SECURITIES AND EXCHANGE COMMISSION 17 CFR Part 200

[Release No. 34Ä33358]

Delegation of Authority to the Director of the Division of Market Regulation

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 Market Regulation to exempt any initiation or
resumption of quotations, either unconditionally or on specified terms and
conditions, pursuant to Rule 15c2Ä11(h) under the Securities Exchange Act of
1934. This amendment should facilitate prompt, careful review and
consideration of applications for such exemptions.

EFFECTIVE DATE:  December 20, 1993.

FOR FURTHER INFORMATION CONTACT: Ilene Koenigsberg, Attorney, Office of
Trading Practices, Division of Market Regulation, Securities and Exchange
Commission, 450 Fifth Street NW., Washington, DC 20549, telephone (202)
272Ä2848.

SUPPLEMENTARY INFORMATION:  The Securities and Exchange Commission today
announced amendments to its rules governing delegation of authority to the
Division of Market Regulation ("Division'').

The amendment to Rule 30Ä3(a)®1¯  authorizes the Director of the Division of
Market Regulation ("Division Director'') to grant exemptions where appropriate
pursuant to Rule 15c2Ä11(h)®2¯  under the Securities Exchange Act of 1934
("Exchange Act'').®3¯  This delegation of authority will facilitate prompt,
careful review and consideration of applications for such exemptions. In
addition, the amendment will help conserve the resources of the Commission and
Division, since the staff will not be required to present exemption requests
under Rule 15c2Ä11 to the Commission, but can act upon them pursuant to the
delegated authority. Notwithstanding these delegations of authority, the
Division may bring any requests for exemptions that raise any serious
questions to the Commission for consideration.

®1¯ 17 CFR 200.30Ä3(a).

®2¯ 17 CFR 249.15c2Ä11(h) provides: This rule shall not prohibit any
publication or submission of any quotation if the Commission, upon written
request or upon its own motion, exempts such quotation either unconditionally
or on specific terms and conditions, as not constituting a fraudulent,
manipulative or deceptive practice comprehended within the purpose of this
rule.

®3¯ 15 U.S.C. 78a et seq.

Another amendment adopted by the Commission makes certain technical changes to
Rule 30Ä3(a)(6).®4¯ 

®4¯ The paragraph in Rule 10bÄ6 under the Exchange Act, 17 CFR 240.10bÄ6,
granting the Commission exemptive authority has been redesignated as (j) and
Rule 10bÄ4 has been redesignated as Rule 14eÄ4 under the Exchange Act, 17 CFR
240.14eÄ4.

The Commission finds, in accordance with Section 553(b)(A) of the
Administrative Procedure Act,®5¯  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.

®5¯ 5 U.S.C. 553(b)(A).

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 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, 78dÄ1, 78dÄ2, 78w, 78ll(d), 79t, 77sss, 80aÄ37,
80bÄ11, unless otherwise noted.

                                  * * * * *

2. Section 200.30Ä3 is amended by revising paragraph (a)(6) to read as
follows:

 200.30Ä3 Delegation of authority to Director of Division of Market
Regulation.

                                  * * * * *

(a) * * *

(6) Pursuant to Rules 10bÄ6(j), 10bÄ7(o), 10bÄ8(f), 106Ä13(d), 14eÄ4(c), and
15c2Ä11(h) ( 240.10bÄ6(j), 240.10bÄ7(o), 240.10bÄ8(f), 240.10bÄ13(d),
240.14eÄ4(c), and 240.15c2Ä11(h) of this chapter), to grant requests for
exemptions from Rules 10bÄ6, 10bÄ7, 10bÄ8, 10bÄ13, 14eÄ4, and 15c2Ä11 
240.10bÄ6, 240.10bÄ7, 240.10bÄ8, 240.10bÄ13, 240.14eÄ4, and 240.15c2Ä11 of
this chapter).

                                  * * * * *

By the Commission.

Dated: December 20, 1993.

Jonathan G. Katz,

Secretary.

[FR Doc. 93Ä31562 Filed 12Ä27Ä93; 8:45 am]

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