Rules of PracticeExtension of Comment Period

SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 201, 202, 229, and 240

[Release No. 34-33429; File No. S7-40-92]

RIN 3235-AF91

Rules of Practice--Extension of Comment Period

AGENCY: Securities and Exchange Commission.

ACTION: Proposed rule; extension of comment period.

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SUMMARY: The Securities and Exchange Commission is extending from

January 6, 1994 to February 4, 1994 the comment period for Securities

Exchange Act Release No. 34-33163 (58 FR 61732 [Nov. 22, 1993]), which

proposed comprehensive revisions to the Commission's Rules of Practice

governing Commission administrative proceedings including, among

others, evidentiary hearings before administrative law judges, appeals

of self-regulatory organization disciplinary actions and administrative

law judge initial decisions and certain rulemaking proceedings. Since

publication of the rules, the Commission has received from interested

persons a number of requests for extension of the comment period.

DATES: Comments must be submitted on or before February 4, 1994.

ADDRESSES: Comments should be addressed to File No. S7-40-92,

Attention: Jonathan G. Katz, Secretary; U.S. Securities and Exchange

Commission; 450 Fifth Street, NW.; Stop 6-9; Washington, DC 20549. All

comments received will be available for public inspection and copying

in the Commission's Public Reference Room 450 Fifth Street, NW.,

Washington, DC 20549.

FOR FURTHER INFORMATION CONTACT: Andrew Z. Glickman or Daniel O.

Hirsch, Office of the General Counsel at (202) 272-2428; U.S.

Securities and Exchange Commission; 450 Fifth Street, NW.; Stop 6-6;

Washington, DC 20549.

SUPPLEMENTARY INFORMATION:

I. Introduction

On November 5, 1993, the Commission authorized publication in the

Federal Register of a proposal to make major amendments to the

Commission's Rules of Practice. Published on November 22, 1993 (58 FR

61732), this proposal stems from the work of the Commission's Task

Force on Administrative Proceedings, chaired by Commissioner Mary

Schapiro. In addition to updating the Commission's existing rules and

make them more consistent with actual practices, the proposed revisions

would establish procedures to implement the authority granted to the

Commission by the Securities Enforcement Remedies and Penny Stock

Reform Act. The Commission requested that comments the received by

January 6, 1994.

Since the publication of the Rules, the Commission has received

from interested persons a number of requests for an extension of the

comment period. On December 27, 1993, an Ad Hoc Committee of the

American Bar Association that is preparing comments in response to the

Commission's proposal sent a letter requesting that the comment period

be extended from January 6, 1994 to February 1, 1994. The stated reason

for this request is the ABA requires more time because of the breadth

of the Commission's proposal and its accompanying commentary. Three

other parties have contacted the Commission's Office of the General

Counsel to request an extension of the comment period.

II. Discussion

In light of the length and complexity of the release and the

benefits to the Commission of receiving carefully considered comments,

the Commission believes a reasonable extension of the comment period is

appropriate. Therefore, in order to assist interested participants in

their consideration and preparation of carefully reasoned comments, the

Commission is extending the comment period for all persons to February

4, 1994.

III. Conclusion

The comment period for responding to Securities Exchange Act

Release No. 34-33163 is extended to February 4, 1994.

Dated: January 5, 1994.

By the Commission.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 94-621 Filed 1-10-94; 8:45 am]

BILLING CODE 8010-01-M