Adoption of Amendments to the Rules of Practice and Delegations of Authority of the Commission

The Securities and Exchange Commission ("Commission") is amending its Rules of Practice and certain of its delegations of authority to the staff in light of the Sarbanes-Oxley Act of 2002. The Sarbanes-Oxley Act, among other things, authorizes the Commission to review disciplinary actions of the Public Company Accounting Oversight Board and to create "Fair Funds" in Commission administrative proceedings. The Commission also is amending other provisions of the Rules of Practice and its delegations as a result of its experience with those rules and to correct certain citations. The amendments will enhance the transparency and facilitate parties' understanding of the applicability of the review process to Board proceedings. The amendments also will make practice under the rules easier and more efficient.