[Code of Federal Regulations]
[Title 17, Volume 2]
[Revised as of April 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR200.30-5]

[Page 33-38]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER II--SECURITIES AND EXCHANGE COMMISSION
 
PART 200--ORGANIZATION; CONDUCT AND ETHICS; AND INFORMATION AND REQUESTS--Table of Contents
 
             Subpart A--Organization and Program Management
 
Sec. 200.30-5  Delegation of authority to Director of Division of Investment Management.

    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, until the Commission orders otherwise, the following 
functions to the Director of the Division of Investment Management, 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 Investment Company Act of 1940 (15 U.S.C. 
80a-1 et seq.):
    (1) Except as otherwise provided in this section, to issue notices, 
under Sec. 270.0-5 of this chapter, with respect to applications for 
orders under the Act and the rules and regulations thereunder and, with 
respect to section 8(f) of the Act (15 U.S.C. 80a-8(f)), in cases where 
no application has been filed, where, upon examination, the matter does 
not appear to the Director to present significant issues that have not 
been previously settled by the Commission or to raise questions of fact 
or policy indicating that the public interest or the interest of 
investors warrants that the Commission consider the matter.
    (2) Except as otherwise provided in this section, to authorize the 
issuance of orders where a notice, under Sec. 270.0-5 of this chapter, 
has been issued and no request for a hearing has been received from any 
interested person within the period specified in the notice and the 
Director believes that the matter presents no significant issues that 
have not been previously settled by the Commission and it does not 
appear to the Director to be necessary in the public interest or the 
interest of investors that the Commission consider the matter.
    (3) To permit the withdrawal of applications pursuant to the Act (15 
U.S.C. 80a-1 et seq.)
    (4) In connection with the mailing of reports to stockholders and 
the filing with the Commission of registration statements and of 
reports:
    (i) To grant reasonable extensions of time, upon a showing of good 
cause and that it would not be contrary to the

[[Page 34]]

public interest or inconsistent with the protection of investors; and
    (ii) To deny requests for extensions of time, provided the applicant 
is advised that he can request Commission review of any such denial.
    (5) [Reserved]
    (6) To authorize the issuance of orders granting confidential 
treatment pursuant to section 45(a) of the Act (15 U.S.C. 80a-44(a)) 
where applications for confidential treatment are made regarding matters 
of disclosure in registration statements filed pursuant to section 8 of 
the Act (15 U.S.C. 80a-8), or in reports filed pursuant to section 30 of 
the Act (15 U.S.C. 80a-29), but only when the Commission has previously 
by order granted confidential treatment to the same information.
    (7) To issue notices, pursuant to Rule 0-5(a) (Sec. 270.0-5(a) of 
this chapter) with respect to applications for temporary and permanent 
orders under section 9(c) of the Investment Company Act of 1940 (15 
U.S.C. 80a-9(c)), and to conditionally or unconditionally exempt 
persons, for a temporary period not exceeding 60 days, from section 9(a) 
of the Investment Company Act of 1940 (15 U.S.C. 80a-9(a)), if, on the 
basis of the facts then set forth in the application, it appears that:
    (i)(A) The prohibitions of section 9(a), as applied to the 
applicant, may be unduly or disproportionately severe, or (B) the 
applicant's conduct has been such as not to make it against the public 
interest or the protection of investors to grant the temporary 
exemption; and
    (ii) Granting the temporary exemption would protect the interests of 
the investment companies being served by the applicant by allowing time 
for the orderly consideration of the application for permanent relief or 
the orderly transition of the applicant's responsibilities to a 
successor, or both.
    (8) To issue--
    (i) Notices, pursuant to Rule 0-5(a) (Sec. 270.0-5(a) of this 
chapter), with respect to applications for permanent orders under 
section 9(c) of the Act [15 U.S.C. 80a-9(c)], and, orders, pursuant to 
paragraph (a)(2) of this section, that exempt conditionally or 
unconditionally persons from section 9(a) of the Act [15 U.S.C. 80a-
9(a)], if, on the basis of the facts then set forth in the application, 
it appears that:
    (A) The prohibitions of section 9(a) of the Act, as applied to the 
applicant, may be unduly or disproportionately severe, or the 
applicant's conduct has been such as not to make it against the public 
interest or the protection of investors to grant the exemption;
    (B) The prohibitions arise under section 9(a)(3) of the Act solely 
because the applicant employs, or will employ, a person who is 
disqualified under section 9(a) (1) or (2) of the Act; and,
    (C) The employee does not and will not serve in any capacity 
directly related to providing investment advice to, or acting as 
depositor for, any registered investment company, or acting as principal 
underwriter for any registered open-end company, registered unit 
investment trust or registered face amount certificate company.
    (ii) Temporary orders under section 9(c) of the Act [15 U.S.C. 80a-
9(c)], exempting conditionally or unconditionally persons from section 
9(a) of the Act [15 U.S.C. 80a-9(a)], if, on the basis of the 
application, it appears that:
    (A) The prohibitions arise under section 9(a)(3) of the Act solely 
because the applicant employs a person who is disqualified under section 
9(a) (1) or (2) of the Act; and
    (B) Applicant meets the requirements of paragraphs (a)(8)(i) (A) and 
(C) of this section.
    (b) With respect to matters pertaining to investment companies 
registered under the Investment Company Act of 1940 (15 U.S.C. 80a et 
seq.), pooled investment funds or accounts, and the general assets or 
separate accounts of insurance companies, all arising under 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.), and the Trust Indenture Act of 1939 
(15 U.S.C. 77aaa et seq.), the same functions as are delegated to the 
Director of the Division of Corporation Finance in regard to companies 
other than such investment companies in paragraphs (a), (e), and (f) of 
Sec. 200.30-1.
    (b-1) With respect to the Securities Act of 1933. (1) To issue 
notices with respect to applications for orders under section

