. 78a et seq.; Article 30-3(a)(86); Article 30-
18(m)(1)(i).
    \16\ 17 CFR 240.15Fb2-1(e).
    \17\ Article 30-3(a)(3).
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    Second, we are delegating authority to the Director of TM and the
Director of Examinations to authorize the issuance of orders cancelling
registrations of SBS Entities, or pending applications for
registration, if such SBS Entities or applicants for registration are
no longer in existence or have ceased to do business as an SBS
Entity.\18\ We believe that delegated authority to cancel the
registrations of, or applications for registration by, non-operational
SBS Entities will make efficient use of our resources, while still
reserving for Commission consideration any recommendation to revoke the
registration of an operating SBS Entity. Similar delegated authority
exists for staff to cancel registrations of non-operational brokers and
dealers.\19\
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    \18\ Article 30-3(a)(87); Article 30-18(m)(1)(ii).
    \19\ Article 30-3(a)(3)(ii).
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    Third, we are delegating to the Director of TM and the Director of
Examinations authority to determine whether notices of withdrawal from
registration by SBS Entities shall become effective sooner or later
than the default 60-day waiting period.\20\ We believe that delegated
authority to change the waiting period for withdrawal of registration
as an SBS Entity will make efficient use of our resources by allowing
staff to determine, and communicate to registrants, the date on which a
withdrawal of registration will become effective.
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    \20\ Article 30-3(a)(88); Articles 30-18(m)(1)(iii).
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3. Delegation of SBS Entity Application Authority
    We are also delegating authority to the Director of TM to grant
certain applications made by SBS Entities. Section 201.194 of our Rules
of Practice provides for applications by SBS Entities for statutorily
disqualified associated persons to effect or be involved in effecting
security-based swaps.\21\ We are delegating authority to the Director
of TM to grant such applications.\22\ We believe that delegated
authority to grant these applications will make efficient use of the
Commission's resources, while still preserving the Commission's ability
to deny applications. We have already delegated authority to the
Director of TM to grant certain similar applications with respect to an
SRO.\23\
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    \21\ Rule 194 (17 CFR 201.194).
    \22\ Article 30-3(a)(90).
    \23\ Article 30-3(a)(4)(i) (delegating authority to the Director
of TM to grant applications with respect to membership in,
association with a member of, or participation in, a self-regulatory
organization and for other relief as to persons who are subject to
an applicable disqualification where such relationships or other
relief have been approved or recommended by a self-regulatory
organization); see also 17 CFR 200.30-4(a)(5) [Article 30-4(a)(5)]
(delegating authority to the Director of the Division of Enforcement
to grant or deny applications made pursuant to 17 CFR 201.193 [Rule
193 of the Commission's Rules of Practice] by barred individuals for
consent to associate with other types of registrants); Article 30-
1(10) (delegating authority to the Director of CF to grant or deny
applications for relief from being considered an ``ineligible
issuer'' under 17 CFR 230.403 [Securities Act Rule 405]).

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4. Delegation of Substituted Compliance Authority
    We are delegating authority to the Director of TM to authorize the
publication in the Federal Register of notices that a complete
application for substituted compliance has been submitted to the
Commission, under 17 CFR 240.0-13.\24\ Rule 0-13 provides the
procedures for filing applications to request a substituted compliance
or listed jurisdiction order under the Exchange Act.\25\ We believe
that delegating the authority to make the necessary findings will make
efficient use of our resources. The action is administrative in nature
and provides notice to the public of the completion of an application,
beginning the process of seeking public comment for information to
assist the Commission as it considers substituted compliance with
respect to an application.
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    \24\ Rule 0-13 under the Exchange Act; Article 30-3(a)(89).
    \25\ 17 CFR 240.0-13.
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5. Eliminated Delegations of Authority
    We are eliminating certain current delegations of authority. First,
we are eliminating the following delegations of authority because they
refer to rules or processes that have themselves been eliminated:
     Authority to grant requests for exemptions from former 17
CFR 240.10a-1(f) (rule 10a-1(f) under the Exchange Act), which we have
previously rescinded.\26\
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    \26\ Current Article 30-3(a)(15).
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     Authority to publish notice of the filing of a designation
plan with respect to national market system securities, or any proposed
amendment thereto, and to approve such plan or amendment under former
17 CFR 242.600 (rule 600),\27\ which rule has already been amended to
eliminate the relevant process.
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    \27\ Current Article 30-3(a)(37).
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     Authority to review and, where appropriate, approve the
selection by the Municipal Securities Rulemaking Board (``MSRB'') of
public representatives to serve on the MSRB under former section
15B(b)(2)(B) of the Exchange Act,\28\ which has previously been amended
to eliminate the relevant process.
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    \28\ Current Article 30-3(a)(40).
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     Authority to grant exemptions from former 17 CFR 240.3b-9
(rule 3b-9 under the Exchange Act),\29\ because the rule was rescinded
by the Commission after being invalidated by the U.S. Court of Appeals
for the District of Columbia Circuit.\30\
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    \29\ Current Article 30-3(a)(45).
    \30\ See Exchange Act Release No. 56502 (Sept. 24, 2007) [72 FR
56562 (Oct. 3, 2007)]; see also American Bankers Association v. SEC,
804 F.2d 739 (D.C. Cir. 1986).
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     Authority to grant exemptions from 17 CFR 240.17a-23 (Rule
17a-23 under the Exchange Act),\31\ which has been rescinded.
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    \31\ Current Article 30-3(a)(60).
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     Authority to issue notices related to a transaction fee
pilot program that has been vacated.\32\
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    \32\ Current Article 30-3(a)(84).
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    Second, we are eliminating the following delegations of authority
to the Director of TM because the contemplated activities are
appropriately within the purview of other divisions and offices:
     Authority to grant or deny exemptions, either
unconditionally or on specified terms and conditions, from 17 CFR
240.15c2-12 (Rule 15c2-12 under the Exchange Act),\33\ which is similar
to authority we are delegating to the Director of the Office of
Municipal Securities (``OMS'').\34\
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    \33\ Current Article 30-3(a)(48).
    \34\ See infra Part II.C.
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     Authority to grant requests for exemptions from the tender
offer provisions of 17 CFR 240.14e-1 (Rule 14e-1 of Regulation 14E
under the Exchange Act),\35\ which rule is administered by the Division
of Corporation Finance (``CF'').\36\
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    \35\ Current Article 30-3(a)(67).
    \36\ Article 30-1(f)(16)(ii) [17 CFR 200.30-1(f)(16)(ii)].
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     Authority to designate officers empowered to administer
oaths and affirmations, subpoena witnesses, compel their attendance,
take evidence, and require the production of any books, papers,
correspondence, memoranda, contracts, agreements, or other records in
the course of investigations instituted by the Commission under section
21(d) of the Exchange Act,\37\ which is similar to authority currently
exercised by the Division of Enforcement.\38\
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    \37\ Current Article 30-3(b).
    \38\ Article 30-4(a)(1) [17 CFR 200.30-4(a)(2)].
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     Authority, in certain nonpublic investigatory proceedings,
to grant requests of persons to procure copies of the transcript of
their testimony,\39\ which is similar to authority currently exercised
by the Division of Enforcement.\40\
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    \39\ Current Article 30-3(c).
    \40\ Article 30-4(a)(2) [17 CFR 200.30-4(a)(2)].
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    Finally, we are eliminating current authority to extend trading
privileges and to deny applications for unlisted trading privileges
(``UTP'') by national securities exchanges under 17 CFR 240.12f-1 (Rule
12f-1 under the Exchange Act), provided that any applicant exchange
denied unlisted traded privileges is advised of its right to have such
denial reviewed by the Commission.\41\ The UTP Act of 1994 changed the
way UTP was extended by no longer requiring applications for UTP to be
filed with and approved by the Commission. Prior to the enactment of
the UTP Act, the Commission received hundreds of applications to extend
UTP each year. Although section 12(f)(2) of the Act and Rule 12f-1 are
not part of that UTP extension process and instead allow for the
suspension and reinstatement of trading for securities that are already
trading UTP, the Division has rarely used its delegated authority under
these provisions so the delegation is being eliminated.\42\
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    \41\ Current Article 30-3(a)(2).
    \42\ Article 30-3(a)(2) (removed and reserved). We are also
making a technical correction to update the name of TM in a
delegation. Article 30-3(l). In addition, we are correcting a
scrivener's error in a delegation to the Director of TM. Article 30-
3(a)(47). We are also making a technical correction to a delegation
to the Director of TM. Article 30-3(a)(49).
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C. Delegation to the Director of the Office of Municipal Securities

