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## Record

- **Collection:** Agency decision
- **Document type:** Agency decision

## Text

Conformed to Federal Register version

SECURITIES AND EXCHANGE COMMISSION
17 CFR Parts 200, 201, and 203
[Release Nos. 33–11431; 34–105923; IC–36254; IA–6981]
Modernization of Delegations of Authority to Commission Staff
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 further modernize these rules, to
better reflect the way the Commission conducts its business, and to more efficiently use the
Commission’s resources.
DATES: This release was published in the Federal Register on July 20, 2026. This rule is
effective July 26, 2026.
FOR FURTHER INFORMATION CONTACT: J. Matthew DeLesDernier, Deputy
Secretary, Office of the Secretary, (202) 551-5400, Securities and Exchange Commission,
100 F Street NE, Washington, D.C. 20549–9040.
SUPPLEMENTARY INFORMATION: The Commission is adopting amendments to
the following rules:
Commission
Reference

CFR Citation
(17 CFR)

Rules of General Organization
Article 10

200.10

Article 13a

200.13a

Article 19d

200.19d

Article 30–3a

200.30–3a

Article 30–18

200.30–18

Article 30–19

200.30–19

Rules of Practice
Rule 430

201.430

Rule 431

201.431

Rules Related to Investigations

Rule 2

203.2

I. Discussion
The Commission is amending certain of 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 The Securities Exchange Act of 1934 (the “Exchange Act”) 3
authorizes the Commission to delegate certain of its functions by published rule to an
agency division or employee. 4 Subject to certain conditions, actions taken pursuant to
delegated authority are deemed the action of the Commission. 5 The Exchange Act provides
that the Commission retains a right of review any such action for a period of time prescribed
by rule, and that the vote of any one member of the Commission is sufficient to bring any
such action before the Commission for review. 6 The Commission is amending certain of its
rules delegating authority to the Commission’s staff to further modernize these rules, to
better reflect the way the Commission conducts its business, and to more efficiently use the
Commission’s resources, as discussed in detail below.
A. Delegation to the Director of the EDGAR Business Office
The Commission is consolidating certain of its administrative functions within the
EDGAR Business Office. Many filer support functions are currently carried out by the

1

Articles 30–1 through 30–19.

2

Articles 10 through 27.

3

15 U.S.C. 78a et seq.

4

Section 4A(a) of the Exchange Act.

5

Section 4A(c) of the Exchange Act.

6

Section 4A(b) of the Exchange Act.

EDGAR Business Office, but authority to perform the following related functions is
currently delegated to the Director of the Division of Examinations:
•

Authority to issue an order under the Investment Advisers Act of 1940 (the “Advisers
Act”) 7 cancelling the registration of an investment adviser; 8

•

Authority to issue an order granting or cancelling registration of brokers, dealers,
municipal advisors, municipal securities dealers, government securities brokers,
government securities dealers, and transfer agents; 9

•

Authority to issue an order under the Advisers Act granting registration as an investment
adviser; 10

•

Certain authorities related to broker or dealer reporting or assessment delinquency; 11 and

•

Authority to issue an order granting or cancelling registration of securities-based swap
dealers and major securities-based swap participants. 12
We believe that consolidating these functions within the EDGAR Business Office and

delegating authority to perform these functions to the Director of the EDGAR Business
Office will promote more efficient and streamlined operations, reduce redundancy, and
improve customer service to the public. Accordingly, we have determined to rescind the
delegations to the Director of the Division of Examinations and make corresponding
delegations to the Director of the EDGAR Business Office. 13

7

15 U.S.C. 80b–1 et seq.

8

Current Article 30–18(i)(1).

9

Current Article 30–18(j).

10

Current Article 30–18(k).

11

Current Article 30–18(l).

12

Current Article 30–18(m).