[[Page 35]]

3(a)(2) exempting from section 5 interests or participations issued in 
connection with stock bonus, pension, profit-sharing, or annuity plans 
covering employees some or all of whom are employees within the meaning 
of section 401(c)(1) of the Internal Revenue Code of 1954 where, upon 
examination, the matter does not appear to him to present issues not 
previously settled by the Commission or to raise questions of fact or 
policy indicating that the public interest or the interest of investors 
requires that a hearing be held.
    (2) To authorize the issuance of orders where a notice has been 
issued and no request for a hearing has been received from any 
interested person within the period specified in the notice and the 
matter involved presents no issue that he believes has not been settled 
previously by the Commission and it does not appear to him to be 
necessary in the public interest or the interest of investors that a 
hearing be held.
    (b-2) With respect to post-effective amendments filed pursuant to 
Sec. 230.485(a) or Sec. 230.486(a) of this chapter:
    (1) To suspend the operation of paragraph (a) of such sections and 
to issue written notices to registrants of such suspensions;
    (2) To determine such amendments to be effective within shorter 
periods of time than the sixtieth day after the filing thereof.
    (b-3) With respect to post-effective amendments filed pursuant to 
Sec. 230.485(b) or Sec. 230.486(b) of this chapter:
    (1) To approve additional purposes for post-effective amendments 
which shall be eligible for immediate effectiveness pursuant to 
paragraph (b) of such sections.
    (2) To suspend the operation of paragraph (b) of such sections and 
to issue written notices to registrants of such suspensions.
    (b-4) With respect to registration statements filed pursuant to 
paragraph (a) of Rule 487 under the Act (17 CFR 230.487(a)):
    (1) To suspend the operation of said paragraph (a) and to issue 
written notices to registrants of such suspensions.
    (b-5) With respect to registration statements filed pursuant to 
paragraph (a) of rule 488 under the Act (17 CFR 230.488(a)):
    (1) To suspend the operation of said paragraphs and to issue written 
notices to registrants of such suspensions;
    (2) To determine such amendments to be effective within shorter 
periods of time than the thirtieth day after the filing thereof.
    (c) With respect to the Securities Act of 1933 and Regulation E 
thereunder (Sec. 230.601 et seq. of this chapter):
    (1) To authorize the offering of securities:
    (i) Less than ten days subsequent to the filing with the Commission 
of a notification on Form 1-E (Sec. 239.200 of this chapter) pursuant to 
Rule 604(a) (Sec. 230.604(a) of this chapter);
    (ii) Less than ten days subsequent to the filing of an amendment to 
a notification on Form 1-E (Sec. 239.200 of this chapter) pursuant to 
Rule 604(c) (Sec. 230.604(c) of this chapter).
    (2) To authorize the use of a revised or amended offering circular 
less than ten days subsequent to the filing thereof pursuant to Rule 
605(e) (Sec. 230.605(e) of this chapter).
    (3) To authorize the use of communications specified in paragraphs 
(a), (b) and (c) of Rule 607 (Sec. 230.607 of this chapter), less than 
five days subsequent to the filing thereof.
    (4) To permit the withdrawal of any notification, or any exhibit or 
other documents filed as a part thereof, pursuant to Rule 604(d) 
(Sec. 230.604(d) of this chapter).
    (c-1) With respect to the Securities Exchange Act of 1934: (1) To 
grant and deny applications filed pursuant to section 24(b) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78x(b)) and Rule 24b-2 
thereunder (Sec. 240.24b-2 of this chapter) for confidential treatment 
of information filed pursuant to section 13(f) of that Act (15 U.S.C. 
78m(f)) and Rule 13f-1 thereunder (Sec. 240.13f-1 of this chapter).
    (2) To revoke a grant of confidential treatment for any such 
application.
    (3) To administer the provisions of Sec. 240.24c-1 of this chapter; 
provided that access to nonpublic information as defined in such section 
shall be provided only with the concurrence of the head

