AGENCY:

Securities and Exchange Commission.

ACTION:

Final rule.

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, (202) 551-5400, 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:

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no longer appropriate, because, for example, the authority references a rule or process that has since been amended or rescinded or because the responsibility for the delegated activity should now rest with another member of the staff.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.

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]

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.

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]

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]

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.

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]

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.

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]

• 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.

• 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.

• 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]

• Authority to grant exemptions from 17 CFR 240.17a-23 (Rule 17a-23 under the Exchange Act),^[31] which has been rescinded.

• Authority to issue notices related to a transaction fee pilot program that has been vacated.^[32]

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]

• 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]

• 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]

• 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]

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]

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]

• 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]

• 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]

• Authority to temporarily suspend a change in the rules of the MSRB; ^[46]

• 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]

• 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]

• Authority to issue orders granting registration of municipal securities dealers within 45 days of the filing of an application for registration; ^[50]

• 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]

• 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]

• Authority to notify such an appropriate regulatory agency about any examination of such a registered municipal securities dealer by the Commission; ^[53]

• 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]

• 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]

• Authority to grant or deny exemptions, either unconditionally or on specified terms and conditions, from Rule 15c2-12 under the Exchange Act; ^[56]

• Authority to administer the provisions of 17 CFR 240.24c-1 (Rule 24c-1 under the Exchange Act); ^[57]

• Authority to administer the provisions of section 24(d) of the Exchange Act; ^[58] and

• 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]

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]

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]

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.

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]

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]

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]

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]

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]

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

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, 78 ll (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) 78 l, 78m, 78n, 78 o (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), 78 l, 78m, 78n, 78o(d), 80a-8, 80a-20, 80a-24, 80a-29, 80b-3, 80b-4.

2. Section 200.10 is revised to read as follows:

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

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

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

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

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

8. Section 200.16 is removed and reserved.

9. Section 200.17 is removed and reserved.

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

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

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

13. Add reserved § 200.20a.

14. Section 200.21 is revised to read as follows:

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

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

17. Section 200.24 is revised to read as follows:

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

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

20. Section 200.27 is revised by:

a. Removing the words “his or her” and adding in their place the words “the Regional Director's”;

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

c. Removing the words “Office of Compliance Inspections and Examinations” and adding in their place the words “Division of Examinations”.

21. Section 200.30-1 is amended by:

a. Revising the introductory text and paragraph (a)(3);

b. In paragraph (f)(2)(i), removing the word “ommission” and adding in its place the word “omission”; and

c. Revising paragraphs (f)(5) and (g)(2).

The revisions read as follows:

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

23. Section 200.30-3 is amended by:

a. Revising the introductory text;

b. Removing and reserving paragraph (a)(2);

c. In paragraphs (a)(5), (8), and (9), removing the word “his” and adding in its place the words “the applicant's”;

d. Removing and reserving paragraphs (a)(15), (37), and (40);

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”;

f. Removing and reserving paragraph (a)(45);

g. Revising paragraph (a)(47);

h. Removing and reserving paragraph (a)(48);

i. In paragraph (a)(49):

i. Removing “Rule 609 thereunder ( 17 CFR 242.609)” and adding in its place “17 CFR 242.609 (Rule 609 thereunder)”; and

ii. Removing the words “that section and any rules or regulations promulgated thereunder” and adding in their place “Rule 609”;

j. Removing and reserving paragraphs (a)(60), (67), and (84);

k. Adding paragraphs (a)(86) through (94);

l. Removing and reserving paragraphs (b) and (c); and

m. Revising paragraph (l).

The revisions and additions read as follows:

24. Section 200.30-3a is amended by:

a. In the introductory text, removing the words “him or under his” and adding in their place “the Director or under the Director's”;

b. Adding paragraphs (a)(2) through (14);

c. Redesignating paragraph (b) as paragraph (c); and

d. Adding new paragraph (b).

The additions read as follows.

