
[Federal Register Volume 80, Number 192 (Monday, October 5, 2015)]
[Proposed Rules]
[Pages 60082-60091]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-24705]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 201

[Release No. 34-75977; File No. S7-19-15]
RIN 3235-AL87


Amendments to the Commission's Rules of Practice

AGENCY: Securities and Exchange Commission.

ACTION: Proposed rule.

-----------------------------------------------------------------------

SUMMARY: The Securities and Exchange Commission (``Commission'') is 
proposing for public comment amendments to its Rules of Practice that 
would require persons involved in

[[Page 60083]]

administrative proceedings to submit all documents and other items 
electronically. The proposed amendments are intended to enhance the 
accessibility of administrative proceedings by ensuring that filings 
and other information concerning administrative proceedings are more 
readily available to the public.

DATES: Comments should be received on or before December 4, 2015.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/proposed.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number S7-19-15 on the subject line; or
     Use the Federal eRulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments.

Paper Comments

     Send paper comments to Secretary, Securities and Exchange 
Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number S7-19-15. This file number 
should be included on the subject line if email is used. To help us 
process and review your comments more efficiently, please use only one 
method of submission. The Commission will post all comments on the 
Commission's Internet Web site (http://www.sec/gov/rules/proposed.shtml). Comments are also available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549, on official business days between the hours of 10 
a.m. and 3 p.m. All comments received will be posted without change; we 
do not edit personal identifying information in submissions. You should 
submit only information that you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: Adela Choi, Senior Counsel, and Laura 
Jarsulic, Associate General Counsel, Office of the General Counsel, 
(202) 551-5150, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549.

SUPPLEMENTARY INFORMATION: The Commission proposes to amend its Rules 
of Practice. The amendments are being proposed as a result of the 
Commission's experience with its existing rules.

I. Introduction

    The Commission proposes to make targeted amendments to its Rules of 
Practice that would automate and modernize aspects of the filing 
process in administrative proceedings to facilitate the flow of 
information to the public. The Commission recognizes the need to ensure 
that public administrative proceeding records are made available to the 
public as quickly as possible. Roughly 100 requests for records related 
to administrative proceedings were made each year over the last three 
years, and certain records were requested by multiple members of the 
public.
    The Commission currently is developing a comprehensive Internet-
based electronic system that would, among other things, allow persons 
in administrative proceedings to file and serve documents 
electronically and facilitate the prompt distribution of public 
information regarding administrative proceedings. In conjunction with 
the development of this system, the Commission proposes to require 
electronic submissions. The Commission believes that electronic 
submissions will enhance the transparency of administrative proceedings 
by providing a quicker way for the Commission to make records available 
to the public. In addition, the Commission believes that the electronic 
system will increase its ability to efficiently process filings, and 
may decrease costs for parties who may file and serve submissions 
electronically, rather than in paper format.\1\
---------------------------------------------------------------------------

    \1\ As part of the ongoing effort to make records available to 
the public promptly, the Commission now posts on its Web site more 
types of documents associated with administrative proceedings, such 
as significant pleadings filed by parties. Previously, only 
documents issued by the Commission and Administrative Law Judges, 
such as adjudicatory initial decisions, opinions, and orders, were 
posted on the Web site.
---------------------------------------------------------------------------

    There are three main components to the proposed approach. First, 
persons involved in administrative proceedings who currently are 
required to file documents under Rules 151 and 152 of the Commission's 
Rules of Practice would be required to file such documents 
electronically through a secure system on the Commission's Web site at 
www.sec.gov that is designed to receive uploads of documents and 
attachments. Filing by facsimile and in paper format would no longer be 
permitted absent the filing of a certification that the person 
reasonably cannot comply with the electronic filing requirement. 
However, as discussed further below, for the first 90 days after the 
proposed amendments become final, the Commission intends to administer 
a phase-in period that would require all filings to be made both 
electronically and in paper format. Second, parties that are required 
to serve documents under Rule 150 would be required to serve each other 
electronically in the form and manner that is prescribed in the 
guidance posted on the Commission's Web site.
    The third component would require filers to exclude or redact 
sensitive personal information from electronic filings and submissions 
in accordance with the Commission's obligation to protect such 
information under the Privacy Act of 1974, as amended.\2\ Sensitive 
personal information would be defined as a Social Security number, 
taxpayer identification number, financial account number, credit card 
or debit card number, passport number, driver's license number, state-
issued identification number, home address (other than city and state), 
telephone number, date of birth (other than year), names and initials 
of minor children, as well as any sensitive health information 
identifiable by individual, such as an individual's medical records. 
There are exceptions to this proposed definition. Specifically, persons 
need not redact the last four digits of a taxpayer identification 
number, financial account number, credit card or debit card number, 
passport number, driver's license number, and state-issued 
identification number. Nor would persons need to redact home addresses 
and telephone numbers of parties and persons filing documents with the 
Commission; business telephone numbers; and copies of unredacted 
filings by regulated entities or registrants that are available on the 
Commission's public Web site. The definition of sensitive personal 
information would not include a personal email address. We seek 
comments about whether the disclosure of personal email addresses 
generally and home addresses of parties and persons filing documents 
with the Commission could have an adverse