    We are delegating additional authority to the Director of OMS to
carry out functions--with respect to the Municipal Securities
Rulemaking Board (``MSRB''), municipal securities, and municipal
securities dealers--that are currently delegated to the Director of TM.
These authorities include:
     Authority to publish notices of proposed rule changes
filed by the MSRB, to approve such proposed rule changes, to find good
cause to approve a proposed rule change earlier than 30 days after
publication of such proposed rule change, to disapprove a proposed rule
change subject to certain requirements, and related authorities; \43\
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    \43\ Article 30-3a(a)(2). This authority is similar to authority
already delegated to the Director of TM. See Article 30-3(a)(12).
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     Authority to extend for a period not exceeding 90 days
from the date of publication of notice of the filing of a proposed rule
change by the MSRB the period during which the Commission must by order
approve or disapprove

the proposed rule change or institute proceedings to determine whether
the proposed rule change should be disapproved, and related
authorities; \44\
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    \44\ Article 30-3a(a)(7). This authority is similar to authority
already delegated to the Director of TM. See Article 30-3(a)(31).
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     Authority to institute proceedings to determine whether a
proposed rule change of the MSRB should be disapproved, to provide to
the MSRB notice of the grounds for disapproval under consideration, and
to extend for a period not exceeding 240 days from the date of
publication of notice of the filing of the proposed rule during which
the Commission must issue an order approving or disapproving the
proposed rule, and related authorities; \45\
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    \45\ Article 30-3a(a)(11). This authority is similar to
authority already delegated to the Director of TM. See Article 30-
3(a)(57).
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     Authority to temporarily suspend a change in the rules of
the MSRB; \46\
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    \46\ Article 30-3a(a)(12). This authority is similar to
authority already delegated to the Director of TM. See Article 30-
3(a)(58).
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     Authority to reduce the period before which a proposed
rule change can become operative, and to reduce the period between an
MSRB submission of a filing and a pre-filing notification; \47\
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    \47\ Article 30-3a(a)(13). This authority is similar to
authority already delegated to the Director of TM. See Article 30-
3(a)(59).
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     Authority to review and grant or deny exemptions from the
rule filing requirements of section 19(b) of the Exchange Act,\48\ in a
case where the MSRB elects to incorporate by reference one or more
rules of another self-regulatory organization, subject to certain terms
and conditions; \49\
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    \48\ 15 U.S.C. 78s(b).
    \49\ Article 30-3a(a)(14). This authority is similar to
authority already delegated to the Director of TM. See Article 30-
3(a)(76).
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     Authority to issue orders granting registration of
municipal securities dealers within 45 days of the filing of an
application for registration; \50\
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    \50\ Article 30-3a(a)(3). This authority is similar to authority
already delegated to the Director of TM. See Article 30-3(a)(13).
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     Authority to grant, deny, and revoke applications for
confidential treatment filed pursuant to section 24(b) of the Exchange
Act and 17 CFR 240.24b-2 (rule 24b-2 thereunder); \51\
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    \51\ Article 30-3a(a)(4). This authority is similar to authority
already delegated to the Director of TM. See Article 30-3(a)(19).
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     Authority to notify and consult with the appropriate
regulatory agency about a registered municipal securities dealer whose
appropriate regulatory agency is not the Commission prior to any
examination of that registered municipal securities dealer; \52\
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    \52\ Article 30-3a(a)(5). This authority is similar to authority
already delegated to the Director of TM. See Article 30-3(a)(23).
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     Authority to notify such an appropriate regulatory agency
about any examination of such a registered municipal securities dealer
by the Commission; \53\
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    \53\ Article 30-3a(a)(6)(i). This authority is similar to
authority already delegated to the Director of TM. See Article 30-
3(a)(24)(i).
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     Authority to request from such an appropriate regulatory
agency a copy of the report of any examination it conducted of any such
registered municipal securities dealer and any data supplied to it in
connection with such examination; \54\
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    \54\ Article 30-3a(a)(6)(ii). This authority is similar to
authority already delegated to the Director of TM. See Article 30-
3(a)(24)(ii).
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     Authority to furnish to such an appropriate regulatory
agency on request a copy of the report of any examination of any such
municipal securities dealer conducted by the Commission and any data
supplied to it in connection with such examination; \55\
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    \55\ Article 30-3a(a)(6)(iii). This authority is similar to
authority already delegated to the Director of TM. See Article 30-
3(a)(24)(iii).
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     Authority to grant or deny exemptions, either
unconditionally or on specified terms and conditions, from Rule 15c2-12
under the Exchange Act; \56\
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    \56\ Article 30-3a(a)(8). This authority is current delegated to
the Director of TM, but we are transferring it to the Director of
OMS. See current Article 30-3(a)(48). See supra Part II.B.
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     Authority to administer the provisions of 17 CFR 240.24c-1
(Rule 24c-1 under the Exchange Act); \57\
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    \57\ Article 30-3a(a)(9). This authority is similar to authority
already delegated to the Director of TM. See Article 30-3(a)(53).
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     Authority to administer the provisions of section 24(d) of
the Exchange Act; \58\ and
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    \58\ Article 30-3a(a)(10). This authority is similar to
authority already delegated to the Director of TM. See Article 30-
3(a)(54).
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     Authority to consult on behalf of the Commission pursuant
to section 18(t)(1) of the Federal Deposit Insurance Act \59\ with
respect to matters described in Article 19a.\60\
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    \59\ 12 U.S.C. 1828(t)(1).
    \60\ Article 30-3a(c). This authority is similar to authority
already delegated to the Director of TM. See Article 30-3(g).
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    We believe it is appropriate for the Director of OMS--like the
Director of TM--to exercise such functions and that delegating this
authority will conserve our resources and improve efficiency. In
addition, we are updating the description of the responsibilities of
the Director of OMS in our rules to include that person's current
responsibilities.\61\
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    \61\ Article 19d.
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D. Delegation to the Director of the Division of Investment Management

    The Commission is eliminating a current delegation to the Director
of the Division of Investment Management (``IM''). The Commission
previously delegated to the Director of IM the same authority with
respect to certain rules under the Securities Act of 1933 (``Securities
Act'') \62\ that it also delegated to each Regional Director.\63\ This
delegation to the Director of IM refers to the delegation to each
Regional Director that has since been eliminated by the Commission.\64\
We are therefore eliminating the delegation to the Director of IM that
refers to the previously eliminated delegation to each Regional
Director.\65\
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    \62\ 15 U.S.C. 77a et seq.
    \63\ Current article 30-5(h)(1).
    \64\ Id. (providing that Director of the Division of Investment
Management shall have the same authority with respect to the
Securities Act of 1933 and 17 CFR 230.251 through 230.262 (rules 251
through 263 thereunder) as that delegated to each Regional Director
in Article 30-6(b) and (c)).
    \65\ See article 30-5(h)(1) (removed and reserved).
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E. Delegation to the Chief Accountant

    The Commission is delegating authority to its Chief Accountant to
share with certain specified persons nonpublic information and files
with the concurrence of the head of the division or office responsible
for such information and files.\66\ Rule 24c-1 under the Exchange Act
provides that the Commission may, in its discretion and upon a showing
that such information is needed, provide nonpublic information in its
possession to certain persons if they provide such assurances of
confidentiality as the Commission deems appropriate.\67\ The Commission
has previously delegated similar authority to several other divisions
and offices.\68\ The Chief Accountant's responsibilities related to the
Public Company Accounting Oversight Board (the ``PCAOB'') occasionally
requires the sharing of nonpublic information. We believe that
providing the Chief Accountant with the same authority delegated to
other divisions and offices will make

coordination with the PCAOB more efficient.
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    \66\ Article 30-11(c).
    \67\ 17 CFR 240.24c-1(b).
    \68\ Article 30-1(f)(14) (delegating similar authority to the
Director of the Division of Corporate Finance); article 30-3(a)(53)
(delegating similar authority to the Director of the Division of
Trading and Markets); article 30-4(a)(7) (delegating similar
authority to the Director of the Division of Enforcement); article
30-5(c-1)(3) (delegating similar authority to the Director of the
Division of Investment Management); article 30-15(m)(1) (delegating
similar authority to the General Counsel of the Commission); article
30-18(a) (delegating similar authority to the Director of the Office
of Compliance Inspections and Examinations).
---------------------------------------------------------------------------

