Delegation of Authority to the Director of the Division of Investment Management

Document 2025-24127 is a Final Rule published by the Securities and Exchange Commission in the Federal Register on December 31, 2025, with an effective date of December 31, 2025. The Securities and Exchange Commission ("Commission") is amending its Rules of Organization and Program Management to provide delegated authority to the Director of the Division of Investment Management ("Director") to authorize the issuance of orders to grant, deny, and revoke confidential treatment for information in any registration application, report, or amendment thereto filed with the Commission pursuant to any provision of the Investment Advisers Act of 1940 ("Advisers Act"). View the original at https://www.federalregister.gov/documents/2025/12/31/2025-24127/delegation-of-authority-to-the-director-of-the-division-of-investment-management.

No. Document 2025-24127 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.