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

26. Section 200.30-5 is amended by:

a. In the introductory text:

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

ii. Removing the words “him or under his” and adding in their place the words “the Director or under the Director's”;

b. In paragraph (a)(4)(ii), removing the word “he” and adding in its place the words “the applicant”;

c. In paragraph (b-1)(1), removing the word “him” and adding in its place the words “the Director”;

d. In paragraph (b-1)(2):

i. Removing the word “he” and adding in its place the words “the Director”; and

ii. Removing the word “him” and adding in its place the words “the Director”;

e. Removing and reserving paragraph (h)(1); and

f. In paragraph (h)(2), removing the word “he” and adding in its place the words “the Director”.

27. Section 200.30-6 is amended by:

a. In the introductory text:

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

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

b. Revising paragraph (e).

The revision reads as follows:

28. Section 200.30-7 is amended by:

a. In the introductory text:

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

ii. Removing the words “him or under his” and adding in their place the words “the Secretary or under the Secretary's”;

b. In paragraph (d):

i. Removing the citation “§ 200.30-14(i)” and adding in its place the citation “§ 200.30-14(h) and (j)”; and

ii. Removing the citation “§ 200.30-14(j)” and adding in its place the citation “§ 200.30-14(i) and (k)”; and

c. In paragraph (e):

i. Removing the words “the foregoing” and adding in their place “paragraphs (a) through (d) of this section”; and

ii. Removing the words “he or she” and adding in their place the words “the Secretary”.

29. Section 200.30-10 is amended by:

a. In the introductory text:

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

ii. Removing the word “his” and adding in its place “the Chief Administrative Law Judge's”;

b. In paragraph (a)(6):

i. Removing the word “subpenas” and adding “subpoenas”; and

ii. Removing “Rule 232 of the Commission's Rules of Practice, 201.232 of this chapter” and adding in its place “§ 201.232 of this chapter (Rule 232 of the Commission's Rules of Practice)”; and

c. In paragraph (c):

i. Removing the words “the foregoing” and adding in their place “paragraphs (a) and (b) of this section”; and

ii. Removing the words “he or she” and adding in their place “the Chief Administrative Law Judge”.

30. Section 200.30-11 is amended by:

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”;

b. In paragraph (a)(4):

i. Removing the words “he or she” and adding in their place the words “the Chief Accountant”; and

ii. Removing the citation “§ 202.140” and adding in its place “§ 202.140 of this chapter”;

c. In paragraph (b)(2), removing the words “his or her” and adding in their place the words “the Chief Accountant's”;

d. Redesignating paragraph (c) as paragraph (d);

e. Adding new paragraph (c); and

f. In newly redesignated paragraph (d):

i. Removing the words “the foregoing” and adding in their place “paragraphs (a) through (c) of this section”; and

ii. Removing the words “he or she” and adding in their place the words “the Chief Accountant”.

The addition reads as follows:

31. Section 200.30-13 is amended by:

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

b. In paragraph (c), removing the words “his or her” and adding in their place the words “the Secretary of the Treasury's”.

32. Section 200.30-14 is amended by:

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”;

b. In paragraph (b), removing the words “and amicus curiae” and adding in their place the words “an amicus curiae”;

c. In paragraph (h)(1)(iii), removing the word “his” and adding in its place the word “an”;

d. In paragraph (i):

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)”;

ii. Removing the words “Executive Assistant to the Chairman” and adding in its place the words “Secretary of the Commission”; and

iii. Removing the citation “§ 200.30-16” and adding in its place the citation “§ 200.30-7”; and

e. In paragraph (l):

i. Removing the citation “paragraphs (g) or (i)” and adding in its place “paragraph (h) or (j)”; and

ii Removing the words “he or she” and adding in their place the words “the General Counsel”.

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”.

34. Section 200.30-16 is removed and reserved.

35. Section 200.30-18 is amended by:

a. Revising the section heading and introductory text;

b. Removing and reserving paragraphs (b), (e) through (h), and (k)(2);

c. In paragraph (l)(1), removing the words “him or her” and adding in their place the words “the member”;

d. Redesignating paragraph (m) as paragraph (n);

e. Adding new paragraph (m); and

f. In newly redesignated paragraph (n):

i. Removing the words “the foregoing” and adding in their place “paragraphs (a) through (m) of this section”; and

ii. Removing the words “the OCIE” and adding in their place the word “Examinations”.

The addition and revisions read as follows:

Footnotes