13

Article 30–18; Article 30–19. We are also making technical corrections to Rule 2 of our Rules Related to
Investigations, which permits certain officials to orally share information obtained in investigations or

B. Delegation to the Director of the Office of Municipal Securities
We are also delegating one of the above authorities to the Director of the Office of
Municipal Securities. Currently, the Director of the Office of Municipal Securities is, like
the Director of the Division of Examinations, authorized to issue an order granting or
cancelling the registration of a municipal advisor or to grant the registration of a municipal
securities dealer. 14 However, unlike the Director of the Division of Examinations, the
Director of the Office of Municipal Securities is not currently authorized to issue an order
cancelling the registration of a municipal securities dealer. 15 Many of the delegations that we
have made to the Director of Trading and Markets have a corresponding delegation to the
Director of the Office of Municipal Securities, when applied to matters involving the
Municipal Securities Rulemaking Board, municipal securities, or municipal securities
dealers, 16 but this is an exception. To provide greater consistency across these regulated
entities and enhance efficiency, we have determined to delegate this authority to the
Director of the Office of Municipal Securities, who will, as discussed above, now share it
with the Director of the EDGAR Business Office. 17
C. Technical Correction Regarding Review of Delegated Action
Finally, we are making a set of technical corrections to Rules 430 and 431 of our Rules
of Practice, which specify procedural parameters for the right of Commission review of

examinations with other regulators, to reflect current division names and the effect of a recent internal
reorganization. 17 CFR 203.2.
14

Current Article 30–3a(a)(1); current Article 30–3a(a)(3); current Article 30–18(j)(2); current Article 30–
18(j)(7).

15

Current Article 30–18(j)(2); current Article 30–3a(a)(3).

16

See Modernization of Delegations of Authority to Commission Staff and Division and Office Descriptions,
Securities Act Release No. 10913 (Dec. 22, 2020) [86 FR 9436 (Feb. 16, 2021)], at Part II.C.

17

Article 30–3a(a)(3); Article 30–19(e)(8). We are also making a correction to the description of the Office of
Municipal Securities in our Rules of General Organization regarding its responsibilities.

delegated actions under Section 4A of the Exchange Act. 18 The corrections clarify that these
rules apply to delegated actions taken by the Director of the EDGAR Business Office. 19
II. Administrative Law Matters
The Commission finds, in accordance with the Administrative Procedure Act (the
“APA”), that these amendments relate solely to agency organization, procedure, or practice
and do not constitute a substantive rule. 20 Accordingly, the APA’s provisions regarding
notice of proposed rulemaking and opportunity for public comment are not applicable.
These amendments do not substantially affect the rights or obligations of non-agency parties
and pertain to the management of internal Commission operations. These changes are
effective on July 26, 2026. For the same reasons, the provisions of the Small Business
Regulatory Enforcement Fairness Act are not applicable. 21 Additionally, the provisions of
the Regulatory Flexibility Act, 22 which apply only when notice and comment are required
by the APA or other law, are not applicable. 23 These amendments do not contain any
collection of information requirements as defined by the Paperwork Reduction Act of
1995. 24 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. 25

18

Current Rule 430 of the Commission’s Rules of Practice; current Rule 431 of the Commission’s Rules of
Practice; see also supra note 6 and accompanying text.

19

Rule 430 of the Commission’s Rules of Practice; Rule 431 of the Commission’s Rules of Practice. We are
also making a correction to the description of the Office of the Secretary in our Rules of General
Organization to remove a statement about administration of the library, which function has been
reassigned within the agency. Current Article 13a(c).

20

5 U.S.C. 553(b)(A).

21

See 5 U.S.C. 804(3)(C) (the term “rule” does not include “any rule of agency organization, procedure, or
practice that does not substantially affect the rights or obligations of non-agency parties”).

22

5 U.S.C. 60 et seq.

23

See 5 U.S.C. 601(2).

24

See 5 CFR 1320.3.