[[Page 60084]]

effect on persons or parties, and whether, as a result, these terms 
should be included in the definition of sensitive personal information 
that must be excluded or redacted.
---------------------------------------------------------------------------

    \2\ 5 U.S.C. 552a. Federal courts and certain federal agencies 
require the exclusion or redaction of certain sensitive personal 
information contained in filings. See, e.g., Fed. R. Civ. P. 5.2 
(Privacy Protection for Filings Made with the Court); Consumer 
Financial Protection Bureau, Rules of Practice for Adjudication 
Proceedings, Rule 112, 12 CFR 1081.112 (Formal Requirements as to 
Papers Filed); National Labor Relations Board, E-Filing Terms for 
Selected Documents in Unfair Labor Practice and Representation 
Cases, available at http://www.nlrb.gov/sites/default/files/attachments/basic-page/node-1673/electronic_filings.pdf (last 
visited Sept. 10, 2015). The electronic filings and submissions 
discussed herein are systems of records that the Commission has 
previously identified as covered by the Privacy Act.
---------------------------------------------------------------------------

    If the person making a filing believes that sensitive personal 
information is necessary to the proceeding, the person would need to 
file a motion for a protective order in accordance with Rule 322 to 
limit disclosure of the sensitive personal information. In accordance 
with the proposed amendments to Rule 322, and only if review of the 
documents is necessary to a ruling on the motion, the person would be 
required to file an unredacted version of the submission to be used by 
the hearing officer and the Commission for purposes of the proceeding, 
and a redacted version to be used for distribution to the public. A 
redacted version would not need to be filed if the submission would be 
redacted in its entirety. This reflects current practice when parties 
file motions for protective orders pursuant to the Rules of Practice.
    As a corollary to incorporating electronic filings into the Rules 
of Practice, self-regulatory organizations and the Public Company 
Accounting Oversight Board (``PCAOB'') would be required to file 
electronically with the Commission a copy of a record that is the 
subject of an appeal.

II. Discussion of Proposed Amendments

    The proposed amendments are as follows:

A. Proposed Amendments to Rule 140

    Rule 140 \3\ requires the Secretary or other authorized person to 
sign Commission orders and decisions. The proposed amendment would 
clarify that the signature may be an electronic signature. An 
electronic signature could consist of an ``/s/'' notation or any other 
digital signature.
---------------------------------------------------------------------------

    \3\ 17 CFR 201.140.
---------------------------------------------------------------------------

B. Proposed Amendments to Rule 151

    Rule 151(a) \4\ currently sets forth the procedural requirements 
for filing papers with the Commission. The proposed amendment would 
require a person to make filings electronically pursuant to the 
requirements of Rule 152(a).\5\ Filing by facsimile and in paper format 
would no longer be permitted absent a certification filed under Rule 
152(a)(1) that explains why the person reasonably cannot comply with 
the electronic filing requirement. During a 90-day phase-in period 
after adoption, filings would have to be made in both paper and 
electronic format.
---------------------------------------------------------------------------

    \4\ 17 CFR 201.151(a).
    \5\ 17 CFR 201.152(a).
---------------------------------------------------------------------------

    Rule 151(d) \6\ would be amended to include an email address in the 
certificate of service for those parties served by email.
---------------------------------------------------------------------------

    \6\ 17 CFR 201.151(d).
---------------------------------------------------------------------------

    Proposed new Rule 151(e) \7\ would require persons to exclude or 
redact sensitive personal information, which would be defined as a 
Social Security number, taxpayer identification number, financial 
account number, credit card or debit card number, passport number, 
driver's license number, state-issued identification number, home 
address (other than city and state), telephone number, date of birth 
(other than year), names and initials of minor children, as well as any 
sensitive health information identifiable by individual, such as an 
individual's medical records. There would be three exceptions to the 
definition. First, persons may, but would not be required to, exclude 
or redact the last four digits of a taxpayer identification number, 
financial account number, credit card or debit card number, passport 
number, driver's license number, and state-issued identification 
number. Second, persons would not be required to redact home addresses 
and telephone numbers of parties and persons filing documents with the 
Commission. Third, persons would not be required to redact any 
information from copies of filings by regulated entities or registrants 
that are available on the Commission's public Web site. All filings 
must include a certification that any sensitive personal information 
has been excluded or redacted from the filing or, if necessary to the 
filing, has been filed under seal pursuant to Rule 322.
---------------------------------------------------------------------------

    \7\ 17 CFR 201.151(e).
---------------------------------------------------------------------------

