(i) To delay until the second six month period from registration with the Commission, the inspection of newly registered broker-dealers that have not commenced actual operations within six months of their registration with the Commission; and

(ii) To delay until the second six month period from registration with the Commission, the inspection of newly registered broker-dealers to determine whether they are in compliance with applicable provisions of the Act and rules thereunder, other than financial responsibility rules.

(3) Pursuant to Rule 0-4 (§ 240.0-4 of this chapter), to disclose to the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation and to the state banking authorities, information and documents deemed confidential regarding registered clearing agencies and registered transfer agents; Provided That, in matters in which the Commission has entered a formal order of investigation, such disclosure shall be made only with the concurrence of the Director of the Division of Enforcement or his or her delegate, and the General Counsel or his or her delegate.

(e) With respect to the Investment Advisers Act of 1940, 15 U.S.C. 80b-1, et seq.: Pursuant to Rule 204-2(j)(3)(ii)(§ 275.204-2(j)(3)(ii) of this chapter), to make written demands upon nonresident investment advisers subject to the provisions of such rule to furnish to the Commission true, correct, complete and current copies of any or all books and records which such nonresident investment advisers are required to make, keep current or preserve pursuant to any provision of any rule or regulation of the Commission adopted under the Investment Advisers Act of 1940, or any part of such books and records which may be specified in any such demand.

(f) In nonpublic investigatory proceedings within the responsibility of the Regional Administrator, to grant requests of persons to procure copies of the transcript of their testimony given pursuant to Rule 6 of the Commission's rules relating to investiga

tions as in effect subsequent to November 16, 1972 (17 CFR 203.6).

(g) 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, 15 U.S.C. 78aaa, et seq.

(h) Notwithstanding anything in the foregoing, in any case in which the Regional Administrator believes it appropriate, he may submit the matter to the Commission.

(Secs. 6, 7, 8, 10, 19(a), 48 Stat. 78, 79, 81, 85; secs. 205, 209, 48 Stat. 906, 908; sec. 301, 54 Stat. 857; sec. 8, 68 Stat. 685; sec. 308(a)(2), 90 Stat. 57; secs. 3(b), 12, 13, 14, 15(d), 23(a), 48 Stat. 882, 892, 894, 895, 901; secs. 203(a), 1, 3, 8, 49 Stat. 704, 1375, 1377, 1379; sec. 202, 68 Stat. 686; secs. 4, 5, 6(d), 78 Stat. 569, 570-574; secs. 1, 2, 3, 82 Stat. 454, 455; secs. 28(c), 1, 2, 3, 4, 5, 84 Stat. 1435, 1497; sec. 105(b), 88 Stat. 1503; secs. 8, 9, 10, 89 Stat. 117, 118, 119; sec. 308(b), 90 Stat 57; sec. 18, 89 Stat. 155; secs. 202, 203, 204, 91 Stat. 1494, 1498-1500; sec. 20(a), 49 Stat. 833; sec. 319, 53 Stat. 1173; sec. 38, 54 Stat. 841; 15 U.S.C. 77f, 77g, 77h, 77j, 77s(a), 78c(b), 781, 78m, 78n, 780(d), 78w(a), 79t(a), 77sss(a), 80a-37; secs. 3(b), 19(a), 48 Stat. 75, 85; sec. 209, 48 Stat. 908; c. 122, 59 Stat. 167; Pub. L. 91-565, 84 Stat. 1480; 15 U.S.C. 77c(b), 77s(a), 78d-1, 78n, 80a-37; secs. 2, 17 and 23 thereof (15 U.S.C. 78b, 78q and 78w))

[28 FR 2856, Mar. 22, 1963, as amended at 36 FR 7659, Apr. 23, 1971. Redesignated at 37 FR 16792, Aug. 19, 1972]

EDITORIAL NOTE: For FEDERAL REGISTER Citations affecting § 200.30-6 see the List of CFR Sections Affected in the Finding Aids section of this volume.

