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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 200

(Release No. 34-37893)

Delegation of Authority to the General Counsel

AGENCY:   Securities and Exchange Commission.

ACTION:   Final rule.

SUMMARY:  The Securities and Exchange Commission is amending its

rules to delegate authority to the General Counsel to refer

matters and information concerning possible professional

misconduct to state bar associations and other state professional

boards or societies.  

EFFECTIVE DATE:  [Insert date of publication in the 

                 Federal Register]

FOR FURTHER INFORMATION CONTACT:  Barbara B. Hannigan, Ethics

Counsel, at 942-0970.

SUPPLEMENTARY INFORMATION:

     The Securities and Exchange Commission ("Commission") today

announced amendments to its rules governing delegation of

authority to the General Counsel.  

     The amendment to Rule 30-14 -[1]- authorizes the

General Counsel to refer matters and information concerning

possible professional misconduct to state bar associations and

other state professional boards or societies.

     Notwithstanding this delegation of authority, in instances

where a referral of possible professional misconduct presents any

---------FOOTNOTES----------
     -[1]-     17 CFR 200.30-14.
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unusual or noteworthy issues, the delegation would not be

exercised and the matter would be submitted to the Commission.

     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.

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 200.30-14 is amended by adding paragraph (k) to

read as follows:

     200.30-14 Delegation of authority to the General Counsel.

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     -[2]-     5 U.S.C. 553(b)(3)(A).
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***** 

     (k) To refer matters and information concerning possible

professional misconduct to state bar associations and other state

professional boards or societies.



By the Commission.



                                   Jonathan G. Katz
                                   Secretary


Dated:    October 30, 1996