    If the person making a filing believes that sensitive personal 
information is necessary to the proceeding, the person would need to 
file a motion for a protective order in accordance with Rule 322 \8\ to 
limit disclosure of the sensitive personal information. If review of 
the documents that are the subject of a motion for a protective order 
is necessary to a ruling on the motion, the proposed amendment to Rule 
322 would require a person to file an unredacted version of the 
submission to be used by the hearing officer and the Commission for 
purposes of the proceeding, and a redacted version to be used for 
distribution to the public. The unredacted version would be required to 
have the confidential information marked and include the words ``Under 
Seal'' on the first page of the document. The redacted version would be 
required to be identical in all other respects to the unredacted 
version. A person would not be required to file a redacted version if 
the submission would be redacted in its entirety. This process would be 
required for all kinds of motions for protective orders made pursuant 
to Rule 322, i.e., not just those motions filed regarding sensitive 
personal information.
---------------------------------------------------------------------------

    \8\ 17 CFR 201.322.
---------------------------------------------------------------------------

C. Proposed Amendments to Rule 152

    Like Rule 151, the proposed amendments to Rule 152(a) would make 
clear that all filings shall be made electronically. Rule 152(a) would 
direct persons to follow guidance issued by the Secretary on the 
Commission's Web site at www.sec.gov. For example, the guidance would 
provide instructions on how to file electronically through a secure 
system on the Commission's Web site or other means; information about 
the Commission's Privacy Act obligations, including information about a 
filer's responsibilities to redact sensitive personal information; and 
the terms and conditions of using the Web site. Generally speaking, 
persons would use the secure system on the Commission's Web site 
pursuant to Rule 152 to file documents, such as briefs and motions and 
their attachments, petitions for review, and applications for review. 
Under Rule 152(a), papers would need to be filed on the secure system 
before midnight Eastern Time, as opposed to 5:30 p.m. Eastern Time, the 
current deadline for filing papers.
    The Commission recognizes that a person involved in an 
administrative proceeding may be unable to submit documents 
electronically during either the entire proceeding or a portion 
thereof. For example, a person who is incarcerated at the time of the 
proceeding may not have access to the Internet or other electronic 
media necessary to file documents through the Commission's secure 
system. There may be other reasons why a person reasonably cannot 
comply with the electronic filing requirement.
    A person who reasonably cannot comply with the requirement must 
file a certification under Rule 152(a)(1) that explains why the person 
reasonably cannot comply. The filing also must indicate the expected 
duration of the person's reasonable inability to comply, such as 
whether the certification is intended to apply to a solitary filing or 
all filings made during the proceeding. The certification is 
immediately effective. Upon filing the certification, it will be part 
of the record of the proceeding, and the person may file

[[Page 60085]]

paper documents by any additional method listed in Rule 152(d).
    Rule 152(a) would be amended to provide additional methods of 
filing if a person reasonably cannot comply with the electronic filing 
requirements. Filers should take note that the Commission would need to 
receive mailed, couriered, or hand-delivered filings by 5:30 p.m. 
Eastern Time because the Commission is unable to accept such filings 
after that time. The Commission would need to receive facsimile 
transmissions by midnight Eastern Time.
    The proposed amendment also would provide that electronic filings 
that require a signature pursuant to Rule 153 \9\ may be signed with an 
``/s/'' notation, which shall be deemed the signature of the person 
making the filing for purposes of Rule 153.
---------------------------------------------------------------------------

    \9\ 17 CFR 201.153.
---------------------------------------------------------------------------

D. Proposed Amendments to Rule 351

    Rule 351 \10\ currently sets forth the requirements regarding the 
transmittal of documents to the Secretary and the preparation, 
issuance, and certification of a record index. Rule 351(b) \11\ 
requires the hearing officer to transmit to the Secretary an index of 
the originals of any motions, exhibits or any other documents filed 
with or accepted into evidence by the hearing officer that have not 
been previously transmitted to the Secretary. The Secretary then shall 
prepare a record index and transmit it to the hearing officer and serve 
a copy on each party. Any person may file proposed corrections to the 
record index with the hearing officer within fifteen days of service of 
the record index. The proposed amendment to Rule 351(b) would reduce 
that amount of time to three days but would provide persons who oppose 
the proposed corrections three days to file an opposition.
---------------------------------------------------------------------------

    \10\ 17 CFR 201.351.
    \11\ 17 CFR 201.351(b).
---------------------------------------------------------------------------

    Proposed new Rule 351(c) \12\ would state that, no later than five 
days after the Secretary serves a final record index, the parties shall 
submit electronically, through the same secure system used for filings 
under Rules 151 and 152, copies of all exhibits that were admitted, or 
offered and not admitted, during the hearing, and any other exhibits 
that were admitted after the hearing. The parties shall submit such 
evidence in the form and manner that is prescribed in the guidance 
posted on the Commission's Web site and shall certify that exhibits and 
other documents or items submitted to the Secretary are true and 
accurate copies of exhibits that were admitted, or offered and not 
admitted, during the hearing. Generally speaking, parties would follow 
Rule 351 to submit record exhibits and other documents or items that 
are not attached to filings, i.e., materials accepted into evidence by 
a hearing officer under Rule 351 in connection with an in-person 
hearing. As under Rule 151(a), the submission deadline depends on the 
method of delivery that is used.
---------------------------------------------------------------------------