F. Delegation to the General Counsel

    The Commission is clarifying a delegation of authority to the
General Counsel. We have previously delegated to the General Counsel
authority to approve non-expert, non-privileged, factual testimony by
present or former staff members, and the production of non-privileged
documents, when validly subpoenaed, and to assert governmental
privileges on behalf of the Commission in litigation where the
Commission appears as a party or in response to third party
subpoenas.\69\ Our rules specify, however, that those functions are not
delegated to the General Counsel with respect to proceedings in which
the Chairman or the General Counsel determines that separation of
functions requirements or other circumstances would make inappropriate
the General Counsel's exercise of such delegated functions.\70\ Rather,
with respect to such proceedings, such functions had been delegated to
the Executive Assistant to the Chairman.\71\ The Executive Assistant to
the Chairman is a position that is no longer in use. We are therefore
removing and reserving the provisions relating to description of and
delegation to the Executive Assistant to the Chairman.\72\ We have
determined, instead, to delegate such functions in those circumstances
to the Secretary of the Commission.\73\ This delegation is similar to a
prior delegation that we made to the Secretary for functions otherwise
carried out by the General Counsel when the Chairman or General Counsel
determines that separation of functions requirements or other
circumstances would make exercise of the delegated functions by the
General Counsel inappropriate.\74\
---------------------------------------------------------------------------

    \69\ Article 30-14(g).
    \70\ Article 30-14(i).
    \71\ Current Article 30-14(i).
    \72\ Article 16 (removed and reserved); Article 30-16 (removed
and reserved).
    \73\ Article 30-14(i).
    \74\ Article 30-14(k). In addition, we are correcting a
typographical error in the rules delegating authority to the General
Counsel. Article 30-14(b).
---------------------------------------------------------------------------

G. Delegation to the Director of the Division of Examinations

    The Commission is eliminating certain current delegations of
authority to the Director of Examinations that Examinations does not
use. The Commission has previously delegated to the Director of
Examinations authority to grant, deny, and revoke applications for
confidential treatment filed pursuant to section 24(b) of the Exchange
Act and rule 24b-2 thereunder; \75\ to administer the provisions of
section 24(d) of the Exchange Act; \76\ to notify the Securities
Investor Protection Corporation (``SIPC'') of facts concerning the
activities and the operational and financial condition of any
registered broker or dealer which is or appears to be a member of SIPC
and which is in or approaching financial difficulty within the meaning
of section 5 of the Securities Investor Protection Act of 1970, as
amended; \77\ to delay certain inspections of certain newly registered
broker-dealers under section 15(b)(2)(C) of the Exchange Act; \78\ and,
in certain circumstances, to grant or deny exemptions from 17 CFR
240.17a-25 (rule 17a-25 under the Exchange Act), among other
authorities.\79\ The Commission is also eliminating a duplicative
delegation that authorizes the issuance of orders canceling
registrations or pending applications of registration of certain
investment advisers.\80\ We understand that the Director of
Examinations does not exercise the above authorities, and we have
determined that it is appropriate to eliminate them. In addition, we
are updating the name and description of the responsibilities of the
Director of Examinations in our rules to include the current name and
the responsibilities related to security-based swaps.\81\
---------------------------------------------------------------------------

    \75\ Current Article 30-18(b).
    \76\ Current Article 30-18(e) (providing for administration of
provisions related to certain records obtained from foreign
securities authorities).
    \77\ 15 U.S.C. 78aa et seq.; current Article 30-18(f).
Currently, rather than exercising this authority directly, it is
Examinations's practice to notify the Division of Trading and
Markets, which will then determine whether to exercise its
Director's authority to notify SIPC. See Article 30-3(d) (delegating
similar authority to the Director of Trading and Markets).
    \78\ Current Article 30-18(g).
    \79\ Current Article 30-18(h).
    \80\ Current Article 30-18(k)(2). We believe that this authority
is duplicative of authority separately delegated to the Director of
Examinations to authorize the issuance of orders cancelling
registration or applications for registration of certain investment
advisers. Article 30-18(i)(1). As discussed above, we are also
delegating authority to the Director of Examinations that is similar
to the authority delegated to the Director of TM concerning
security-based swaps. Article 30-18(m); see also supra footnotes 14-
20 and accompanying text.
    \81\ Article 19c.
---------------------------------------------------------------------------

H. Delegation to the Director of the Office of Credit Ratings

    The Commission is delegating authority to the Director of the
Office of Credit Ratings (``OCR'') for functions that are currently
delegated to the Director of TM and others. First, we are delegating
authority to grant and deny applications for confidential treatment
filed under section 24(b) of the Exchange Act,\82\ and to revoke a
grant of confidential treatment for any such application.\83\ The
authority to grant and deny applications for confidential treatment and
revoke a grant of confidential treatment is delegated to several
members of our staff.\84\ Second, we are delegating authority to
administer the provisions of rule 24c-1 under the Exchange Act,\85\
which the Commission has previously delegated to other members of the
staff.\86\ Finally, we are delegating authority to administer the
provisions of section 24(d) of the Exchange Act,\87\ which the
Commission has similarly delegated to other members of the staff.\88\
We believe it is appropriate for the Director of OCR to exercise such
functions and that delegating this authority will conserve our
resources and improve efficiency. In addition, we are adding a
description of the responsibilities of the Director of OCR in our
rules.\89\
---------------------------------------------------------------------------

    \82\ 15 U.S.C. 78x(b).
    \83\ Article 30-3b(a).
    \84\ See Article 30-1(f)(3) (delegating similar authority to the
Director of CF); Article 30-3(a)(19) (delegating similar authority
to the Director of TM); Article 30-5(c-1)(4) (delegating similar
authority to the Director of IM).
    \85\ Article 30-3b(b)(1).
    \86\ See Article 30-1(f)(14) (delegating similar authority to
the Director of CF); Article 30-3(a)(53) (delegating similar
authority to the Director of TM); Article 30-4(a)(7) (delegating
similar authority to the Director of the Division of Enforcement);
Article 30-5(c-1)(3) (delegating similar authority to the Director
of IM); Article 30-11(d) (delegating similar authority to the Chief
Accountant); Article 30-14(m)(1) (delegating similar authority to
the General Counsel); Article 30-18(a) (delegating similar authority
to the Director of Examinations).
    \87\ 15 U.S.C. 78x(d).
    \88\ See Article 30-1(f)(15) (delegating similar authority to
the Director of CF); Article 30-3(a)(54) (delegating similar
authority to the Director of TM); Article 30-4(a)(9) (delegating
similar authority to the Director of the Division of Enforcement);
Article 30-5(c-1)(4) (delegating similar authority to the Director
of IM); Article 30-14(m)(2) (delegating similar authority to the
General Counsel); Article 30-17(b) (delegating similar authority to
the Director of the Office of International Affairs).
    \89\ Article 19e.
---------------------------------------------------------------------------

I. Additional Amendments to Division and Office Descriptions and
Delegations

    We are also amending the description for certain other divisions
and offices to better reflect the current name or duties of those
divisions and offices.\90\ In addition, we are amending a number of our
division and office descriptions and delegations to remove gender-
specific language from them.\91\
---------------------------------------------------------------------------

    \90\ Article 11; Article 13; Article 13b; Article 24a; Article
26a; Article 27. We have also determined to eliminate the
description of the Chief Management Analyst position, as this
position is no longer in use. Article 17 (removed and reserved).
    \91\ Article 10; Article 11; Article 13a; Article 13b; Article
14; Article 21; Article 21a; Article 24; Article 27; Article 30-1;
Article 30-3; Article 30-3a; Article 30-5; Article 30-6; Article 30-
7; Article 30-10; Article 30-11; Article 30-13; Article 30-14;
Article 30-15; Article 30-18. In addition, we are correcting certain
outdated statutory references. Article 30-1; Article 30-2; Article
30-3; Article 30-5; Article 30-6; Article 30-7; Article 30-10.

---------------------------------------------------------------------------

II. Administrative Law Matters

    The Commission finds, in accordance with the Administrative
Procedure Act (``APA''), that these amendments relate solely to agency
organization, procedure, or practice.\92\ Accordingly, the APA's
provisions regarding notice of rulemaking and opportunity for public
comment are not applicable. These changes are therefore effective on
February 16, 2021. In accord with the APA, we find that there is good
cause to establish an effective date less than 30 days after
publication of these rules.\93\ These rules do not substantially affect
the rights or obligations of non-agency parties and pertain to
increasing efficiency of internal Commission operations. For the same
reasons, the provisions of the Small Business Regulatory Enforcement
Fairness Act are not applicable.\94\ Additionally, the provisions of
the Regulatory Flexibility Act,\95\ which apply only when notice and
comment are required by the APA or other law, are not applicable.\96\
These amendments do not contain any collection of information
requirements as defined by the Paperwork Reduction Act of 1995.\97\
Further, because these amendments impose no new burdens on private
parties, the Commission does not believe that the amendments will have
any impact on competition for purposes of section 23(a)(2) of the
Exchange Act.\98\
---------------------------------------------------------------------------

    \92\ 5 U.S.C. 553(b)(3)(A).
    \93\ 5. U.S.C. 553(d).
    \94\ See 5 U.S.C. 804(3)(C) (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'').
    \95\ 5 U.S.C. 60 et seq.
    \96\ See 5 U.S.C. 601(2).
    \97\ See 5 CFR 1320.3.
    \98\ 15 U.S.C. 78w(a)(2).
---------------------------------------------------------------------------

III. Statutory Authority

    This rule is adopted pursuant to statutory authority granted to the
Commission, including section 19 of the Securities Act of 1933, 15
U.S.C. 77s; sections 4A, 4B, and 23 of the Exchange Act, 15 U.S.C. 78d-
1, 78d-2, and 78w; section 38 of the Investment Company Act of 1940, 15
U.S.C. 80a-37; section 211 of the Investment Advisers Act of 1940, 15
U.S.C. 80b-11; and section 3 of the Sarbanes-Oxley Act of 2002, 15
U.S.C. 7202.