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

Pursuant to the provisions of Pub. L. 87-592, 76 Stat. 394 (15 U.S.C. 78d-1), the Securities and Exchange Commission hereby delegates, until the Commission orders otherwise, the following functions to the Secretary of the Commission to be performed by him or under his direction by such person or persons as may be designated from time to time by the Chairman of the Commission:

(a) With respect to proceedings conducted pursuant to the Securities Act of 1933, 15 U.S.C. 77a et seq., the Securities Exchange Act of 1934, 15 U.S.C. 78a et seq., the Public Utility Holding Company Act of 1935, 15 U.S.C. 79a et seq., the Trust Indenture Act of 1939, 15 U.S.C. 77aaa et seq., the Investment Company Act of 1940, 15 U.S.C. 80a-1 et seq., and the Investment Advisers Act of 1940, 15 U.S.C. 80b-1 et seq.:

(1) To fix the time and place for hearings and oral arguments before the Commission pursuant to Rule 21(a) of the Commission's rules of practice, § 201.21(a) of this chapter;

(2) In appropriate cases to extend and reallocate the time prescribed in Rule 21(b) of the Commission's rules of practice, § 201.21(b) of this chapter;

(3) To postpone or adjourn hearings or otherwise adjust the date for commencement of hearings before the Commission pursuant to Rule 13 of the Commission's rules of practice, § 201.13 of this chapter, and to advance such hearings;

(4) To grant extensions of time within which to file papers before the Commission pursuant to Rule 13 of the Commission's rules of practice, § 201.13 of this chapter;

(5) To permit the filing of briefs with the Commission exceeding 60 pages in length, pursuant to Rule 22(d) of the Commission's rules of practice, § 201.22(d) of this chapter;

(6) To certify records of proceedings upon which are entered orders the subject of review in courts of appeals pursuant to section 9 of the Securities Act of 1933, 15 U.S.C. 77i, section 25 of the Securities Exchange Act of 1934, 15 U.S.C. 78y, section 24 of the Public Utility Holding Company Act of 1935, 15 U.S.C. 79x, section 322(a) of the Trust Indenture Act of 1939, 15 U.S.C. 77vvv, section 43 of the Investment Company Act of 1940, 15 U.S.C. 80a42, and section 213 of the Investment Advisers Act of 1940, 15 U.S.C. 80b-13;

(7) Except where the Commission otherwise directs, to issue findings and orders pursuant to offers of settlement which the Commission has determined should be accepted;

(8) To issue findings and orders taking the remedial action described in the order for proceedings where a

respondent expressly consents to such action, fails to appear, or defaults in the filing of an answer required to be filed and to grant a request, based upon a showing of good cause, to vacate an order or default, so as to permit presentation of a defense;

(9) To designate officers of the Commission to serve notices of and orders for proceedings and decisions and orders in such proceedings, the service of which is required by rules 6 and 23 of the Commission's rules of practice. (b) To order the making of private investigations pursuant to section 21(a) of the Securities Exchange Act of 1934, on request of the Division of Corporation Finance or the Division of Enforcement, with respect to proxy contests subject to section 14 of that Act and regulation 14A thereunder, and tender offers filed pursuant to section 14(d) of the Act.

(c) Notwithstanding anything in the foregoing, in any case in which the Secretary of the Commission believes it appropriate he or she may submit the matter to the Commission.

(15 U.S.C. 78d, 78d-1, 78d-2)

[35 FR 17989, Nov. 24, 1970. Redesignated at 37 FR 16792, Aug. 19, 1972, and amended at 38 FR 12913, May 17, 1973; 40 FR 46107, Oct. 6, 1975; 43 FR 13377, Mar. 30, 1978]

§ 200.30-8 Delegation of authority to Director of Office of Opinions and Review.