25

15 U.S.C. 78w(a)(2).

Statutory Authority
The amendments are 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
17 CFR Part 200
Administrative practice and procedure, Authority delegations (Government agencies).
17 CFR Part 201
Administrative practice and procedure.
17 CFR Part 203
Administrative practice and procedure, Investigations.
Text of Rule Amendments
For the reasons stated 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
1. The authority citation for part 200 continues to read as follows:
Authority: 5 U.S.C. 552, 552a, 552b, and 557; 11 U.S.C. 901 and 1109(a); 15 U.S.C.
77c, 77e, 77f, 77g, 77h, 77j, 77o, 77q, 77s, 77u, 77z-3, 77ggg(a), 77hhh, 77sss, 77uuu, 78b,
78c(b), 78d, 78d-1, 78d-2, 78e, 78f, 78g, 78h, 78i, 78k, 78k-1, 78l, 78m, 78n, 78o, 78o-4, 78q,
78q-1, 78t-1, 78u, 78w, 78ll(d), 78mm, 78eee, 80a-8, 80a-20, 80a-24, 80a-29, 80a-37, 80a-41,
80a-44(a), 80a-44(b), 80b-3, 80b-4, 80b-5, 80b-9, 80b-10(a), 80b-11, 7202, and 7211 et seq.; 29
U.S.C. 794; 44 U.S.C. 3506 and 3507; Reorganization Plan No. 10 of 1950 (15 U.S.C. 78d);
sec. 8G, Pub. L. 95-452, 92 Stat. 1101 (5 U.S.C. App.); sec. 913, Pub. L. 111-203, 124 Stat.

1376, 1827; sec. 3(a), Pub. L. 114-185, 130 Stat. 538; E.O. 11222, 30 FR 6469, 3 CFR, 19641965 Comp., p. 36; E.O. 12356, 47 FR 14874, 3 CFR, 1982 Comp., p. 166; E.O. 12600, 52
FR 23781, 3 CFR, 1987 Comp., p. 235; Information Security Oversight Office Directive
No. 1, 47 FR 27836; and 5 CFR 735.104 and 5 CFR parts 2634 and 2635, unless otherwise
noted.
2. Remove the undesignated center heading before § 200.10.
3. Amend § 200.13a by removing paragraph (c).
4. Revise § 200.19d to read as follows:
§ 200.19d Director of the Office of Municipal Securities.
The Director of the Office of Municipal Securities is responsible to the Commission for
the administration and execution of the Commission's programs under the Securities
Exchange Act of 1934 relating to the registration and regulation of municipal advisors, the
registration and regulation of municipal securities brokers and dealers, and oversight of the
Municipal Securities Rulemaking Board. The functions involved include recommending the
adoption and amendment of Commission rules, reviewing proposed rule changes of the
Municipal Securities Rulemaking Board, and responding to interpretive and no-action
requests.
5. Section 200.30–3a is amended by revising paragraph (a)(3) to read as follows:
§ 200.30–3a Delegation of authority to Director of the Office of Municipal Securities.
* * * * *
(a) ***
* * * * *
(3) Pursuant to section 15B(a) of the Act [15 U.S.C. 78o-4(a)]:

(i) To authorize the issuance of orders granting registration of municipal securities
dealers within forty-five 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); and
(ii) To authorize the issuance of orders canceling the registration of a municipal
securities dealer, if such municipal securities dealer is no longer in existence or has ceased to
do business as a municipal securities dealer.
* * * * *
6. Section 200.30–18 is amended by:
a. Removing and reserving paragraph (i)(1); and
b. Removing and reserving paragraphs (j) through (m).
7. Section 200.30–19 is amended by adding paragraphs (d) through (h) to read as
follows:
§ 200.30–19 Delegation of authority to Director of the EDGAR Business Office.
* * * * *
(d) With respect to the Investment Advisers Act of 1940 (“Advisers Act”) (15 U.S.C.
80b-1 et seq.), pursuant to Section 203(h) of the Advisers Act (15 U.S.C.80b-3(h)), to
authorize the issuance of orders cancelling registration of investment advisers, or
applications for registration, if such investment advisers or applicants for registration are no
longer in existence or are not engaged in business as investment advisers.
(e) With respect to the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.):
(1) Under section 15(b) of the Act (15 U.S.C. 78o(b)):
(i) To authorize the issuance of orders granting registration of brokers or dealers within
45 days of the acceptance of an application for registration as a broker or dealer (or within
such longer period as to which the applicant consents);

