SEC Delegates Additional Authorities To The Director Of Enforcement

The SEC adopted an amended rule to revise the delegated authority of the SEC Division of Enforcement Director (the "Director"). According to the SEC, the revisions are meant to conserve resources and increase efficiency, and are the result of experience with (i) nonpublic investigations, (ii) litigation in Federal court, and (iii) disgorgement and Fair Fund plans in administrative and cease-and-desist proceedings.

The final rule, which amends SEC Rule 200.30-4 ("Delegation of authority to Director of Division of Enforcement"), delegates to the Director the discretion to dismiss claims that are:

• against entities that are defunct, the subject of bankruptcy proceedings, or without material assets; and