Pursuant to the provisions of Pub. L. 87-592, 76 Stat. 394, as amended, the Securities and Exchange Commission hereby delegates, until the Commission orders otherwise, the following functions to the Director of the Office of Opinions and Review, to be performed by such Director or under his or her direction by such person or persons as may be designated from time to time by the Chairman of the Commission:

(a)(1) With respect to proceedings conducted pursuant to the Securities Act of 1933, (15 U.S.C. 77a, et seq.), the Securities Exchange Act of 1934, (15 U.S.C. 78a, et seq.), the public Utility Holding Company Act of 1935, (15 U.S.C. 79a, et seq.), the Trust Indenture Act of 1939, (15 U.S.C. 77aaa, et seq.), the Investment Company Act of

(15

1940, (15 U.S.C. 80a-1, et seq.), and the Investment Advisers Act of 1940, (15 U.S.C. 80b-1, et seq.), the Securities Investor Protection Act of 1970 U.S.C. 78aaa, et seq.), and the provisions of Rule 2(e) of the Commission's rules of practice (§ 201.2(e) of this chapter);

(i) To consider an application for review of an interlocutory ruling which an administrative law judge has refused to certify, and to deny such application upon determining that the administrative law judge did not err in refusing to certify the matter.

(ii) To consider an interlocutory ruling which an administrative law judge has certified, and to affirm such ruling upon determining that such action is appropriate.

(iii) To issue any order pursuant to an initial decision as to any person who has not filed a petition for review within the time provided, where the Commission has not on its own motion ordered that the initial decision be reviewed.

(iv) Except where the Commission otherwise directs, to issue findings and orders pursuant to offers of settlement which the Commission has determined should be accepted.

(v) To grant petitions for full review of initial decisions by a hearing offi

cer.

(vi) To grant motions of staff counsel to discontinue administrative proceedings as to a particular respondent who has died or cannot be found, or because of a mistake in the identity of a respondent named in the order for proceedings.

(vii) To grant requests for the submission of late or additional briefs, or the acceptance of affidavits or other material for inclusion on the record or in support of motions or petitions addressed to the Commission.

(2) With respect to proceedings conducted pursuant to the Securities Act of 1933, (15 U.S.C. 77a, et seq.), the Securities Exchange Act of 1934, (15 U.S.C. 78a, et seq.), the Investment Advisers Act of 1940, (15 U.S.C. 80b-1, et seq.), the Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa, et seq.), and the provisions of Rule 2(e) of the Commission's rules of practice (§ 201.2(e) of this chapter), to issue

findings and orders taking the remedial action described in the order for proceedings where the respondents expressly consent to such action, fail to appear, or default in the filing of answers required to be filed; to grant a request, based upon a showing of good cause, to vacate an order of default, so as to permit presentation of a defense.

(3) With respect to proceedings under section 19(d), (e) and (f) of the Securities Exchange Act of 1934, 15 U.S.C. 78s (e) and (f), to determine that an application for review under those sections has been abandoned, under the provisions of § 240.19d-3(c) of this chapter or otherwise, and to issue an order dismissing the application in such event.

(4) With respect to disciplinary proceedings conducted or reviewed pursuant to the provisions of the Securities Exchange Act of 1934 (15 U.S.C. 78(a), et seq.), the Investment Company Act of 1940 (15 U.S.C. 80a-1, et seq.), the Investment Advisers Act of 1940 (15 U.S.C. 80b-1, et seq.), and the provisions of Rule 2(e) of the Commission's rules of practice (§ 201.2(e) of this chapter), to determine applications to stay Commission orders imposing, affirming, or modifying sanctions pending appeal of those orders to the federal courts.

(5) With respect to disciplinary review proceedings pursuant to sections 19(d) and (e) of the Securities Exchange Act of 1934 (15 U.S.C. 78s (d) and (e)), to determine applications for a stay of disciplinary action taken by a self-regulatory organization pending Commission review of that action.

(6) In connection with Commission review of disciplinary and exclusionary actions taken by self-regulatory organizations, pursuant to sections 19(e) and (f) of the Securities Exchange Act of 1934 (15 U.S.C. 78s (e) and (f), to grant or deny requests for oral argument in accordance with the provisions of § 240.19d-3(f) of this chapter. (b) Notwithstanding anything in the foregoing, in any case in which the Director of the Office of Opinions and Review believes it appropriate, he may submit the matter to the Commission.

