=========================================START OF PAGE 1======
SECURITIES AND EXCHANGE COMMISSION
17 CFR Part 200
[Release No. 34-37159]
Delegation of Authority to Director of Division of Enforcement.
AGENCY: Securities and Exchange Commission.
ACTION: Final rule.
SUMMARY: The Commission is amending its rules to
delegate authority to the Director of the Division of Enforcement
to authorize staff to appear in federal bankruptcy court where
the debtor is involved with the subject matter of a Commission
investigation, and to take necessary action therein to preserve
potential Commission claims. This amendment will expedite and
enhance the effectiveness of the enforcement process by enabling
staff to meet bankruptcy court deadlines that affect potential
Commission claims and to preserve and protect such claims.
EFFECTIVE DATE: [Insert date of publication in the Federal
Register]
FOR FURTHER
INFORMATION
CONTACT: Judith R. Starr, Division Bankruptcy Counsel,
Division of Enforcement, 202/942-4868.
SUPPLEMENTARY
INFORMATION: The Securities and Exchange Commission today
announced amendments to its rules governing delegation of
authority to the Division of Enforcement ("Division").
The amendment to Rule 30-4 -[1]- authorizes the
Director of Division of Enforcement to approve staff appearances
in federal bankruptcy court where the debtor is involved with the
subject matter of a Commission investigation. This delegation
will expedite and enhance the effectiveness of the enforcement
process by enabling prompt action to protect and preserve
potential claims. Notwithstanding this delegation of authority,
in instances where contemplated action in a bankruptcy case
raises any close or controversial issues, the Division may
consult with the Commission before the action is filed in federal
court.
---------FOOTNOTES----------
-[1]- 17 CFR 200.30-4. The Commission finds, in accordance with Section
553(b)(3)(A) of the Administrative Procedure Act, -[2]- that
this amendment relates solely to agency organization, procedure,
or practice, and does not relate to a substantive rule.
Accordingly, notice and opportunity for public comment are
unnecessary, and publication of the amendment 30 days before its
effective date is also unnecessary.
--------FOOTNOTES----------
-[2]- 5 U.S.C. 553(b)(3)(A).
==========================================START OF PAGE 3====== List of Subjects in 17 CFR Part 200
Administrative practice and procedure, Authority delegations
(Government agencies).
Text of Amendment
For the reasons set out in the preamble, Title 17, Chapter
II of the Code of Federal Regulations is amended as follows:
Part 200 -- ORGANIZATION; CONDUCT AND ETHICS; AND INFORMATION AND
REQUESTS
1. The authority citation for Part 200 continues to read
in part as follows:
Authority: 15 U.S.C. 77s, 78d-1, 78d-2, 78w, 78ll(d),
79t, 77sss, 80a-37, 80b-11, unless otherwise noted.
* * * * *
2. Section 200.30-4 is amended by adding paragraph (a)(11)
to read as follows:
200.30-4 Delegation of authority to Director of Division
of Enforcement.
* * * * *
(a) * * *
(11) To authorize staff to appear in federal bankruptcy
court to preserve Commission claims in connection with
investigations pursuant to section 19(b) of the Securities Act of
1933 (15 U.S.c. 77s(b)), section 21(b) of the Securities Exchange
Act of 1934 (15 U.S.C. 78u(b)), section 18(c) of the Public
Utility Holding Company Act of 1935 (15 U.S.C. 79r(c)), section
42(b) of the Investment Company Act of 1940 (15 U.S.C. 80a-41(b))
and section 209(b) of the Investment Advisers Act of 1940 (15
U.S.C. 80b-9(b)).
* * * * *
By the Commission.
Jonathan G. Katz
Secretary
Date: 5/2/96
==========================================START OF PAGE 4======