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Federal Register / Vol. 86, No. 29 / Tuesday, February 16, 2021 / Rules and Regulations
4. Delegation of Substituted Compliance Authority We are delegating authority to the Director of TM to authorize the publication in the Federal Register of notices that a complete application for substituted compliance has been submitted to the Commission, under 17
CFR 240.013.24 Rule 013 provides the procedures for filing applications to request a substituted compliance or listed jurisdiction order under the Exchange Act.25 We believe that delegating the authority to make the necessary findings will make efficient use of our resources. The action is administrative in nature and provides notice to the public of the completion of an application, beginning the process of seeking public comment for information to assist the Commission as it considers substituted compliance with respect to an application.

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5. Eliminated Delegations of Authority We are eliminating certain current delegations of authority. First, we are eliminating the following delegations of authority because they refer to rules or processes that have themselves been eliminated:
Authority to grant requests for exemptions from former 17 CFR
240.10a1f rule 10a1f under the Exchange Act, which we have previously rescinded.26
Authority to publish notice of the filing of a designation plan with respect to national market system securities, or any proposed amendment thereto, and to approve such plan or amendment under former 17 CFR 242.600 rule 600,27 which rule has already been amended to eliminate the relevant process.
Authority to review and, where appropriate, approve the selection by the Municipal Securities Rulemaking Board MSRB of public representatives to serve on the MSRB
participation in, a self-regulatory organization and for other relief as to persons who are subject to an applicable disqualification where such relationships or other relief have been approved or recommended by a self-regulatory organization; see also 17 CFR 200.304a5 Article 304a5
delegating authority to the Director of the Division of Enforcement to grant or deny applications made pursuant to 17 CFR 201.193 Rule 193 of the Commissions Rules of Practice by barred individuals for consent to associate with other types of registrants; Article 30110 delegating authority to the Director of CF to grant or deny applications for relief from being considered an ineligible issuer under 17 CFR 230.403
Securities Act Rule 405.
24 Rule 013 under the Exchange Act; Article 30
3a89.
25 17 CFR 240.013.
26 Current Article 303a15.
27 Current Article 303a37.

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under former section 15Bb2B of the Exchange Act,28 which has previously been amended to eliminate the relevant process.
Authority to grant exemptions from former 17 CFR 240.3b9 rule 3b9
under the Exchange Act,29 because the rule was rescinded by the Commission after being invalidated by the U.S. Court of Appeals for the District of Columbia Circuit.30
Authority to grant exemptions from 17 CFR 240.17a23 Rule 17a23 under the Exchange Act,31 which has been rescinded.
Authority to issue notices related to a transaction fee pilot program that has been vacated.32
Second, we are eliminating the following delegations of authority to the Director of TM because the contemplated activities are appropriately within the purview of other divisions and offices:
Authority to grant or deny exemptions, either unconditionally or on specified terms and conditions, from 17 CFR 240.15c212 Rule 15c212
under the Exchange Act,33 which is similar to authority we are delegating to the Director of the Office of Municipal Securities OMS.34
Authority to grant requests for exemptions from the tender offer provisions of 17 CFR 240.14e1 Rule 14e1 of Regulation 14E under the Exchange Act,35 which rule is administered by the Division of Corporation Finance CF.36
Authority to designate officers empowered to administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence, and require the production of any books, papers, correspondence, memoranda, contracts, agreements, or other records in the course of investigations instituted by the Commission under section 21d of the Exchange Act,37 which is similar to authority currently exercised by the Division of Enforcement.38
Authority, in certain nonpublic investigatory proceedings, to grant requests of persons to procure copies of 28 Current
Article 303a40.
Article 303a45.
30 See Exchange Act Release No. 56502 Sept. 24, 2007 72 FR 56562 Oct. 3, 2007; see also American Bankers Association v. SEC, 804 F.2d 739
D.C. Cir. 1986.
31 Current Article 303a60.
32 Current Article 303a84.
33 Current Article 303a48.
34 See infra Part II.C.
35 Current Article 303a67.
36 Article 301f16ii 17 CFR 200.30
1f16ii.
37 Current Article 303b.
38 Article 304a1 17 CFR 200.304a2.
29 Current
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the transcript of their testimony,39
which is similar to authority currently exercised by the Division of Enforcement.40
Finally, we are eliminating current authority to extend trading privileges and to deny applications for unlisted trading privileges UTP by national securities exchanges under 17 CFR
240.12f1 Rule 12f1 under the Exchange Act, provided that any applicant exchange denied unlisted traded privileges is advised of its right to have such denial reviewed by the Commission.41 The UTP Act of 1994
changed the way UTP was extended by no longer requiring applications for UTP
to be filed with and approved by the Commission. Prior to the enactment of the UTP Act, the Commission received hundreds of applications to extend UTP
each year. Although section 12f2 of the Act and Rule 12f1 are not part of that UTP extension process and instead allow for the suspension and reinstatement of trading for securities that are already trading UTP, the Division has rarely used its delegated authority under these provisions so the delegation is being eliminated.42
C. Delegation to the Director of the Office of Municipal Securities We are delegating additional authority to the Director of OMS to carry out functionswith respect to the Municipal Securities Rulemaking Board MSRB, municipal securities, and municipal securities dealersthat are currently delegated to the Director of TM. These authorities include:
Authority to publish notices of proposed rule changes filed by the MSRB, to approve such proposed rule changes, to find good cause to approve a proposed rule change earlier than 30
days after publication of such proposed rule change, to disapprove a proposed rule change subject to certain requirements, and related authorities; 43
Authority to extend for a period not exceeding 90 days from the date of publication of notice of the filing of a proposed rule change by the MSRB the period during which the Commission must by order approve or disapprove 39 Current
Article 303c.
304a2 17 CFR 200.304a2.
41 Current Article 303a2.
42 Article 303a2 removed and reserved. We are also making a technical correction to update the name of TM in a delegation. Article 303l. In addition, we are correcting a scriveners error in a delegation to the Director of TM. Article 30
3a47. We are also making a technical correction to a delegation to the Director of TM. Article 30
3a49.
43 Article 303aa2. This authority is similar to authority already delegated to the Director of TM.
See Article 303a12.
40 Article
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