    \12\ 17 CFR 201.351(c).
---------------------------------------------------------------------------

    As under Rule 151(e), the proposed amendment to Rule 351(c) would 
set forth the same definition of sensitive personal information, 
require its redaction or omission from all submissions under Rule 351, 
provide a process for seeking a protective order under Rule 322 with 
respect to sensitive personal information that is necessary to the 
proceeding, and require a certification that sensitive personal 
information has been excluded or redacted or filed under seal. A person 
who reasonably cannot submit exhibits electronically must file a 
certification under Rule 351(c)(2) that explains why the person 
reasonably cannot comply. The filing also must indicate the expected 
duration of the person's reasonable inability to comply, such as 
whether the certification is intended to apply to a solitary submission 
or all submissions made during the proceeding. The certification is 
immediately effective. Upon filing the certification, it will be part 
of the record of the proceeding, and the person shall submit originals 
of any exhibits that have not already been submitted to the Secretary 
by other means. Rule 351(c) also would state that electronic 
submissions that require a signature pursuant to Rule 153 may be signed 
with an ``/s/'' notation, which shall be deemed the signature of the 
person making the filing for purposes of Rule 153.

E. Phase-In Period

    For the first 90 days after the proposed amendments become final, 
the Commission intends to administer a phase-in period that would 
require all filings to be made both electronically and in paper format. 
The Commission preliminarily believes that a 90-day phase-in period is 
a reasonable amount of time for persons to become proficient in the 
electronic filing procedures while ensuring that the Commission 
receives the filing should there be an electronic transmission failure. 
However, it may be appropriate to extend the phase-in period if persons 
are experiencing substantial difficulties with the electronic filing.

F. Other Proposed Amendments

    Rule 150(c) \13\ would be amended to require parties to serve each 
other electronically in the form and manner that is prescribed in the 
guidance posted on the Commission's Web site. Electronic service by 
email is a practice that appears to occur already in administrative 
proceedings. Electronic service would need to occur contemporaneously 
with filing, and the timing of service would therefore differ depending 
on the filing method. As with electronic filing, a party who reasonably 
cannot comply with the electronic service requirement must file a 
certification under Rule 150(c)(1) that explains why the person 
reasonably cannot comply. The filing also must indicate the expected 
duration of the person's reasonable inability to comply, such as 
whether the certification is intended to apply to a solitary instance 
of service or all instances of service made during the proceeding. The 
certification is immediately effective. Upon filing the certification, 
it will be part of the record of the proceeding, and the person may 
serve paper documents by any additional method listed in Rule 150(d). 
Rule 150(d) would be amended to provide additional methods of service 
if a person reasonably cannot comply with the electronic service 
requirements, or if service is of an investigative subpoena pursuant to 
17 CFR 203.8. Under Rule 150(e),\14\ electronic service would be deemed 
complete upon transmission.
---------------------------------------------------------------------------

    \13\ 17 CFR 201.150(c).
    \14\ 17 CFR 201.150(e).
---------------------------------------------------------------------------

    Rule 141(b) \15\ would be amended to allow the Secretary to serve 
orders and decisions, other than an order instituting proceedings, 
electronically.
---------------------------------------------------------------------------

    \15\ 17 CFR 201.141(b).
---------------------------------------------------------------------------

    Currently, Rule 102(d) \16\ requires a person to provide to the 
Commission certain contact information that may be used during an 
administrative proceeding. The proposed amendment clarifies that a 
mailing address and an email address shall be provided under paragraphs 
(d)(1), (d)(2), and (d)(4).\17\
---------------------------------------------------------------------------

    \16\ 17 CFR 201.102(d).
    \17\ 17 CFR 201.102(d)(1), (d)(2), (d)(4).
---------------------------------------------------------------------------

    Rule 193 \18\ currently provides that an original and three copies 
of an application shall be filed under Rules 151, 152, and 153, and 
that such application shall be supported by a manually signed 
affidavit. The proposed amendment would delete the term ``manually,'' 
delete the reference to one original and three copies, and leave the

[[Page 60086]]

cross reference to Rules 151, 152, and 153 to account for electronic 
filing.
---------------------------------------------------------------------------

    \18\ 17 CFR 201.193.
---------------------------------------------------------------------------

    Rule 420 \19\ sets forth the requirements regarding appeals of 
determinations by self-regulatory organizations. Currently, Rule 420(e) 
\20\ requires a self-regulatory organization to certify and file with 
the Commission one copy of the record upon which the action complained 
of was taken, to file with the Commission three copies of an index to 
such record, and to serve upon each party one copy of the index within 
fourteen days after receiving an application for review or a Commission 
order for review. The proposed amendment would require the self-
regulatory organization to file such information electronically. 
Further, if such information contains sensitive personal information, 
the self-regulatory organization would be required to file 
electronically a copy of the record and index that redacts or omits the 
sensitive personal information and to certify that any sensitive 
personal information has been excluded or redacted. The requirements 
for filing and serving would continue to be governed by Rules 150-152.
---------------------------------------------------------------------------