List of Subjects in 17 CFR Part 200

    Administrative practice and procedure, Authority delegations
(Government agencies).

Text of Rule Amendments

    For the reasons set out in the preamble, the Commission is amending
title 17, chapter II of the Code of Federal Regulations as follows:

PART 200--ORGANIZATION; CONDUCT AND ETHICS; AND INFORMATION AND
REQUESTS

Subpart A--Organization and Program Management

0
1. The authority citation for part 200, subpart A, continues to read in
part as follows:

    Authority:  15 U.S.C. 77c, 77o, 77s, 77z-3, 77sss, 78d, 78d-1,
78d-2, 78o-4, 78w, 78ll(d), 78mm, 80a-37, 80b-11, 7202, and 7211 et
seq., unless otherwise noted.
* * * * *
    Sections 200.27 and 200.30-6 are also issued under 15 U.S.C.
77e, 77f, 77g, 77h, 77j, 77q, 77u, 78e, 78g, 78h, 78i, 78k, 78m,
78o, 78o-4, 78q, 78q-1, 78t-1, 78u, 77hhh, 77uuu, 80a-41, 80b-5, and
80b-9.
    Section 200.30-1 is also issued under 15 U.S.C. 77f, 77g, 77h,
77j, 78c(b) 78l, 78m, 78n, 78o(d).
    Section 200.30-3 is also issued under 15 U.S.C. 78b, 78d, 78f,
78k-1, 78q, 78s, and 78eee.
    Section 200.30-5 is also issued under 15 U.S.C. 77f, 77g, 77h,
77j, 78c(b), 78l, 78m, 78n, 78o(d), 80a-8, 80a-20, 80a-24, 80a-29,
80b-3, 80b-4.
* * * * *

0
2. Section 200.10 is revised to read as follows:

Sec.  200.10  The Commission.

    The Commission is composed of five members, not more than three of
whom may be members of the same political party. The members are
appointed by the President, with the advice and consent of the Senate,
for 5-year terms, one term ending each year. The Chairman is designated
by the President pursuant to the provisions of section 3 of
Reorganization Plan No. 10 of 1950 (3 CFR, 1949-1953 Comp., p. 1006).
The terms Chair, Chairperson, Chairman, Chairwoman, and the like may be
used interchangeably. The Commission is assisted by a staff, which
includes lawyers, accountants, engineers, financial security analysts,
investigators, and examiners, as well as administrative and clerical
employees.

0
3. Section 200.11 is amended by revising paragraph (a)(2) to read as
follows:

Sec.  200.11  Headquarters Office--Regional Office relationships.

    (a) * * *
    (2) Each Regional Director is responsible for the direction and
supervision of the Regional Director's work force and for the execution
of all programs in the Regional Director's office's region as shown in
paragraph (b) of this section, in accordance with established policy,
and reports, on enforcement matters, to the Director or Deputy Director
of the Division of Enforcement who is responsible for Regional Office
enforcement matters and, on examination matters, to the Director of the
Division of Examinations.
* * * * *

0
4. Section 200.13 is amended by revising paragraphs (a), (d)(1), (e),
and (f) to read as follows:

Sec.  200.13  Chief Operating Officer.

    (a) The Chief Operating Officer is responsible for developing and
executing the overall management policies of the Commission for all its
operating divisions and staff offices. The Chief Operating Officer also
provides executive direction to, and exercises administrative control
over, the Office of Human Resources, the Office of Acquisitions, the
Office of Financial Management, the Office of Support Operations, the
EDGAR Business Office, and the Office of Information Technology.
* * * * *
    (d) * * *
    (1) Implementing the goals of the Chairman and the mission of the
Commission;
* * * * *
    (e) Overseeing Commission-specific application of performance
measures, procurement reforms, personnel reductions, financial
management improvements, telecommunications and information technology
policies, and other Government-wide systems reforms; and
    (f) Reforming the Commission's management practices.

0
5. Section 200.13a is amended by revising paragraphs (a) and (c) to
read as follows:

Sec.  200.13a  The Secretary of the Commission.

    (a) The Secretary of the Commission is responsible for the
preparation of the daily and weekly agendas of Commission business; the
orderly and expeditious flow of business at formal Commission meetings;
the maintenance of the Official Minute record of all actions of the
Commission; and the

service of all instruments of formal Commission action. The Secretary
is custodian of the official seal of the Commission, and also has the
responsibility for authenticating documents.
* * * * *
    (c) In addition, the Secretary administers the Commission's
Library.

0
6. Section 200.13b is revised to read as follows:

Sec.  200.13b  Director of the Office of Public Affairs.

    The Director of the Office of Public Affairs is the chief public
information officer for the Commission, and oversees activities that
communicate the Commission's actions to those interested in or affected
by them. The Director's responsibilities include serving as liaison
with the news media, dissemination of information to the news media and
to the general public, supervision of internal and some external
publications and of audio-visual presentations. Responsibilities of the
Director, and of the Director's staff, include special projects that
may be deemed appropriate to communicate information on Commission
actions.

0
7. Section 200.14 is amended by revising paragraph (b) to read as
follows:

Sec.  200.14  Office of the Administrative Law Judges.

* * * * *
    (b) The Chief Administrative Law Judge performs the duties of an
Administrative Law Judge under the Administrative Procedure Act and the
duties delegated to the Chief Administrative Law Judge by the
Commission that are compatible with those duties. The Chief
Administrative Law Judge is responsible for the orderly functioning of
the Office of Administrative Law Judges apart from the conduct of
administrative proceedings and acts as liaison between that Office and
the Commission.

Sec.  200.16  [Removed and Reserved]

0
8. Section 200.16 is removed and reserved.

Sec.  200.17  [Removed and Reserved]

0
9. Section 200.17 is removed and reserved.

0
10. Section 200.19c is revised to read as follows:

Sec.  200.19c  Director of the Division of Examinations.

    The Director of the Division of Examinations (``Examinations'') is
responsible for the compliance inspections and examinations relating to
the regulation of exchanges, national securities associations, clearing
agencies, securities information processors, the Municipal Securities
Rulemaking Board, brokers and dealers, municipal securities dealers,
municipal advisors, security-based swap data repositories, security-
based swap dealers, major security-based swap participants, transfer
agents, investment companies, and investment advisers, under sections
13(n)(2), 15B, 15C(d)(1), 15F, and 17(b) of the Securities Exchange Act
of 1934 (15 U.S.C. 78m(n)(2), 78o-4, 78o-5(d)(1), 78o-10, and 78q(b)),
section 31(b) of the Investment Company Act of 1940 (15 U.S.C. 80a-
30(b)), and section 204 of the Investment Advisers Act of 1940 (15
U.S.C. 80b-4).

0
11. Section 200.19d is revised to read as follows:

Sec.  200.19d  Director of the Office of Municipal Securities.

    The Director of the Office of Municipal Securities is responsible
to the Commission for the administration and execution of the
Commission's programs under the Securities Exchange Act of 1934
relating to the registration and regulation of municipal advisors, the
practices of municipal securities brokers and dealers, and oversight of
the Municipal Securities Rulemaking Board. The functions involved
include recommending the adoption and amendment of Commission rules,
reviewing proposed rule changes of the Municipal Securities Rulemaking
Board, and responding to interpretive and no-action requests.

0
12. Section 200.19e is added to read as follows:

Sec.  200.19e  Director of the Office of Credit Ratings.

    The Director of the Office of Credit Ratings is responsible to the
Commission for the administration and execution of the Commission's
programs under the Securities Exchange Act of 1934 relating to the
registration and regulation of nationally recognized statistical rating
organizations. The functions involved in the regulation of such
entities include compliance inspections and examinations, recommending
the adoption and amendment of Commission rules, and responding to
interpretive and no-action requests.

Sec.  200.20a  [Added and Reserved]

0
13. Add reserved Sec.  200.20a.

0
14. Section 200.21 is revised to read as follows:

Sec.  200.21  The General Counsel.

