Delegation of Authority to Director of the Division of Enforcement

Document 2025-04064 is a Final Rule published by the Securities and Exchange Commission in the Federal Register on March 14, 2025, with an effective date of March 14, 2025. The Securities and Exchange Commission ("Commission") is amending its regulations with respect to the delegations of authority to the Director of the Division of Enforcement ("Director") to eliminate the delegation of authority to issue formal orders of investigation. Formal orders designate the enforcement staff authorized to issue subpoenas in connection with investigations under the Federal securities laws. This amendment is the result of the Commission's experience with its nonpublic investigations. The amendment is intended to increase effectiveness by more closely aligning the Commission's use of its investigative resources with Commission priorities. View the original at https://www.federalregister.gov/documents/2025/03/14/2025-04064/delegation-of-authority-to-director-of-the-division-of-enforcement.

No. Document 2025-04064 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.