    \19\ 17 CFR 201.420.
    \20\ 17 CFR 201.420(e).
---------------------------------------------------------------------------

    Rule 440 \21\ sets forth the requirements regarding appeals of 
determinations by the PCAOB. Rule 440(d) \22\ currently requires the 
PCAOB to certify and file with the Commission one copy of the record 
upon which it took the complained of action, to file with the 
Commission three copies of an index to such record, and to serve upon 
each party one copy of the index within fourteen days after receiving 
an application for review. The proposed amendment would require the 
PCAOB to file such information electronically. Further, if such 
information contains sensitive personal information, the PCAOB would be 
required to file electronically a redacted copy of the record and index 
that redacts or omits the sensitive personal information and to certify 
that any sensitive personal information has been excluded or redacted. 
The requirements for filing and serving would continue to be governed 
by Rules 150-152.
---------------------------------------------------------------------------

    \21\ 17 CFR 201.440.
    \22\ 17 CFR 201.440(d).
---------------------------------------------------------------------------

    The United States Postal Service changed the name of the product 
known as Express Mail to Priority Mail Express. Rule 141(a)(2)(i), 
(ii), (iii), (vi), (a)(3) and Rule 150(a)(2), (d) would be amended to 
refer generically to ``express mail.''

III. Request for Public Comment

    We request and encourage any interested person to submit comments 
regarding: (1) The definition of sensitive personal information, (2) 
the potential adverse effects, if any, of disclosing personal email 
addresses and home addresses of parties and persons filing documents 
with the Commission, (3) alternative approaches to handling personal 
email addresses and home addresses of parties and persons filing 
documents with the Commission, (4) the other proposed changes that are 
the subject of this release, (5) additional or different changes, or 
(6) other matters that may have an effect on the proposals contained in 
this release.

IV. Administrative Procedure Act, Regulatory Flexibility Act, and 
Paperwork Reduction Act

    The Commission finds, in accordance with Section 553(b)(3)(A) of 
the Administrative Procedure Act,\23\ that these revisions relate 
solely to agency organization, procedure, or practice. They are 
therefore not subject to the provisions of the Administrative Procedure 
Act requiring notice, opportunity for public comment, and publication. 
The Regulatory Flexibility Act \24\ therefore does not apply.\25\ 
Nonetheless, the Commission has determined that it would be useful to 
publish these proposed rules for notice and comment before adoption. 
Because these rules relate to ``agency organization, procedure or 
practice that does not substantially affect the rights or obligations 
of non-agency parties,'' they are not subject to the Small Business 
Regulatory Enforcement Fairness Act.\26\ To the extent these rules 
relate to agency information collections during the conduct of 
administrative proceedings, they are exempt from review under the 
Paperwork Reduction Act.\27\
---------------------------------------------------------------------------

    \23\ 5 U.S.C. 553(b)(3)(A).
    \24\ 5 U.S.C. 601-612.
    \25\ See 5 U.S.C. 603.
    \26\ 5 U.S.C. 804(3)(C).
    \27\ See 44 U.S.C. 3518(c)(1)(B)(ii); 5 CFR 1320.4 (exempting 
collections during the conduct of administrative proceedings or 
investigations).
---------------------------------------------------------------------------

V. Economic Analysis

    The Commission is sensitive to the costs and benefits of its rules. 
The current processes and filing requirements for administrative 
proceedings serve as the baseline against which the economic impacts of 
the proposed rules are measured. At present, submissions are permitted 
to be filed with the Commission in paper format or by facsimile 
followed by a paper submission. The Commission's current Rules of 
Practice do not identify sensitive personal information that must be 
redacted from these documents by those who file them. Instead, such 
redaction is undertaken by the Commission when necessary in responding 
to document requests from the public or posting documents on the 
Commission's public Web site. Service by email is already generally an 
accepted practice by parties to administrative proceedings who mutually 
agree to it, although it is not expressly permitted by rule.
    The scope of the benefits and costs of the proposed rules depends 
on the expected volume of administrative proceedings and the number of 
filed documents and document requests associated with these 
proceedings. In fiscal year 2014, 230 new administrative proceedings 
were initiated and not settled immediately. New proceedings initiated 
and not immediately settled in fiscal years 2013 and 2012 totaled 202 
and 207 respectively.\28\ From 2011 to 2013, an average of 
approximately 1,900 filings were submitted per fiscal year in relation 
to litigated proceedings, including filings by outside parties as well 
as Commission staff. These filings consist of one or more documents, 
such as motions, briefs, and record exhibits, and the length of the 
filings generally ranges from one page to a few thousand pages. The 
Commission also received numerous requests from the public to release 
documents related to these proceedings. Requests for records related to 
administrative proceedings (both settled and litigated) numbered 127, 
83, and 100 for fiscal years 2013, 2012, and 2011 respectively.
---------------------------------------------------------------------------