    (a) The General Counsel is the chief legal officer of the
Commission. The General Counsel is responsible for the representation
of the Commission in judicial proceedings in which it is involved as a
party or as amicus curiae, for directing and supervising all civil
litigation involving the Commission in the United States District
Courts, except for law enforcement actions filed on behalf of the
Commission, for directing and supervising the Commission's
responsibilities under the Bankruptcy Code and all related litigation,
and for representing the Commission in all cases in appellate courts.
The General Counsel is responsible for the review of cases which the
Division of Enforcement recommends be referred to the Department of
Justice with a recommendation for criminal prosecution. In addition,
the General Counsel is responsible for advising the Commission at its
request or at the request of any division director or office head, or
on the General Counsel's own motion, with respect to interpretations
involving questions of law; for the conduct of administrative
proceedings relating to the disqualification of lawyers from practice
before the Commission; for conducting preliminary investigations, as
described in 17 CFR 202.5(a), into potential violations of 17 CFR
201.102(e) by attorneys; for the preparation of the Commission comments
to the Congress on pending legislation; and for the drafting, in
conjunction with appropriate divisions and offices, of legislative
proposals to be sponsored by the Commission. The General Counsel is
responsible for providing advice to Commission attorneys on
professional responsibility issues relating to their official duties.
The General Counsel is further responsible for investigating
allegations of professional misconduct by Commission staff and, where
appropriate, making referrals to state professional boards or
societies. The General Counsel is also responsible for the review and
clearance of the form and content of articles, treatises, and prepared
speeches and addresses by members of the staff relating to the
Commission or to the statutes and rules administered by the Commission.
The General Counsel also is responsible for coordinating and reviewing
the interpretive positions of the various divisions and offices. In
addition, the General Counsel is responsible for appropriate
disposition of all Freedom of Information Act and Privacy Act appeals
pursuant to the authority delegated in Sec.  200.30-14, and is the

Commission's advisor with respect to legal problems arising under the
Freedom of Information Act, the Privacy Act, the Federal Reports Act,
the Federal Advisory Committee Act, the Civil Service laws and
regulations, the statutes and rules applicable to the Commission's
procurement, contracting, fiscal and related administrative activities,
and other statutes and regulations of a similar nature applicable to a
number of Government agencies.
    (b)(1) The General Counsel is also responsible for assisting
members of the Commission in the preparation of the opinions of the
Commission, and for the preparation of opinions and decisions on
motions and certifications of questions and rulings by administrative
law judges in the course of administrative law proceedings, except:
    (i) In cases where, pursuant to a waiver by the parties of
separation of function requirements, another Division or Office of the
Commission's staff undertakes to prepare an opinion or decision, in
which cases the General Counsel may assist in such preparation; and
    (ii) With respect to administrative proceedings against lawyers
under Sec.  201.102(e) of this chapter (Rule 102(e) of the Commission's
Rules of Practice) or other cases in which the Chairman or the General
Counsel has determined that separation of function requirements or
other circumstances would make inappropriate the exercise of such
functions by the General Counsel.
    (2) The General Counsel deals with general problems arising under
the Administrative Procedure Act, including the revision or adoption of
rules of practice. The General Counsel is also responsible for the
exercise of such review functions with respect to adjudicatory matters
as are delegated to the General Counsel by the Commission pursuant to
101 Stat. 1254 (15 U.S.C. 78d-1, 78d-2) or as may be otherwise
delegated or assigned to the General Counsel.
    (c) The General Counsel also is responsible to the Commission for
the administration of the Government in the Sunshine Act for publicly
certifying, pursuant to Sec.  200.406, that, in the General Counsel's
opinion, particular Commission meetings may properly be closed to the
public. In the absence of the General Counsel, the Solicitor to the
Commission shall be deemed the General Counsel for purposes of Sec.
200.406. In the absence of the General Counsel and the Solicitor, the
most senior Associate General Counsel available shall be deemed the
General Counsel for purposes of Sec.  200.406. In the absence of the
General Counsel, the Solicitor, and every Associate General Counsel,
the most senior Assistant General Counsel available shall be deemed the
General Counsel for purposes of Sec.  200.406. In the absence of the
General Counsel, the Solicitor, every Associate General Counsel and
every Assistant General Counsel, such attorneys as the General Counsel
may designate (in such order of succession as the General Counsel
directs) shall exercise the responsibilities imposed by Sec.  200.406.

0
15. Section 200.21a is amended by revising paragraph (a) to read as
follows:

Sec.  200.21a  The Ethics Counsel.

    (a) The Ethics Counsel is responsible for administering the
Commission's Ethics Program and for interpreting subpart M of this part
and 5 CFR part 2635. The Ethics Counsel serves as Counselor to the
Commission and its staff with regard to ethical and conflicts of
interest questions and acts as the Commission's liaison on such matters
with the Office of Human Resources, the Office of Government Ethics,
the Office of the Inspector General, and the Department of Justice.
When appropriate and subject to the authority of, and in consultation
with, the Inspector General, the Ethics Counsel shall inquire into
alleged violations of subparts C, F, and M of this part, and 5 CFR part
2635.
* * * * *

0
16. Section 200.23a is revised to read as follows:

Sec.  200.23a  Director of the Division of Economic and Risk Analysis
and Chief Economist.

    The Director of the Division of Economic and Risk Analysis and
Chief Economist serves as economic advisor to the Commission and its
staff and is responsible to the Commission for sound economic analysis
of market events and conditions; economic analysis in support of
Commission rulemaking; economic and risk analysis to inform and support
the Commission's enforcement actions and its examination program;
development of financial and market data analysis tools; preparation of
economic statistics; promotion of data standards; review and guidance
of staff research and publications; and assisting the Commission and
its staff in responding to policy, legislative, or international issues
relating to securities markets.

0
17. Section 200.24 is revised to read as follows:

Sec.  200.24  Office of Financial Management.

    This Office, under the direction of the Chief Financial Officer, is
responsible to the Chief Operating Officer, Chairman and Commission for
the internal financial management and programming functions of the
Securities and Exchange Commission. These functions include: Budgeting,
accounting, payroll and administrative audit. The Chief Financial
Officer, and the Chief Financial Officer's designees, serve as liaison
to the Commission before the Office of Management and Budget and
Congressional Appropriations Committees on appropriation matters, and
the Treasury Department and the General Accounting Office on financial
and programming matters.

0
18. Section 200.24a is revised to read as follows:

Sec.  200.24a  Director of the Office of Investor Education and
Advocacy.

    The Director of the Office of Investor Education and Advocacy is
responsible to the Chairman for the Commission's investor education and
investor assistance programs. These programs include, but are not
limited to:
    (a) Educating investors through in-person outreach, digital and
social media, and other communication channels, including the
Commission's website for individual investors, Investor.gov, by
preparing and distributing to the public educational content describing
the operations of the securities markets, developing strategies for
prudent investor behavior, and increasing public knowledge of the
functions of the Commission.
    (b) Implementing and administering a nationwide system for
resolving investor complaints against individuals and entities
regulated by the Commission by processing complaints received from
individual investors and seeking to ensure that regulated individuals
and entities process and respond to such complaints.
    (c) Providing information to investors and others who inquire about
individuals and entities regulated by the Commission, the operation of
the securities markets, or the functions of the Commission.
    (d) Advising the Commission and its staff, and exchanging
information with domestic and international regulators and self-
regulatory organizations, about problems frequently encountered by
investors and possible solutions to them.
    (e) Transmitting to other offices and divisions of the Commission
information provided by investors which concerns the responsibilities
of these offices and divisions.

    (f) Providing for greater investor input in Commission rulemaking
proceedings.

0
19. Section 200.26a is revised to read as follows:

Sec.  200.26a  Office of Information Technology.

    The Office of Information Technology is responsible for the
analysis, design programming, operation, and maintenance of all agency
information systems; developing and implementing long-range technology
plans and programs; coordinating all information systems analysis
activities being considered or carried out by other divisions and
offices, and furnishing such organizations with appropriate assistance
and support; providing technical advice to the staff in connection with
development of Commission rules and regulations having technology
implications; providing expert advice on the Commission's surveillance
of technology in the securities industry; evaluating and recommending
new technology concepts and capabilities for application within the
Commission; and developing technology and automation capabilities and
support within the Commission.

Sec.  200.27  [Amended]

0
20. Section 200.27 is revised by:
0
a. Removing the words ``his or her'' and adding in their place the
words ``the Regional Director's'';
0
b. Removing the words ``by the Deputy Director of the Division of
Enforcement who is responsible for Regional Office enforcement
matters'' and adding in their place the words ``by the Director or
Deputy Director of the Division of Enforcement''; and
0
c. Removing the words ``Office of Compliance Inspections and
Examinations'' and adding in their place the words ``Division of
Examinations''.

