SECURITIES AND EXCHANGE COMMISSION

17 CFR PART 200

Release No. 34-36824

Delegation of Authority to the Secretary of the Commission

AGENCY:  Securities and Exchange Commission

ACTION:  Final Rule

SUMMARY:  The Commission is amending its rules to delegate
authority to the Secretary of the Commission to publish notice of
proposed plans for distribution of funds ordered to be disgorged
pursuant to an Order of the Commission.  The delegation also
provides authority to waive any of the requirements for a plan
contained in Rule 611 of the Commission's Rules of Practice, and to
issue an order approving the plan, if no negative comments or
objections are submitted during the notice period.  This delegation
of authority will conserve the resources of the Commission as well
as expedite the distribution of moneys paid in satisfaction of
judgements. 

EFFECTIVE DATE:  [Insert date of publication in the Federal
Register]

FOR FURTHER INFORMATION CONTACT:  Jonathan G. Katz, Secretary,
Office of the Secretary, Securities and Exchange Commission, 450
Fifth Street, N.W., Washington, D.C. 20549, telephone (202)
942-7070.

SUPPLEMENTARY INFORMATION: The Securities and Exchange Commission
("Commission") today announced amendments to its rules governing
delegation of authority to the Office of the Secretary.

      On June 9, 1995, the Commission adopted comprehensive
revisions to its Rules of Practice for administrative proceedings. 
These rules, published in the Federal Register on June 23, 1995 (60
FR 32738), established procedures for the payment and distribution
of penalties and disgorgements ordered in a    
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Commission administrative proceeding.   

      The Commission is delegating to its Secretary the authority
to publish the notice of proposed plans of disgorgement pursuant to
Rule 612 of the Rules of Practice, and, if no comments opposing the
proposed plan are received, to issue an order approving the
proposed plan of distribution pursuant to Rule 613.  The delegation
also authorizes the Secretary to permit the staff to omit
from the proposed plan of disgorgement any of the plan elements
required by Rule 611, upon motion by the staff for good cause.  

      The Commission finds, in accordance with Section 553(b)(A) of
the Administrative Procedure Act, 5 U.S.C. 553(b)(A), that this
amendment relates solely to agency organization, procedure, or
practice.  Accordingly, notice and opportunity for public comment,
as well as publication 30 days before its effective date, are
unnecessary.

List of Subjects in 17 CFR Part 200

      Administrative practice and procedure,  Authority delegations

      (Government agencies).

Text of Amendment

      For the reasons set out in the preamble, Title 17, Chapter II
of the Code of Federal Regulations is amended as follows:

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



      1.  The authority citation for Part 200, Subpart A, continues
to read in part as follow:

      Authority:  15 U.S.C. 77s, 78d-1, 78d-2, 78w, 78ll(d), 79t,
77sss, 80a-7, 80b-11, unless otherwise noted.

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      2.  Section 200.30-7 is amended by adding paragraph (a)(11)
to read as follows:

      200.30-7 Delegation of authority to Secretary of the
Commission.

                                   * * * * *

      (a) * * *

      (11)  To publish pursuant to Rule 612 of the Commission's
Rules of Practice, 201.612 of this chapter, notices of plans of
disgorgement and, if no negative comments are received, to issue
orders approving proposed plans of disgorgement pursuant to Rule
613 of the Commission's Rules of Practice, 201.613 of this chapter. 
Upon the motion of the staff for good cause shown, to approve the
publication of proposed plans of disgorgement that omit plan
elements required by Rule 611 of the Commission's Rules of
Practice, 201.611 of this chapter.

                                   * * * * *

By the Commission.



                              Jonathan G. Katz
                              Secretary 

Date:  February 9, 1996