    \28\ The total number of administrative proceedings initiated 
and not immediately settled each fiscal year encompasses a variety 
of types of proceedings, including proceedings instituted pursuant 
to Section 12(j) of the Securities Exchange Act of 1934 seeking to 
determine whether it is necessary and appropriate for the protection 
of investors to suspend or revoke the registration of an issuer's 
securities and proceedings instituted under Section 15(b) of the 
Exchange Act or Section 203(f) of the Investment Advisers Act of 
1940 seeking to determine what, if any, remedial action is 
appropriate in the public interest.
---------------------------------------------------------------------------

    The implementation of electronic filing and the related proposed 
rules are intended to improve the efficiency and transparency of the 
Commission's operations and to modernize the document management 
process to be consistent with common practice in other tribunals. 
Benefits of the proposed rules are anticipated to accrue to the public 
and outside parties to administrative proceedings as well as the 
Commission.
    Specifically, the proposed rules may benefit members of the public 
with an interest in the Commission's administrative proceedings by 
permitting the Commission to more

[[Page 60087]]

quickly make public the documents relating to these proceedings. The 
proposed rules may increase the speed at which information from 
administrative proceedings is transmitted as well as the overall 
transparency of these proceedings. Additionally, parties to 
administrative proceedings may benefit from the increased flexibility 
enabled by the changes, such as the Commission's acceptance of 
electronic and facsimile submissions until midnight rather than the 
close of business on a given day. These parties may also benefit from 
savings on printing and mailing costs because, after the phase-in 
period, filing paper copies generally will not be required. In 
addition, the changes expressly require service by electronic means, 
which may increase further the savings in printing and mailing. The 
Commission's response to document requests is expected to be more time- 
and cost-effective due to the efficiency of electronic retrieval and 
the fact that sensitive information will have been redacted in advance. 
However, the magnitude of the above benefits is difficult to quantify 
due to the limitations of existing data.
    The costs of the proposal will be borne by the Commission as well 
as the outside parties to administrative proceedings. The proposed 
rules place the primary burden of redacting sensitive personal 
information on the parties submitting documents in administrative 
proceedings--either outside parties or Commission staff--following 
common practice in federal courts. The Commission believes that parties 
filing documents are well positioned to redact the documents--or 
initially draft documents to avoid the use of sensitive personal 
information--and that the proposed narrow definition of sensitive 
personal information will limit the burden on parties required to 
redact documents. The Commission recognizes, however, that the costs of 
reviewing and editing the content to protect sensitive information 
might be significant for some parties. Additionally, when sensitive 
personal information is necessary to the proceedings, outside parties 
or the Commission may expend additional resources filing a motion for a 
protective order in accordance with Rule 322 to limit disclosure of the 
sensitive information and to prepare a redacted and unredacted version 
of the documents.
    Parties to administrative proceedings will also bear any 
incremental burden of electronic filings over the current practice of 
facsimile or paper transmissions. The magnitude of costs will depend 
primarily on whether the original format of the documents to be 
submitted is electronic or whether they must be scanned or otherwise 
converted to an electronic format. Other factors that may affect these 
costs include the ease of access the party has to the internet and to 
any hardware and software that may be involved in processing the 
documents. For most parties, we do not expect these costs to be 
significant because, among other things, most parties already are 
subject to similar requirements in other kinds of legal proceedings or 
have access to the Internet and conversion programs at a reasonable 
cost. Further, these potential burdens may be mitigated for some 
parties as the proposed rules provide for relief from the electronic 
filing requirements in situations in which a party certifies a 
reasonable inability to comply with the electronic filing requirements.
    As an alternative to the proposed rules, the Commission could 
implement electronic filing with different requirements. In particular, 
the Commission could continue to allow the filing of unredacted 
documents--requiring that redaction be undertaken by Commission staff 
when necessary--or could permit electronic filing on a voluntary, 
rather than mandatory, basis. Relative to these alternatives, or to the 
existing paper format and facsimile document submission and management 
system for administrative proceedings, the Commission believes that the 
proposed changes achieve the benefits described above in a cost-
efficient manner. The Commission does not expect significant effects on 
efficiency, competition, or capital formation to result from the 
proposed changes. And to the extent that the changes impose any burden 
on competition, the Commission believes that such burden would be 
necessary and appropriate in furtherance of the purposes of the 
Exchange Act.\29\
---------------------------------------------------------------------------

    \29\ See 15 U.S.C. 78w(a)(2).
---------------------------------------------------------------------------

    The Commission requests comment on all aspects of the economic 
effects of the proposal, including any anticipated impacts that are not 
mentioned here. We are particularly interested in quantitative 
estimates of the benefits and costs, in general or for particular types 
of participants in administrative proceedings, including smaller 
entities. We also request comment on reasonable alternatives to the 
proposed rules and on any effect the proposed rules may have on 
efficiency, competition, and capital formation.