[[Page 36]]

of the Commission division or office responsible for such information or 
the files containing such information.
    (4) To administer the provisions of section 24(d) of the Act (15 
U.S.C. 78x(d)).
    (d) To issue certifications to investment companies that are 
principally engaged in the furnishing of capital to corporations that 
are principally engaged in the development or exploitation of 
inventions, technological improvements, new processes, or products not 
previously generally available, under Section 851(e) of the Internal 
Revenue Code of 1986 (26 U.S.C. 851(e)), where applications from the 
investment companies do not present issues that have not been previously 
settled by the Commission and do not require a hearing.
    (e) With respect to the Investment Advisers Act of 1940 (15 U.S.C. 
80b-1 to 80b-22):
    (1) Pursuant to section 203(c) of the Act (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).
    (2) Pursuant to section 203(h) of the Act (15 U.S.C. 80b-3(h)), to 
authorize the issuance of orders canceling registration of investment 
advisers, or applications for registration, if such investment advisers 
or applicants for registration are no longer in existence, not engaged 
in business as investment advisers, or are prohibited from registering 
as investment advisers under Section 203A of the Act (15 U.S.C. 80b-3a).
    (3) To issue notices, under Sec. 275.0-5 of this chapter, with 
respect to applications for orders under the Act and the rules and 
regulations thereunder where, upon examination, the matter does not 
appear to the Director to present significant issues that have not been 
previously settled by the Commission or to raise questions of fact or 
policy indicating that the public interest or the interest of investors 
warrants that the Commission consider the matter.
    (4) To authorize the issuance of orders where a notice, pursuant to 
Sec. 275.0-5 of this chapter, has been issued, no request for a hearing 
has been received from any interested person within the period specified 
in the notice, and the Director believes that the matter presents no 
significant issues that have not been previously settled by the 
Commission and it does not appear to the Director to be necessary in the 
public interest or the interest of investors that the Commission 
consider the matter.
    (5) To permit the withdrawal of applications pursuant to the Act (15 
U.S.C. 80b-1 et seq.).
    (6) Pursuant to Rule 204-2(j)(3)(ii) (Sec. 275.204-2(j)(3)(ii) of 
this chapter), to make written demands upon non-resident 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 non-resident 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 Act, or any 
part of such books and records which may be specified in any such 
demand.
    (7) Pursuant to section 203A(d) of the Act (15 U.S.C. 80b-3a(d)), to 
set the terms of, and grant or deny as appropriate, continuing hardship 
exemptions under Sec. 275.203-3 of this chapter.
    (f) With respect to the Public Utility Holding Company Act of 1935 
(15 U.S.C. 79 et seq.):
    (1) To issue notices with respect to applications or declarations 
under the following sections of the Act:
    (i) Section 2(a)(3), 15 U.S.C. 79(b)(a)(3).
    (ii) Section 2(a)(4), 15 U.S.C. 79b(a)(4).
    (iii) Section 2(a)(7), 15 U.S.C. 79b(a)(7).
    (iv) Section 2(a)(8), 15 U.S.C. 79b(a)(8).
    (v) Section 3(a), 15 U.S.C. 79c(a).
    (vi) Section 3(b), 15 U.S.C. 79c(b).
    (vii) Section 5(d), 15 U.S.C. 79e(d).
    (viii) Section 6(b), 15 U.S.C. 79f(b).
    (ix) Section 7, 15 U.S.C. 79g.
    (x) Section 9(c)(3), 15 U.S.C. 79i(c)(3).
    (xi) Section 10, 15 U.S.C. 79j.
    (xii) Section 11(e), 15 U.S.C. 79k(e).
    (xiii) Section 12(b), 15 U.S.C. 79l(b).
    (xiv) Section 12(c), 15 U.S.C. 79l(c).
    (xv) Section 12(d), 15 U.S.C. 79l(d).
    (xvi) Section 12(e), 15 U.S.C. 79l(e).