(Secs. 1, 2, 76 Stat. 394, 395; 15 U.S.C. 78d-1, 78d-2)

[29 FR 5276, Apr. 17, 1964, as amended at 29 FR 9486, July 11, 1964; 30 FR 3880, Mar. 25, 1965; 31 FR 6589, May 3, 1966; 34 FR 2502, Feb. 21, 1969. Redesignated at 37 FR 16792, Aug. 19, 1972, and amended at 37 FR 23826, Nov. 9, 1972; 43 FR 13378, Mar. 30, 1978; 45 FR 74905, Nov. 13, 1980]

Pursuant to the provisions of Pub. L. 87-592, 76 Stat. 394 (15 U.S.C. ties and Exchange Commission hereby delegates, until the Commission orders otherwise, to each hearing officer the authority to make an initial decision in any proceeding at which he presides in which a hearing is required to be conducted in conformity with section 7 of the Administrative Procedure Act unless such initial decision is waived by all parties who appear at the hearing and the Commission does not subsequently order that an initial decision nevertheless be made by the hearing officer, and in any other proceeding in which the Commission directs him to make such a decision.

(Secs. 1, 2, 76 Stat. 394, 395; 15 U.S.C. 78d-1, 78d-2)

[29 FR 9487, July 11, 1964. Redesignated at 37 FR 16792, Aug. 19, 1972]

§ 200.30-10 Delegation of authority to Chief Administrative Law Judge.

Pursuant to the provisions of Pub. L. 87-592, 76 Stat. 394 (15 U.S.C. 78d-1), the Securities and Exchange Commission hereby delegates, until the Commission orders otherwise, the following functions to the Chief Administrative Law Judge or to such administrative law judge or administrative law judges as may be designated by the Chief Administrative Law Judge in his absence, or as otherwise designated by the Chairman of the Commission in the absence of the Chief Administrative Law Judge:

(a) With respect to proceedings conducted before an administrative law judge, pursuant to the Securities Act of 1933, 15 U.S.C. 77a et seq., the Securities Exchange Act of 1934, 15 U.S.C. 78a et seq., the Public Utility Holding Company Act of 1935, 15 U.S.C. 79a et seq., the Trust Indenture Act of 1939,

15 U.S.C. 77aaa et seq., the Investment Company Act of 1940, 15 U.S.C. 80a-1 et seq., and the Investment Advisers Act of 1940, 15 U.S.C. 80b-1 et seq.:

(1) After a proceeding has been authorized, to fix the time and place for hearing pursuant to Rule 6(b) of the Commission's rules of practice, § 201.6(b) of this chapter, and Rule 11(a) of the Commission's rules of practice (§ 201.11(a) of this chapter);

(2) To designate administrative law judges pursuant to Rule 11(b) of the Commission's rules of practice (§ 201.11(b) of this chapter);

(3) To postpone or adjourn hearings or otherwise adjust the date for commencement of hearings pursuant to Rule 13 of the Commission's rules of practice, § 201.13 of this chapter, or to advance or cancel such hearings, if necessary;

(4) To grant extensions of time within which to file papers pursuant to Rule 13 of the Commission's rules of practice (§ 201.13 of this chapter);

(5) To permit the filing of briefs exceeding 60 pages in length, pursuant to Rule 22(d) of the Commission's rules of practice (§ 201.22(d) of this chapter);

(6) To extend the time within which initial decisions are to be filed with the Secretary by administrative law judges designated to prepare such, pursuant to Rule 16(f) of the Commission's rules of practice (§ 201.16(f) of this chapter);

(7) In the event the designated presiding administrative law judge is unavailable to issue subpenas requiring the attendance and testimony of witnesses and subpenas requiring the production of documentary or other tangible evidence at any designated place of hearing upon request therefor by any party, pursuant to Rule 14(b) of the Commission's rules of practice (201.14(b) of this chapter);

(8) Pursuant to sections 15(b)(1)(B), 15B(a)(2)(B), and 19(a)(1)(B) of the Securities Exchange Act of 1934 and section 203(c)(2)(B) of the Investment Advisers Act of 1940 to grant extensions of time for conclusion of proceedings instituted to determine whether applications for registration as a broker or dealer, municipal securities dealer, national securities ex

change, registered securities association, or registered clearing agency, or as an investment adviser should be denied.