0
21. Section 200.30-1 is amended by:
0
a. Revising the introductory text and paragraph (a)(3);
0
b. In paragraph (f)(2)(i), removing the word ``ommission'' and adding
in its place the word ``omission''; and
0
c. Revising paragraphs (f)(5) and (g)(2).
    The revisions read as follows:

Sec.  200.30-1  Delegation of authority to the Director of the Division
of Corporation Finance.

    Pursuant to sections 4A and 4B of the Securities Exchange Act of
1934, as amended (15 U.S.C. 78d-1, 78d-2), the Securities and Exchange
Commission hereby delegates, until the Commission orders otherwise, the
following functions to the Director of the Division of Corporation
Finance, to be performed by the Director or under the Director's
direction by such person or persons as may be designated from time to
time by the Chairman of the Commission:
    (a) * * *
    (3) To grant applications for confidential treatment of contract
provisions pursuant to Sec.  230.406 of this chapter (Rule 406 under
the Act); to issue orders scheduling hearings on such applications and
to deny any such application as to which the applicant waives the
applicant's right to a hearing, provided such applicant is advised of
the applicant's right to have such denial reviewed by the Commission.
* * * * *
    (f) * * *
    (5) To grant or deny applications filed pursuant to section
12(g)(1) of the Act (15 U.S.C. 78l(g)(1)) for extensions of time within
which to file registration statements pursuant to that section,
provided the applicant is advised of the applicant's right to have any
such denial reviewed by the Commission.
* * * * *
    (g) * * *
    (2) In any case in which the Director of the Division of
Corporation Finance believes it appropriate, the Director may submit
the matter to the Commission.
* * * * *

0
22. Section 200.30-2 is added to read as follows:

Sec.  200.30-2  Delegation of authority to the Director of the Division
of Economic and Risk Analysis and Chief Economist.

    Pursuant to sections 4A and 4B of the Securities Exchange Act of
1934, as amended (15 U.S.C. 78d-21, 78d-22), the Securities and
Exchange Commission hereby delegates, until the Commission orders
otherwise, the following functions to the Director of the Division of
Economic and Risk Analysis and Chief Economist, to be performed by that
person or under that person's direction by such person or persons as
may be designated from time to time by the Chairman of the Commission:
    (a) To update taxonomies and schemas required for use in Commission
filings and made available on the Commission's website.
    (b) [Reserved]

0
23. Section 200.30-3 is amended by:
0
a. Revising the introductory text;
0
b. Removing and reserving paragraph (a)(2);
0
c. In paragraphs (a)(5), (8), and (9), removing the word ``his'' and
adding in its place the words ``the applicant's'';
0
d. Removing and reserving paragraphs (a)(15), (37), and (40);
0
e. In paragraph (a)(43), removing the citation ``Pub. L. 87-592, 76
Stat. 394'' and adding in its place the citation ``sections 4A and 4B
of the Securities Exchange Act of 1934, as amended'';
0
f. Removing and reserving paragraph (a)(45);
0
g. Revising paragraph (a)(47);
0
h. Removing and reserving paragraph (a)(48);
0
i. In paragraph (a)(49):
0
i. Removing ``Rule 609 thereunder (17 CFR 242.609)'' and adding in its
place ``17 CFR 242.609 (Rule 609 thereunder)''; and
0
ii. Removing the words ``that section and any rules or regulations
promulgated thereunder'' and adding in their place ``Rule 609'';
0
j. Removing and reserving paragraphs (a)(60), (67), and (84);
0
k. Adding paragraphs (a)(86) through (94);
0
l. Removing and reserving paragraphs (b) and (c); and
0
m. Revising paragraph (l).
    The revisions and additions read as follows:

Sec.  200.30-3  Delegation of authority to Director of the Division of
Trading and Markets.

    Pursuant to sections 4A and 4B of the Securities Exchange Act of
1934, as amended (15 U.S.C. 78d-1, 78d-2), the Securities and Exchange
Commission hereby delegates, until the Commission orders otherwise, the
following functions to the Director of the Division of Trading and
Markets to be performed by the Director or under the Director's
direction by such person or persons as may be designated from time to
time by the Chairman of the Commission:
    (a) * * *
    (47) Pursuant to section 15(a)(2) of the Act, 15 U.S.C. 78o(a)(2),
to review and, either unconditionally or on specified terms and
conditions, grant exemptions from the broker-dealer registration
requirements of section 15(a)(1) of the Act, 15 U.S.C. 78o(a)(1), to
Government securities brokers or Government securities dealers that
have registered with the Commission under section 15C(a)(2) of the Act,
15 U.S.C. 78o-5(a)(2), solely with respect to effecting any
transactions in, or inducing or attempting to induce the purchase or
sale of, any security principally backed by a guaranty of the United
States.
* * * * *
    (86) To authorize the issuance of orders granting on-going
registration to security-based swap dealers and major security-based
swap participants based on the security-based swap dealer's or major
security-based swap participant's application, pursuant to Sec.
240.15Fb2-1(e) of this chapter (Rule 15Fb2-1(e)).

    (87) To authorize the issuance of orders canceling the registration
of security-based swap dealers and major security-based swap
participants registered pursuant to Sec.  240.15Fb2-1 of this chapter
(Rule 15Fb2-1) if such persons are no longer in existence or have
ceased to do business as security-based swap dealers or major security-
based swap participants, pursuant to Sec.  240.15Fb3-3(a) of this
chapter (Rule 15Fb3-3(a)).
    (88) To determine by order, pursuant to Sec.  240.15Fb3-2(b) of
this chapter (Rule 15Fb3-2(b)), whether notices of withdrawal of
registration filed by security-based swap dealers or major security-
based swap participants pursuant to section 15F(b) of the Securities
Exchange Act of 1934 (15 U.S.C. 78o-10(b)) shall become effective
sooner than the normal 60 day period provided in Rule 15Fb3-2(b) (Sec.
240.15Fb3-2(b) of this chapter).
    (89) To authorize the publication in the Federal Register of
notices that a complete application for substituted compliance has been
submitted to the Commission, pursuant to Sec.  240.0-13 of this chapter
(Rule 0-13).
    (90) To grant applications made pursuant to Sec.  201.194 of this
chapter (Rule 194 of the Commission's Rules of Practice).
    (91) Pursuant to section 19(b) of the Act, 15 U.S.C. 78s(b), and
Sec.  240.19b-4(n) of this chapter (Rule 19b-4), to publish notices of
advance notices filed by designated clearing agencies.
    (92) Pursuant to section 19(b) of the Act, 15 U.S.C. 78s(b), and
Sec.  240.19b-4(n) of this chapter (Rule 19b-4), to publish notices of
withdrawals of advance notices filed by designated clearing agencies.
    (93) Pursuant to section 806(e)(1) of the Payment, Clearing, and
Settlement Supervision Act of 2010, 12 U.S.C. 5465(e)(1)(D), to require
a designated clearing agency to provide any information necessary to
assess the effect the proposed change would have on the nature or level
of risks associated with the designated clearing agency's payment,
clearing, or settlement activities and the sufficiency of any proposed
risk management techniques.
    (94) Pursuant to section 806(e)(1) of the Payment, Clearing, and
Settlement Supervision Act of 2010, 12 U.S.C. 5465(e)(1)(H), to extend
the review period for an additional 60 days for proposed changes that
raise novel or complex issues and provide the designated clearing
agency with prompt written notice of such extension.
* * * * *
    (l) Notwithstanding anything in paragraphs (a) through (k) of this
section, in any case in which the Director of the Division of Trading
and Markets believes it appropriate, the Director may submit the matter
to the Commission.

0
24. Section 200.30-3a is amended by:
0
a. In the introductory text, removing the words ``him or under his''
and adding in their place ``the Director or under the Director's'';
0
b. Adding paragraphs (a)(2) through (14);
0
c. Redesignating paragraph (b) as paragraph (c); and
0
d. Adding new paragraph (b).
    The additions read as follows.

Sec.  200.30-3a  Delegation of authority to the Director of the Office
of Municipal Securities.