(ii) To grant registration of brokers or dealers sooner than 45 days after acceptance of an
application for registration;
(iii) To authorize the issuance of orders canceling 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 are not engaged in business as brokers or dealers; and
(iv) To determine whether notices of withdrawal from registration on Form BDW shall
become effective sooner than the normal 60-day waiting period.
(2) Under section 15B(a) of the Act (15 U.S.C. 78o-4(a)):
(i) To authorize the issuance of orders granting registration of municipal securities
dealers within 45 days of the filing of acceptable applications for registration as a municipal
securities dealer (or within such longer period as to which the applicant consents); and
(ii) To grant registration of municipal securities dealers sooner than 45 days after receipt
by the Commission of acceptable applications for registration.
(3) Under section 15B(c) of the Act (15 U.S.C. 78o-4(c)):
(i) To authorize the issuance of orders canceling registrations of municipal securities
dealers, or pending applications for registration, if such municipal securities dealers or
applicants for registration are no longer in existence or are not engaged in business as
municipal securities dealers; and
(ii) To determine whether notices of withdrawal from registration on Form MSDW shall
become effective sooner than the normal 60-day waiting period.
(4) Under section 15C(a) of the Act (15 U.S.C. 78o-5(a)):
(i) To authorize the issuance of orders granting registration of government securities
brokers or government securities dealers for which the Commission is the appropriate
regulatory agency within 45 days of the acceptance of an application for registration as a

government securities broker or government securities dealer (or within such longer period
as to which the applicant consents); and
(ii) To grant registration of government securities brokers or government securities
dealers for which the Commission is the appropriate regulatory agency sooner than 45 days
after acceptance of an application for registration.
(5) Under section 15C(c) of the Act (15 U.S.C. 78o-5(c)):
(i) To authorize the issuance of orders canceling registrations of government securities
brokers or government securities dealers registered with the Commission, or pending
applications for registration, if such government securities brokers or government securities
dealers or applicants for registration are no longer in existence or are not engaged in
business as government securities brokers or government securities dealers; and
(ii) To determine whether notices of withdrawal from registration on Form BDW shall
become effective sooner than the normal 60-day waiting period.
(6) Under section 17A(c) of the Act (15 U.S.C. 78q-1(c)):
(i) To authorize the issuance of orders granting registration of transfer agents within 45
days of the filing of acceptable applications for registration as a transfer agent (or within
such longer period as to which the applicant consents);
(ii) To grant registration of transfer agents sooner than 45 days after receipt by the
Commission of acceptable applications for registration;
(iii) To authorize the issuance of orders canceling registrations of transfer agents, or
pending applications for registration, if such transfer agents or applicants for registration are
no longer in existence or are not engaged in business as transfer agents; and
(iv) To determine whether notices of withdrawal from registration on Form TA-W shall
become effective sooner than the normal 60-day waiting period.

(7) Under section 15B(a) of the Act (15 U.S.C. 78o-4(a)):
(i) To authorize the issuance of orders granting registration of municipal advisors within
45 days of the filing of an application for registration as a municipal advisor (or within such
longer period as to which the applicant consents); and
(ii) To grant registration of municipal advisors sooner than 45 days after the filing of an
application for registration.
(8) Under section 15B(c) of the Act (15 U.S.C. 78o-4(c));
(i) To authorize the issuance of orders canceling the registration of a municipal advisor,
if such municipal advisor is no longer in existence or has ceased to do business as a
municipal advisor; and
(ii) To determine whether notices of withdrawal from registration on Form MA-W shall
become effective sooner than the 60-day waiting period.
(f) With respect to the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.):
(1) Under section 203(c) of the Act (15 U.S.C. 80b-3(c)):
(i) To authorize the issuance of orders granting registration of investment advisers within
45 days of the filing of acceptable applications for registration as an investment adviser (or
within such longer period as to which the applicant consents); and
(ii) To grant registration of investment advisers sooner than 45 days after receipt by the
Commission of acceptable applications for registration.
(2) [Reserved]
(g) With respect to the Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa et
seq.):