(b) Notwithstanding anything in the foregoing, in any case in which the Chief Administrative Law Judge believes it appropriate he or she may submit the matter to the Commission. (15 U.S.C. 77u, 78d, 78d-1, 78d-2, 76 Stat. 394, as amended, secs. 25(1) and 25(2), 89 Stat. 163)

[37 FR 23827, Nov. 9, 1972, as amended at 41 FR 21183, May 24, 1976; 43 FR 13378, Mar. 30, 1978]

§ 200.30-11 Delegation of authority to Director, Office of Applications and Reports Services.

Pursuant to the provisions of Pub. L. 87-592, 76 Stat. 394 (15 U.S.C. 78d-1, 78d-2), the Securities and Exchange Commission hereby delegates the following functions to the Director of the Office of Applications and Reports Services to be performed by him or under his direction by such person or persons as may be designated from time to time by the Chairman of the Commission:

(a) With respect to the Securities Exchange Act of 1934 (15 U.S.C. 78a, et seq.):

(1) Pursuant to section 15(b) of the Act (15 U.S.C. 780(b)):

(i) To authorize the issuance of orders granting registration of brokers or dealers within forty-five days of the filing of an application for registration as a broker or dealer (or within such longer period as to which the applicant consents);

(ii) To authorize the issuance of orders cancelling registrations of brokers or dealers or pending applications for registration, if such brokers or dealers or applicants for registration are no longer in existence or have ceased to do business as brokers or dealers;

(iii) To determine whether notices of withdrawal from registration on Form BDW shall become effective sooner than the normal 60-day waiting period.

(2) Pursuant to section 15B(a) of the Act (15 U.S.C. 780-4(a)), to authorize the issuance of orders granting registration of municipal securities dealers

within 45 days of the filing of an application for registration as a municipal securities dealer (or within such longer period as to which the applicant consents).

(3) Pursuant to section 17A(c)(2) of the Act (15 U.S.C. 78q-1(c)(2)), to authorize the issuance of orders accelerating registration of transfer agents for which the Commission is the appropriate regulatory agency before the expiration of 30 days following the date on which applications for registration as a transfer agent are filed.

(4) Pursuant to section 17A(c)(3)(C) of the Act (15 U.S.C. 78q-1(c)(3)(C)), to set terms and conditions upon which transfer agents registered with the Commission may withdraw from registration as a transfer agent by filing a written notice of withdrawal.

(5) Pursuant to section 17A(c)(3)(C) of the Act (15 U.S.C. 78q-1(c)(3)(C)), to authorize the issuance of orders cancelling registrations of transfer agents registered with the Commission or denying applications for registration as a transfer agent with the Commission, if such transfer agents are no longer in existence or have ceased to do business as transfer agents.

(b) With respect to the Investment Advisers Act of 1940 (15 U.S.C. 80b-1, et seq.).

(1) Pursuant to section 203(c) of the Acts (15 U.S.C. 80b-3(c)), to authorize the issuance of orders granting registration of investment advisers within 45 days of the filing of an application for registration as an investment adviser (or within such longer period as to which the applicant consents).

(i) To determine registration of investment advisers to be effective within shorter periods of time than 45 days after receipt by the Commission of applications for registration;

(ii) To authorize the issuance of orders declaring amendments filed with the Commission after an application has become effective to be effective within shorter periods of time than 30 days after the filing of such amendments.

(2) Pursuant to section 203(h) of the Act (15 U.S.C. 80b-3(i)):

(i) To authorize the issuance of orders cancelling registrations of investment advisers or applications for