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Federal Register / Vol. 86, No. 29 / Tuesday, February 16, 2021 / Rules and Regulations conserve our resources and increase efficiency, as these updates are ministerial in nature and in the normal course of business. In addition, we are updating the description of the responsibilities of the Director of DERA
and Chief Economist in our rules to include that persons current title and responsibilities.7

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B. Delegation to the Director of the Division of Trading and Markets We are amending our rules delegating authority to the Director of the Division of Trading and Markets TM, in some instances delegating new authority and, in others, eliminating current authority.
1. Delegation of Advance Notice Authority We are delegating authority to the Director of TM for the publication of an advance notice Advance Notice filed by a registered clearing agency designated as systemically important a DCA by the Financial Stability Oversight Council; 8 for the issuance of a request that the DCA provide any information necessary to assess the effect a proposed change would have on the nature or level of risks associated with such DCAs payment, clearing, or settlement activities and the sufficiency of any proposed risk management techniques; 9 for the extension of the period of review when the proposed changes in an Advance Notice raise novel or complex issues and publication of notice thereof; 10 and for the publication of a withdrawal of an Advance Notice.11 The current process associated with Advance Notice processing requires Commission action to, among other things, publish notice of an Advance Notice and any amendments thereto; make an additional information request; extend the period of review of the Advance Notice when the proposed changes in an Advance Notice raise novel or complex issues; or publish notice of a withdrawal of an Advance Notice. These actions do not raise significant issues for Commission consideration and are more administrative in nature in that they provide notice to the public on the status of an Advance Notice proposal and seek public comment for information to assist the Commission as it considers each such action individually.
We believe that delegating authority for Advance Notices will conserve our 7 Article
23a.
303a91.
9 Article 303a93.
10 Article 303a94.
11 Article 303a92.
8 Article
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resources and increase efficiency, as the processing functions for Advance Notices are, in each instance, procedural matters that are ministerial in nature and in the normal course of business. In addition, this delegation will harmonize the staffs authority over issuance of Advance Notices and related selfregulatory organization SRO rule change filings. Finally, the expedited process that would result from a delegation of authority to affect these matters would provide TM and the Commission additional time to analyze and consider a final determination on an Advance Notice proposal after the comment period has closed.
2. Delegation of Security-Based Swap Authority to the Director of TM and the Director of the Division of Examinations We are delegating authority to the Director of TM and the Director of the Division of Examinations Examinations 12 in connection with applications for registration as a security-based swap dealer or major security-based swap participant SBS
Entities.13 We believe that permitting the Director of TM and the Director of Examinations to share this authority will more efficiently allocate agency resources. First, we are delegating authority to authorize issuance of orders granting ongoing registration to SBS
Entities pursuant to 17 CFR 240.15Fb2
1d 14 under the Securities Exchange Act of 1934 the Exchange Act.15
Once an applicant is conditionally registered as an SBS entity, the Commission may grant or deny ongoing registration. The Commission will grant ongoing registration if it finds that the requirements of section 15Fb of the Exchange Act are satisfied.16 We believe that delegating the authority to the Director of TM and the Director of Examinations to make the necessary findings and grant ongoing registration will make efficient use of our resources, while still reserving for Commission consideration any recommendation to deny ongoing registration. Similar delegated authority exists for the 12 Examinations was previously known as the Office of Compliance Inspections and Examinations, or OCIE. See Public Statement on the Renaming of the Office of Compliance Inspections and Examinations to the Division of Examinations Dec. 17, 2020, available at https
www.sec.gov/news/public-statement/jointstatement-division-examinations.
13 See infra footnotes 1420 and accompanying text.
14 Rule 15Fb21d.
15 15 U.S.C. 78a et seq.; Article 303a86;
Article 3018m1i.
16 17 CFR 240.15Fb21e.

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Director of TM to grant registration as a broker or dealer.17
Second, we are delegating authority to the Director of TM and the Director of Examinations to authorize the issuance of orders cancelling registrations of SBS
Entities, or pending applications for registration, if such SBS Entities or applicants for registration are no longer in existence or have ceased to do business as an SBS Entity.18 We believe that delegated authority to cancel the registrations of, or applications for registration by, non-operational SBS
Entities will make efficient use of our resources, while still reserving for Commission consideration any recommendation to revoke the registration of an operating SBS Entity.
Similar delegated authority exists for staff to cancel registrations of nonoperational brokers and dealers.19
Third, we are delegating to the Director of TM and the Director of Examinations authority to determine whether notices of withdrawal from registration by SBS Entities shall become effective sooner or later than the default 60-day waiting period.20 We believe that delegated authority to change the waiting period for withdrawal of registration as an SBS
Entity will make efficient use of our resources by allowing staff to determine, and communicate to registrants, the date on which a withdrawal of registration will become effective.
3. Delegation of SBS Entity Application Authority We are also delegating authority to the Director of TM to grant certain applications made by SBS Entities.
Section 201.194 of our Rules of Practice provides for applications by SBS
Entities for statutorily disqualified associated persons to effect or be involved in effecting security-based swaps.21 We are delegating authority to the Director of TM to grant such applications.22 We believe that delegated authority to grant these applications will make efficient use of the Commissions resources, while still preserving the Commissions ability to deny applications. We have already delegated authority to the Director of TM to grant certain similar applications with respect to an SRO.23
17 Article
303a3.
303a87; Article 3018m1ii.
19 Article 303a3ii.
20 Article 303a88; Articles 3018m1iii.
21 Rule 194 17 CFR 201.194.
22 Article 303a90.
23 Article 303a4i delegating authority to the Director of TM to grant applications with respect to membership in, association with a member of, or 18 Article
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