* * * * *
    (a) * * *
    (2) Pursuant to section 19(b) of the Act, 15 U.S.C. 78s(b), and
Sec.  240.19b-4 of this chapter (Rule 19b-4), to publish notices of
proposed rule changes filed by the Municipal Securities Rulemaking
Board and to approve such proposed rule changes, and to find good cause
to approve a proposed rule change earlier than 30 days after the date
of publication of such proposed rule change and to publish the reasons
for such finding. Pursuant to section 19(b) of the Act, 15 U.S.C.
78s(b), and Rule 19b-4 (Sec.  240.19b-4 of this chapter), to disapprove
a proposed rule change, provided that, with respect to a particular
proposed rule change, if two (2) or more Commissioners object in
writing to the Director within five (5) business days of being notified
by the Director that the Office intends to exercise its authority to
disapprove that particular proposed rule change, then the delegation of
authority to approve or disapprove that proposal is withdrawn, and the
Director shall either present a recommendation to the Commission or
institute pursuant to delegated authority proceedings to determine
whether the proposed rule change should be disapproved. In addition,
pursuant to section 19(b)(10) of the Act, 15 U.S.C. 78s(b)(10), to
notify the Municipal Securities Rulemaking Board that a proposed rule
change does not comply with the rules of the Commission relating to the
required form of a proposed rule change, and to determine that a
proposed rule change is unusually lengthy and complex or raises novel
regulatory issues and to inform the Municipal Securities Rulemaking
Board of such determination.
    (3) Pursuant to section 15B(a) of the Act [15 U.S.C. 78o-4(a)], to
authorize the issuance of orders granting registration of municipal
securities dealers within forty-five days of the filing of an
application for registration as a municipal securities dealer (or
within such longer period as to which the applicant consents).
    (4)(i) To grant and deny applications for confidential treatment
filed pursuant to section 24(b) of the Act (15 U.S.C. 78x(b)) and Sec.
240.24b-2 of this chapter (Rule 24b-2 thereunder);
    (ii) To revoke a grant of confidential treatment for any such
application.
    (5) Pursuant to section 17(b) of the Act (15 U.S.C. 78q(b)), prior
to any examination of a registered municipal securities dealer whose
appropriate regulatory agency is not the Commission, to notify and
consult with the appropriate regulatory agency for such municipal
securities dealer.
    (6) Pursuant to section 17(c)(3) of the Act, 15 U.S.C. 78q(c)(3),
in regard to municipal securities dealers for which the Commission is
not the appropriate regulatory agency:
    (i) To notify the appropriate regulatory agency of any examination
conducted by the Commission of any such municipal securities dealer;
    (ii) To request from the appropriate regulatory agency a copy of
the report of any examination of any such municipal securities dealer
conducted by such appropriate regulatory agency and any data supplied
to it in connection with such examination; and
    (iii) To furnish to the appropriate regulatory agency on request a
copy of the report of any examination of any such municipal securities
dealer conducted by the Commission and any data supplied to it in
connection with such examination.
    (7) Pursuant to section 19(b)(2)(A) of the Act, 15 U.S.C.
78s(b)(2)(A), to extend for a period not exceeding 90 days from the
date of publication of notice of the filing of a proposed rule change
by the Municipal Securities Rulemaking Board pursuant to section
19(b)(1) of the Act, 15 U.S.C. 78s(b)(1), the period during which the
Commission must by order approve or disapprove the proposed rule change
or institute proceedings to determine whether the proposed rule change
should be disapproved and to determine whether such longer period is
appropriate and publish the reasons for such determination.
    (8) Pursuant to 17 CFR 15c2-12(e) (Rule 15c2-12(e)), to grant or
deny exemptions, either unconditionally or on specified terms and
conditions, from Rule 15c2-12.
    (9) To administer the provisions of Sec.  240.24c-1 of this
chapter; provided that access to nonpublic information as defined in
Sec.  240.24c-1 shall be provided

only with the concurrence of the head of the Commission division or
office responsible for such information or the files containing such
information.
    (10) To administer the provisions of section 24(d) of the Act (15
U.S.C. 78x(d)).
    (11) Pursuant to section 19(b)(2) of the Act, 15 U.S.C. 78s(b)(2),
and section 19(b)(3) of the Act, 15 U.S.C. 78s(b)(3), to institute
proceedings to determine whether a proposed rule change of the
Municipal Securities Rulemaking Board should be disapproved and to
provide to the Municipal Securities Rulemaking Board notice of the
grounds for disapproval under consideration. If the Commission has not
taken action on a proposed rule change for which delegated authority
has been withdrawn under paragraph (a)(12) of this section prior to the
expiration of the applicable time period specified in section 19(b)(2)
of the Act, 15 U.S.C. 78s(b)(2), then the Director shall institute
pursuant to delegated authority proceedings to determine whether the
proposed rule change should be disapproved. In addition, pursuant to
section 19(b)(2)(B) of the Act, 15 U.S.C. 78s(b)(2)(B), to extend for a
period not exceeding 240 days from the date of publication of notice of
the filing of a proposed rule change pursuant to section 19(b)(1) of
the Act, 15 U.S.C. 78s(b)(1), the period during which the Commission
must issue an order approving or disapproving the proposed rule change
and to determine whether such longer period is appropriate and publish
the reasons for such determination.
    (12) Pursuant to section 19(b)(3)(C) of the Act, 15 U.S.C.
78s(b)(3)(C), to temporarily suspend a change in the rules of the
Municipal Securities Rulemaking Board.
    (13) Pursuant to Sec.  240.19b-4(f)(6)(iii) of this chapter (Rule
19b-4(f)(6)(iii)), to reduce the period before which a proposed rule
change can become operative, and to reduce the period between an
Municipal Securities Rulemaking Board submission of a filing and a pre-
filing notification.
    (14) Pursuant to section 36 of the Act (15 U.S.C. 78mm), to review
and grant or deny exemptions from the rule filing requirements of
section 19(b) (15 U.S.C. 78s(b)) of the Act, in a case where the
Municipal Securities Rulemaking Board elects to incorporate by
reference one or more rules of another self-regulatory organization,
provided that the following specified terms and conditions are met:
    (i) The Municipal Securities Rulemaking Board, when electing to
incorporate rules of another self-regulatory organization, has
requested to incorporate rules other than trading rules (e.g., the
Municipal Securities Rulemaking Board has requested to incorporate
rules such as margin, suitability, arbitration);
    (ii) The Municipal Securities Rulemaking Board, when electing to
incorporate rules of another self-regulatory organization has requested
to incorporate by reference categories of rules (rather than to
incorporate individual rules within a category); and
    (iii) The Municipal Securities Rulemaking Board has reasonable
procedures in place to provide written notice to its members each time
a change is proposed to the incorporated rules of another self-
regulatory organization.
    (b) To consult on behalf of the Commission pursuant to section
18(t)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1828(t)(1))
with respect to matters described in Sec.  200.19a.
* * * * *

0
25. Section 200.30-3b is added to read as follows:

Sec.  200.30-3b   Delegation of authority to Director of the Office of
Credit Ratings.

    Pursuant to the provisions of Public Law 100-181, 101 Stat. 1254,
1255 (15 U.S.C. 78d-1, 78d-2), the Securities and Exchange Commission
hereby delegates, until the Commission orders otherwise, the following
functions to the Director of the Office of Credit Ratings to be
performed by the Director or under the direction of the Director by
such person or persons as may be designated from time to time by the
Chairman of the Commission:
    (a) With respect to the Securities Exchange Act of 1934 (15 U.S.C.
78a et seq.):
    (1) To grant and deny applications for confidential treatment filed
pursuant to section 24(b) of the Act (15 U.S.C. 78x(b)) and Sec.
240.24b-2 of this chapter (Rule 24b-2 thereunder);
    (2) To revoke a grant of confidential treatment for any such
application.
    (b) With respect to the Securities Exchange Act of 1934 (15 U.S.C.
78a et seq.):
    (1) To administer the provisions of Sec.  240.24c-1 of this
chapter; provided that access to nonpublic information as defined in
Sec.  240.24c-1 shall be provided only with the concurrence of the head
of the Commission division or office responsible for such information
or the files containing such information.
    (2) To administer the provisions of section 24(d) of the Act (15
U.S.C. 78x(d)).

Sec.  200.30-5  [Amended]

0
26. Section 200.30-5 is amended by:
0
a. In the introductory text:
0
i. Removing the citation ``Pub. L. 87-592, 76 Stat. 394'' and adding in
its place the citation ``sections 4A and 4B of the Securities Exchange
Act of 1934, as amended,''; and
0
ii. Removing the words ``him or under his'' and adding in their place
the words ``the Director or under the Director's'';
0
b. In paragraph (a)(4)(ii), removing the word ``he'' and adding in its
place the words ``the applicant'';
0
c. In paragraph (b-1)(1), removing the word ``him'' and adding in its
place the words ``the Director'';
0
d. In paragraph (b-1)(2):
0
i. Removing the word ``he'' and adding in its place the words ``the
Director''; and
0
ii. Removing the word ``him'' and adding in its place the words ``the
Director'';
0
e. Removing and reserving paragraph (h)(1); and
0
f. In paragraph (h)(2), removing the word ``he'' and adding in its
place the words ``the Director''.