VI. Statutory Basis and Text of Proposed Amendments

    These amendments to the Rules of Practice are being proposed 
pursuant to statutory authority granted to the Commission, including 
section 3 of the Sarbanes-Oxley Act of 2002, 15 U.S.C. 7202; section 19 
of the Securities Act, 15 U.S.C. 77s; sections 4A, 19, and 23 of the 
Exchange Act, 15 U.S.C. 78d-1, 78s, and 78w; section 319 of the Trust 
Indenture Act of 1939, 15 U.S.C. 77sss; sections 38 and 40 of the 
Investment Company Act, 15 U.S.C. 80a-37 and 80a-39; and section 211 of 
the Investment Advisers Act, 15 U.S.C. 80b-11.

List of Subjects in 17 CFR Part 201

    Administrative practice and procedure.

Text of the Amendments

    For the reasons set out in the preamble, 17 CFR part 201 is 
proposed to be amended as follows:

PART 201--RULES OF PRACTICE

0
4. The authority citation for Part 201, subpart D, is revised to read 
as follows:

    Authority:  15 U.S.C. 77f, 77g, 77h, 77h-1, 77j, 77s, 77u, 
78c(b), 78d-1, 78d-2, 78l, 78m, 78n, 78o(d), 78o-3, 78s, 78u-2, 78u-
3, 78v, 78w, 77sss, 77ttt, 80a-8, 80a-9, 80a-37, 80a-38, 80a-39, 
80a-40, 80a-41, 80a-44, 80b-3, 80b-9, 80b-11, 80b-12, 7202, 7215, 
and 7217.

0
5. Section 201.102 is amended by revising paragraphs (d)(1), (d)(2), 
and (d)(4) to read as follows:


Sec.  201.102  Appearance and practice before the Commission.

* * * * *
    (d) Designation of address for service; notice of appearance; power 
of attorney; withdrawal--(1) Representing oneself. When an individual 
first makes any filing or otherwise appears on his or her own behalf 
before the Commission or a hearing officer in a proceeding as defined 
in Sec.  201.101(a), he or she shall file with the Commission, or 
otherwise state on the record, and keep current, a mailing address and 
email address at which any notice or other written communication 
required to be served upon him or her or furnished to him or her may be 
sent and a telephone number where he or she may be reached during 
business hours.
    (2) Representing others. When a person first makes any filing or 
otherwise appears in a representative capacity before the Commission or 
a hearing officer in a proceeding as defined in Sec.  201.101(a), that 
person shall file with the Commission, and

[[Page 60088]]

keep current, a written notice stating the name of the proceeding; the 
representative's name, business address, email address, and telephone 
number; and the name, email address, and address of the person or 
persons represented.
* * * * *
    (4) Withdrawal. Any person seeking to withdraw his or her 
appearance in a representative capacity shall file a notice of 
withdrawal with the Commission or the hearing officer. The notice shall 
state the name, mailing address, email address, and telephone number of 
the withdrawing representative; the name, address, and telephone number 
of the person for whom the appearance was made; and the effective date 
of the withdrawal. If the person seeking to withdraw knows the name, 
mailing address, email address, and telephone number of the new 
representative, or knows that the person for whom the appearance was 
made intends to represent him- or herself, that information shall be 
included in the notice. The notice must be served on the parties in 
accordance with Sec.  201.150. The notice shall be filed at least five 
days before the proposed effective date of the withdrawal.
* * * * *
0
6. Section 201.140 is amended by revising paragraph (a) to read as 
follows:


Sec.  201.140  Commission orders and decisions: Signature and 
availability.

* * * * *
    (a) Signature required. All orders and decisions of the Commission 
shall be signed by the Secretary or any other person duly authorized by 
the Commission. The signature may be an electronic signature that 
consists of an ``/s/'' notation or any other digital signature.
* * * * *
0
7. Section 201.141 is amended by:
0
a. Removing the words ``Express Mail'' each time they appear and adding 
in their place the words ``express mail''; and
0
b. Revising the first sentence of paragraph (b).
    The revision reads as follows:


Sec.  201.141  Orders and decisions: Service of orders instituting 
proceedings and other orders and decisions.

* * * * *
    (b) Service of Orders or Decisions Other than an Order Instituting 
Proceedings. Written orders or decisions issued by the Commission or by 
a hearing officer shall be served promptly on each party pursuant to 
any method of service authorized under paragraph (a) of this section or 
Sec.  201.150(c) and (d). * * *
0
8. Section 201.150 is amended by:
0
a. Redesignating paragraphs (c) and (d) as paragraphs (d) and (e);
0
b. Adding new paragraph (c);
0
c. Revising newly redesignated paragraphs (d) introductory text and 
(d)(4);
0
d. Revising newly redesignated paragraph (e); and
0
e. Removing the words ``Express Mail'' each time they appear and adding 
in their place the words ``express mail''.
    The revisions and addition read as follows:


Sec.  201.150  Service of papers by parties.

