Delegation of Authority to the Director of the Division of Market Regulation

The Securities and Exchange Commission is amending its Rules of Practice to delegate its authority to the Director of the Division of Market Regulation to grant or deny exemptions from Section 11(d)(1) of the Securities Exchange Act of 1934 pursuant to Section 36 of the Exchange Act. The delegation of authority is intended to conserve Commission resources by permitting the staff to review and act on exemptive applications under Section 36 when appropriate.