0
27. Section 200.30-6 is amended by:
0
a. In the introductory text:
0
i. Removing ``the provisions of Pub. L. 87-592, 76 Stat. 394'' and
adding in its place ``sections 4A and 4B of the Securities Exchange Act
of 1934, as amended (15 U.S.C. 78d-1, 78d-2)''; and
0
ii. Removing the words ``him or under his'' and adding in their place
the words ``the Regional Director or under the Regional Director's'';
and
0
b. Revising paragraph (e).
    The revision reads as follows:

Sec.  200.30-6  Delegation of authority to Regional Directors.

* * * * *
    (e) Notwithstanding anything in paragraphs (a) through (d) of this
section, in any case in which the Regional Director believes it
appropriate, the Regional Director may submit the matter to the
Commission.

Sec.  200.30-7  [Amended]

0
28. Section 200.30-7 is amended by:
0
a. In the introductory text:
0
i. Removing ``the provisions of Pub. L. 87-592, 76 Stat. 394 (15 U.S.C.
78d-1)'' and adding in its place ``sections 4A and 4B of the Securities
Exchange Act of 1934, as amended (15 U.S.C. 78d-1, 78d-2)''; and
0
ii. Removing the words ``him or under his'' and adding in their place
the words ``the Secretary or under the Secretary's'';
0
b. In paragraph (d):
0
i. Removing the citation ``Sec.  200.30-14(i)'' and adding in its place
the citation ``Sec.  200.30-14(h) and (j)''; and

0
ii. Removing the citation ``Sec.  200.30-14(j)'' and adding in its
place the citation ``Sec.  200.30-14(i) and (k)''; and
0
c. In paragraph (e):
0
i. Removing the words ``the foregoing'' and adding in their place
``paragraphs (a) through (d) of this section''; and
0
ii. Removing the words ``he or she'' and adding in their place the
words ``the Secretary''.

Sec.  200.30-10  [Amended]

0
29. Section 200.30-10 is amended by:
0
a. In the introductory text:
0
i. Removing ``the provisions of Pub. L. 87-592, 76 Stat. 394'' and
adding in its place ``sections 4A and 4B of the Securities Exchange Act
of 1934, as amended''; and
0
ii. Removing the word ``his'' and adding in its place ``the Chief
Administrative Law Judge's'';
0
b. In paragraph (a)(6):
0
i. Removing the word ``subpenas'' and adding ``subpoenas''; and
0
ii. Removing ``Rule 232 of the Commission's Rules of Practice, 201.232
of this chapter'' and adding in its place ``Sec.  201.232 of this
chapter (Rule 232 of the Commission's Rules of Practice)''; and
0
c. In paragraph (c):
0
i. Removing the words ``the foregoing'' and adding in their place
``paragraphs (a) and (b) of this section''; and
0
ii. Removing the words ``he or she'' and adding in their place ``the
Chief Administrative Law Judge''.

0
30. Section 200.30-11 is amended by:
0
a. In the introductory text, removing the words ``him or her or under
his or her'' and adding in their place the words ``the Chief Accountant
or under the Chief Accountant's'';
0
b. In paragraph (a)(4):
0
i. Removing the words ``he or she'' and adding in their place the words
``the Chief Accountant''; and
0
ii. Removing the citation ``Sec.  202.140'' and adding in its place
``Sec.  202.140 of this chapter'';
0
c. In paragraph (b)(2), removing the words ``his or her'' and adding in
their place the words ``the Chief Accountant's'';
0
d. Redesignating paragraph (c) as paragraph (d);
0
e. Adding new paragraph (c); and
0
f. In newly redesignated paragraph (d):
0
i. Removing the words ``the foregoing'' and adding in their place
``paragraphs (a) through (c) of this section''; and
0
ii. Removing the words ``he or she'' and adding in their place the
words ``the Chief Accountant''.
    The addition reads as follows:

Sec.  200.30-11  Delegation of authority to the Chief Accountant.

* * * * *
    (c) To administer the provisions of Sec.  240.24c-1 of this
chapter; provided that access to nonpublic information as defined in
Sec.  240.24c-1 shall be provided only with the concurrence of the head
of the Commission division or office responsible for such information
or the files containing such information.
* * * * *

Sec.  200.30-13  [Amended]

0
31. Section 200.30-13 is amended by:
0
a. In the introductory text, removing the words ``him or her, or under
his or her'' and adding in their place the words ``the Chief Financial
Officer or under the Chief Financial Officer's''; and
0
b. In paragraph (c), removing the words ``his or her'' and adding in
their place the words ``the Secretary of the Treasury's''.

Sec.  200.30-14  [Amended]

0
32. Section 200.30-14 is amended by:
0
a. In the introductory text, removing the words ``him or her or under
his or her'' and adding in their place the words ``the General Counsel
or under the General Counsel's'';
0
b. In paragraph (b), removing the words ``and amicus curiae'' and
adding in their place the words ``an amicus curiae'';
0
c. In paragraph (h)(1)(iii), removing the word ``his'' and adding in
its place the word ``an'';
0
d. In paragraph (i):
0
i. Removing the words ``paragraph (g) of this section, the functions
described in paragraph (g)'' and adding in their place the words
``paragraph (h) of this section, the functions described in paragraph
(h)'';
0
ii. Removing the words ``Executive Assistant to the Chairman'' and
adding in its place the words ``Secretary of the Commission''; and
0
iii. Removing the citation ``Sec.  200.30-16'' and adding in its place
the citation ``Sec.  200.30-7''; and
0
e. In paragraph (l):
0
i. Removing the citation ``paragraphs (g) or (i)'' and adding in its
place ``paragraph (h) or (j)''; and
0
ii Removing the words ``he or she'' and adding in their place the words
``the General Counsel''.

Sec.  200.30-15  [Amended]

0
33. Section 200.30-15 is amended by removing the words ``him or her or
under his or her'' and adding in their place the words ``the Chief
Operating Officer or under the Chief Operating Officer's''.

Sec.  200.30-16  [Removed and Reserved]

0
34. Section 200.30-16 is removed and reserved.

0
35. Section 200.30-18 is amended by:
0
a. Revising the section heading and introductory text;
0
b. Removing and reserving paragraphs (b), (e) through (h), and (k)(2);
0
c. In paragraph (l)(1), removing the words ``him or her'' and adding in
their place the words ``the member'';
0
d. Redesignating paragraph (m) as paragraph (n);
0
e. Adding new paragraph (m); and
0
f. In newly redesignated paragraph (n):
0
i. Removing the words ``the foregoing'' and adding in their place
``paragraphs (a) through (m) of this section''; and
0
ii. Removing the words ``the OCIE'' and adding in their place the word
``Examinations''.
    The addition and revisions read as follows:

Sec.  200.30-18  Delegation of authority to Director of the Division of
Examinations.

    Pursuant to the provisions of Public Law 100-181, 101 Stat. 1254,
1255 (15 U.S.C. 78d-1, 78d-2), the Securities and Exchange Commission
hereby delegates, until the Commission orders otherwise, the following
authority to the Director of the Division of Examinations
(``Examinations'') to be performed by the Director or by such other
person or persons as may be designated from time to time by the
Chairman of the Commission:
* * * * *
    (m) With respect to the Securities Exchange Act of 1934 (15 U.S.C.
78a et seq.):
    (1) Under section 15F(b) of the Act (15 U.S.C. 78o-10(b)):
    (i) To authorize the issuance of orders granting on-going
registration to security-based swap dealers and major security-based
swap participants based on the security-based swap dealer's or major
security-based swap participant's application, pursuant to Sec.
240.15Fb2-1(e) of this chapter (Rule 15Fb2-1(e));
    (ii) To authorize the issuance of orders canceling the registration
of security-based swap dealers and major security-based swap
participants registered pursuant to Sec.  240.15Fb2-1 of this chapter
(Rule 15Fb2-1) if such persons are no longer in existence or have
ceased to do business as security-based swap dealers or major security-
based swap participants, pursuant to Sec.  240.15Fb3-3(a) of this
chapter (Rule 15Fb3-3(a)); and
    (iii) To determine by order, pursuant to Sec.  240.15Fb3-2(b) of
this chapter (Rule 15Fb3-2(b)), whether notices of withdrawal of
registration filed by

security-based swap dealers or major security-based swap participants
pursuant to section 15F(b) of the Securities Exchange Act of 1934 (15
U.S.C. 78o-10(b)) shall become effective sooner than the normal 60 day
waiting period provided in Rule 15Fb3-2(b) (Sec.  240.15Fb3-2(b) of
this chapter).
* * * * *

    By the Commission.

    Dated: December 22, 2020.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020-28819 Filed 2-12-21; 8:45 am]
BILLING CODE 8011-01-P