(1) To cause a written notice to be sent by registered or certified mail, upon receipt of a
copy of a notice sent by or on behalf of the Securities Investor Protection Corporation that a
broker or dealer has failed to timely file any report or information or to pay when due all or
any part of an assessment as required under section 10(a) of this Act, to such delinquent
member advising such member that it is unlawful for the member under the provisions of
such section of the Act to engage in business as a broker-dealer while in violation of such
requirements of the Act and requesting an explanation in writing within ten days stating
what he or she intends to do in order to cure such delinquency;
(2) To authorize formerly delinquent brokers or dealers, upon receipt of written
confirmation from or on behalf of the Securities Investor Protection Corporation that the
delinquencies referred to in paragraph (g)(1) of this section have been cured, and upon
having been advised by the appropriate regional office of this Commission and the Division
of Enforcement and Division of Trading and Markets that there is no objection to such
member being authorized to resume business, and upon there appearing to be no unusual or
novel circumstances which would warrant direct consideration of the matter by this
Commission, to resume business as registered broker-dealers as provided in section 10(a) of
this Act.
(h) With respect to the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.):
(1) Under section 15F(b) of the Act (15 U.S.C. 78o-10(b)):
(i) To authorize the issuance of orders granting on-going registration to security-based
swap dealers and major security-based swap participants based on the security-based swap
dealer's or major security-based swap participant's application, pursuant to § 240.15Fb2-1(e)
of this chapter (Rule 15Fb2-1(e));
(ii) To authorize the issuance of orders canceling the registration of security-based swap
dealers and major security-based swap participants registered pursuant to § 240.15Fb2-1 of

this chapter (Rule 15Fb2-1) if such persons are no longer in existence or have ceased to do
business as security-based swap dealers or major security-based swap participants, pursuant
to § 240.15Fb3-3(a) of this chapter (Rule 15Fb3-3(a)); and
(iii) To determine by order, pursuant to § 240.15Fb3-2(b) of this chapter (Rule 15Fb32(b)), whether notices of withdrawal of registration filed by security-based swap dealers or
major security-based swap participants pursuant to section 15F(b) of the Securities
Exchange Act of 1934 (15 U.S.C. 78o-10(b)) shall become effective sooner than the normal
60 day waiting period provided in Rule 15Fb3-2(b) (§ 240.15Fb3-2(b) of this chapter).
PART 201—RULES OF PRACTICE
8. The authority citation for part 201 continues to read in part as follows:
Authority: 15 U.S.C. 77s, 77sss, 78w, 78x, 80a-37, and 80b-11; 5 U.S.C. 504(c)(1).
* * * * *
9. Section 201.430 is amended by revising paragraphs (a) and (c) to read as follows:
§ 201.430 Appeal of actions made pursuant to delegated authority.
(a) Scope of rule. Any person aggrieved by an action made by authority delegated in §§
200.30-1 through 200.30-8 or §§ 200.30-11 through 200.30-19 of this chapter may seek
review of the action pursuant to paragraph (b) of this section.
* * * * *
(c) Prerequisite to judicial review. Pursuant to Section 704 of the Administrative Procedure
Act, 5 U.S.C. 704, a petition to the Commission for review of an action made by authority
delegated in §§ 200.30-1 through 200.30-19 of this chapter is a prerequisite to the seeking of
judicial review of a final order entered pursuant to such an action. Pursuant to 15 U.S.C.
7214(h)(2), any decision by the Commission pursuant to 200.30-11 shall not be reviewable

under 15 U.S.C. 78y and shall not be deemed 'final agency action' for purposes of 5 U.S.C.
704.
10. Section 201.431 is amended by revising paragraph (a) to read as follows:
§ 201.431 Commission consideration of actions made pursuant to delegated authority.
(a) Scope of review. The Commission may affirm, reverse, modify, set aside or remand for
further proceedings, in whole or in part, any action made pursuant to authority delegated in
§§ 200.30-1 through 200.30-19 of this chapter.
* * * * *
PART 203—RULES RELATED TO INVESTIGATIONS
11. The authority citation for part 203 continues to read as follows:
Authority: 15 U.S.C. 77s, 77sss, 78w, 80a-37, and 80b-11, unless otherwise noted.
12. Section 203.2 is revised to read as follows:
§ 203.2 Information obtained in investigations and examinations.
Information or documents obtained by the Commission in the course of any
investigation or examination, unless made a matter of public record, shall be deemed nonpublic, but the Commission approves the practice whereby officials of the Divisions of
Enforcement, Examinations, Corporation Finance, Trading and Markets, Investment
Management, and the Office of International Affairs at the level of Assistant Director or
higher, may engage in and may authorize members of the Commission's staff to engage in
discussions with persons identified in § 240.24c-1(b) of this chapter concerning information

obtained in individual investigations or examinations, including formal investigations
conducted pursuant to Commission order.
By the Commission.
Dated: July 15, 2026.

Vanessa A. Countryman,
Secretary.

---

Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3Af6a404a6be0c9055. Public record. Not legal advice.