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    (xvii) Section 12(f), 15 U.S.C. 79l(f).
    (xviii) Section 12(g), 15 U.S.C. 79l(g).
    (xix) Section 13(b), 15 U.S.C. 79m(b).
    (xx) Section 13(c), 15 U.S.C. 79m(c).
    (xxi) Section 13(d), 15 U.S.C. 79m(d).
    (xxii) Section 13(e), 15 U.S.C. 79m(e).
    (xxiii) Section 13(f), 15 U.S.C. 79m(f).
    (xxiv) Section 32, 15 U.S.C. 79ff.
    (xxv) Section 33, 15 U.S.C. 79gg.
    (2) To authorize the issuance of orders where a notice has been 
issued and no request for a hearing has been received from any 
interested person within the period specified in the notice and the 
matter involved presents no issue that the director believes has not 
previously been settled by the Commission and it does not appear to the 
director to be necessary in the public interest or the interest of 
investors or consumers that a hearing be held; section 20(c) of the Act 
(15 U.S.C. 79t(c));
    (3) To permit the withdrawal of applications or declarations filed 
pursuant to the Act (15 U.S.C. 79a et seq.);
    (4) Upon a showing of good cause and that it would not be contrary 
to the public interest or inconsistent with the protection of investors 
or consumers, to grant reasonable extensions of time with respect to the 
time for the filing with the Commission of registration statements and 
of reports pursuant to section 20(a) of the Act (15 U.S.C. 79t(a)) and 
Rules 1(b), 1(c), 2, 24, and 29 (Secs. 250.1(b), 250.1(c), 250.2, 250.4, 
and 250.29 of this chapter) thereunder;
    (5) To permit the filing of preliminary registration statements 
pursuant to section 5(c) of the Act (15 U.S.C. 79e(c));
    (6) To authorize the destruction of records pursuant to the 
provisions of General Instruction 1(f) (Sec. 257.1(f) of this chapter) 
to the appendix of the Uniform System of Accounts for Public Utility 
Holding Companies (Sec. 257.1 et seq. of this chapter) and pursuant to 
provisions of General Requirement 1(e) (Sec. 256a.0-1(e) of this 
chapter) of the Uniform System of Accounts for Mutual Service Companies 
and Subsidiary Service Companies (Sec. 256.00-1 et seq., of this 
chapter);
    (7) To authorize the discontinuance of reporting of information 
otherwise required to be reported under sections 5(b), 13(c), 13(e), 
13(f), 14, and 20(a) of the Act (15 U.S.C. 79e(b), 79m(c), 79m(e), 
79m(f), 79n, 79t(a));
    (8) To grant extensions of time for filing registration statements 
and reports pursuant to sections 5(b), 13(c), 13(d), 13(f), 14, and 
20(a) of the Act (15 U.S.C. 79e(b), 79m(c), 79m(d), 79m(f), 79n, 
79t(a)).
    (g) Notwithstanding anything in the foregoing:
    (1) The Director of the Division of Investment Management shall have 
the same authority with respect to the Securities Act of 1933 (15 U.S.C. 
77a et seq.), Secs. 230.251-230.263, and Secs. 230.651-230.703(T) of 
this chapter as that delegated to each Regional Director in Sec. 200.30-
6 (b) and (c).
    (2) In any case in which the Director of the Division of Investment 
Management believes it appropriate, he may submit the matter to the 
Commission.
    (h) With respect to the Investment Company Act of 1940 (15 U.S.C. 
80a et seq.), 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 Trust 
Indenture Act of 1939 (15 U.S.C. 77aaa et seq.), and Regulation S-T 
thereunder (part 232 of this chapter), to grant or deny a request 
submitted under Regulation S-T to adjust the filing date of an 
electronic filing.
    (i) With respect to the Investment Company Act of 1940 (15 U.S.C. 
80a et seq.) and rule 8b-25 thereunder (Sec. 270.8b-25), 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 Trust Indenture Act of 1939 (15 U.S.C. 
77aaa et seq.), and Regulation S-T thereunder (part 232 of this 
chapter), to set the terms of, and grant or deny as appropriate, 
continuing hardship exemptions under rule 202 of Regulation S-T 
(Sec. 232.202 of this chapter) from the electronic submission 
requirements of Regulation S-T (part 232 of this chapter).
    (j) With respect to the Public Utility Holding Company Act of 1935 
(15 U.S.C. 79a et seq.) and Regulation S-T (part 232 of this chapter), 
to grant or deny a request to adjust the filing date of a filing 
submitted under Regulation S-T.
    (k) With respect to the Public Utility Holding Company Act of 1935 
(15 U.S.C. 79a et seq.) and Regulation S-T (part 232 of this chapter), 
to set the terms of,

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and grant or deny as appropriate, continuing hardship exemptions 
pursuant to rule 202 of Regulation S-T (Secs. 232.202 of this chapter) 
from the electronic submission requirements of Regulation S-T (part 232 
of this chapter).

[41 FR 29376, July 16, 1976]

    Editorial Note: For Federal Register citations affecting 
Sec. 200.30-5 see the List of CFR Sections Affected, which appears in 
the Finding Aids section of the printed volume and on GPO Access.