of 1940. In any case where a hearing for the purpose of taking testimony relating to whether confidential treatment should be granted or continued is to be held, the Commission may in its discretion, prior to the hearing, require the person desiring the confidential treatment to furnish in writing additional information in respect of its grounds of objection to public disclosure. Failure to supply the information so requested within 15 days from the date of receipt by the registrant of a notice of the information required, shall be deemed a waiver of the objections to public disclosure of that portion of the information filed confidentially with respect to which the additional information required by the Commission relates, unless the Commission shall otherwise order for good cause shown at or before the expiration of such 15-day period. (b) Procedure in confidential treatment cases. All papers containing data as to which confidential treatment is sought, together with any application making objection to the disclosure thereof, or other papers relating in any way to such application, shall be made available to the public only in accordance with orders of the Commission and/or the applicable provisions of Rule 485 issued under the Securities Act of 1933, Rule 24b-2 issued under the Securities Exchange Act of 1934, Rule 104 issued under the Public Utility Holding Company Act of 1935, section 45 of the Investment Company Act of 1940 and Rule 45a-1 issued under that Act, or section 210(a) of the Investment Advisers Act of 1940.

Proposed findings and conclusions and briefs in support of such proposed findings and conclusions, an initial decision, any petition for Commission review thereof, and any briefs pursuant to Commissions order for review, which are filed in connection with any proceeding concerning confidential treatment shall, unless otherwise ordered by the Commission, be for the confidential use only of the hearing officer, the Commission, the parties and counsel. The initial page of copies of such an initial decision will contain a statement that such decision is nonpublic. The order of the Commission sustaining or denying the application for confidential treatment shall be made available to the public. Any findings or opinion issued by a hearing officer or by the Commission in any proceeding relating to confidential treatment shall be

made public at such time as the material filed confidentially is made available to the public.

(c) Rescinded.

(d) Purchase of transcripts of private hearings. Transcripts of private hearings will be supplied to the parties at the prescribed rates.

Rule 27. Review by the Commission of Determinations at a Delegated Level.

(a) Scope of rule. This rule is applicable to determinations at a delegated level made pursuant to authority delegated in Articles 30-1 to 30-6 of Subpart A of the Commission's statement of Organization, Conduct and Ethics, and Information Practices, 17 CFR 200.30-1 to 200.30-6.

(b) Petition for review; when available. Petition for review by the Commission may be made by any party to or intervenor in any matter in which there is a determination at a delegated level made pursuant to the authority delegated in:

(1) Article 30–1(a)(6)(ii), 17 CFR 200.30-1 (a) (6) (ii), regarding the filing of financial statements in addition to, or in substitution for, the statements required in the indicated forms;

(2) Article 30-1(f) (2) (ii), 17 CFR 200.30-1 (f) (2) (ii), regarding the filing of financial statements in addition to, or in substitution for, the statements required in the indicated forms;

(3) Article 30–3(b)(5), 17 CFR 200.30-3(b) (5), regarding the denying of applications by brokers and dealers who are nonresidents of the United States for time extensions for filing the reports indicated in Article 30-3(b) (5) ;

(4) Article 30-4 (c), 17 CFR 200.30-4(c), regarding the denying of applications by brokers and dealers for time extensions for filing the reports indicated in Article 30-4(c).

(c) Petition for review; procedure. Any party or intervenor who seeks review of a determination at a delegated level shall communicate to the Secretary of the Commission by telegram or otherwise a notice of intention to petition for review. Such communications shall be made within 1 day after receipt of actual notice of the determination or within 5 days after notice has been mailed to the person's last address listed with the Commission, whichever is shorter. The notice of intention to petition for review shall identify the petitioner and the determination complained of. Within 5 days after such notice has been communicated, a petition for review contain

ing a clear and concise statement of the issues to be reviewed and the reasons review is appropriate shall be filed with the Commission.

(d) Review by the Commission on its own initiative. The Commission may on its own initiative order review of any determination at a delegated level at any time; except that any review by the Commission on its own initiative will be ordered within 5 days after the determination where there are parties to or intervenors in the matter.

(e) Effect of delegated determinations; stays, etc. Any determination at a delegated level shall have immediate effect and be deemed the action of the Commission. Upon communication to the Secretary of a notice of intention to petition for review as provided in paragraph (c) hereof,

the determination at a delegated level shall thereafter be stayed until the Commission orders otherwise. An order directing review on the Commission's own initiative or granting a petition for review will set forth the procedure to be followed thereafter, including the time within which any party or intervenor may file a statement in support of or in opposition to the determination, whether a stay should be granted or continued and whether oral argument will be heard. As against any person who shall have acted in reliance upon any determination at a delegated level, any stay or any modification or reversal by the Commission of such determination shall be effective only from the time such person receives actual notice of such stay, modification or reversal.