* * * * *
    (c) How made. Service shall be made electronically in the form and 
manner that is prescribed in the guidance posted on the Commission's 
Web site. Persons serving each other shall have provided the Commission 
and the parties with notice of an email address.
    (1) Certification of inability to serve electronically. If a person 
reasonably cannot serve electronically, due to a lack of access to 
electronic transmission devices (due to incarceration or otherwise), 
the person promptly shall file a certification under this paragraph 
that explains why the person reasonably cannot comply. The filing also 
must indicate the expected duration of the person's reasonable 
inability to comply, such as whether the certification is intended to 
apply to a solitary instance of service or all instances of service 
made during the proceeding. The certification is immediately effective. 
Upon filing the certification, it will be part of the record of the 
proceeding, and the person may serve paper documents by any additional 
method listed in Rule 150(d).
    (d) Additional methods of service. If a person reasonably cannot 
serve electronically, or if service is of an investigative subpoena 
pursuant to 17 CFR 203.8, service may be made by delivering a copy of 
the filing. Delivery means:
* * * * *
    (4) Transmitting the papers by facsimile transmission to the person 
required to be served. The persons so serving each other shall have 
provided the Commission and the parties with notice of a facsimile 
machine telephone number.
    (e) When service is complete. Electronic service is complete upon 
transmission. Personal service, service by U.S. Postal Service express 
mail or service by a commercial courier or express delivery service is 
complete upon delivery. Service by mail is complete upon mailing. 
Service by facsimile is complete upon confirmation of transmission.
0
9. Section 201.151 is amended by revising paragraphs (a) and (d) and 
adding paragraph (e) to read as follows:


Sec.  201.151  Filing of papers with the Commission: Procedure.

    (a) When to file. All papers required to be served upon any person 
shall also be filed contemporaneously with the Commission 
electronically pursuant to the requirements of Sec.  201.152(a). The 
person making such filing is responsible for ensuring that the 
Commission receives a complete and legible filing within the time limit 
set for such filing. Documents that are attached to filings shall be 
filed in accordance with this Rule. Documents or items that are not 
attached to filings (i.e., are admitted by the hearing officer at an 
in-person hearing), shall be submitted in accordance with Sec.  
201.351.
* * * * *
    (d) Certificate of service. Papers filed with the Commission or a 
hearing officer shall be accompanied by a certificate stating the name 
of the person or persons served, the date of service, the method of 
service, and the mailing address or email address to which service was 
made, if not made in person.
    (e) Sensitive personal information. Sensitive personal information 
is defined as a Social Security number, taxpayer identification number, 
financial account number, credit card or debit card number, passport 
number, driver's license number, state-issued identification number, 
home address (other than city and state), telephone number, date of 
birth (other than year), names and initials of minor children, as well 
as any sensitive health information identifiable by individual, such as 
an individual's medical records. Sensitive personal information shall 
not be included in, and must be redacted or omitted from, all filings 
subject to:
    (1) Exceptions. The following information may be included and is 
not required to be redacted from filings:
    (i) The last four digits of a taxpayer identification number, 
financial account number, credit card or debit card number, passport 
number, driver's license number, and state-issued identification 
number;
    (ii) Home addresses and telephone numbers of parties and persons 
filing documents with the Commission;
    (iii) Business telephone numbers; and
    (iv) Copies of unredacted filings by regulated entities or 
registrants that are available on the Commission's public Web site.

[[Page 60089]]

    (2) Confidential treatment of information. If the person making any 
filing believes that sensitive personal information (as defined above) 
contained therein is necessary to the proceeding, the person shall file 
unredacted documents, along with a motion for a protective order in 
accordance with Sec.  201.322 to limit disclosure of unredacted 
sensitive personal information.
    (3) Certification. Any filing must include a certification that any 
sensitive personal information as defined in Sec.  201.151(e) has been 
excluded or redacted from the filing or, if necessary to the filing, 
has been filed under seal pursuant to Sec.  201.322.
0
10. Section 201.152 is amended by:
0
a. Removing paragraph (d);
0
b. Redesignating paragraphs (b) and (c) as paragraphs (c) and (d);
0
c. Redesignating paragraph (a) as paragraph (b) and revising it;
0
d. Adding new paragraph (a);
0
e. Removing newly redesignated paragraph (b)(6);
0
f. Revising newly designated paragraph (c); and
0
g. Removing the phrase ``or microfilming'' from newly redesignated 
paragraph (d).
    The revisions and addition read as follows:


Sec.  201.152  Filing of papers: Form.

    (a) Electronic filing. Papers filed in connection with any 
proceeding as defined in Sec.  201.101(a) shall be filed electronically 
in the form and manner that is prescribed in the guidance posted on the 
Commission's Web site. Papers filed electronically must be received by 
the Commission by midnight Eastern Time on the date the filing is due.
    (1) Certification of Inability to File Electronically. If a person 
reasonably cannot comply with the requirements of this section, due to 
a lack of access to electronic transmission devices (due to 
incarceration or otherwise), the person promptly shall file a 
certification under this paragraph that explains why the person 
reasonably cannot comply. The filing also must indicate the expected 
duration of the person's reasonable inability to comply, such as 
whether the certification is intended to apply to a solitary filing or 
all filings made during the proceeding. The certification is 
immediately effective. Upon filing the certification, it will be part 
of the record of the proceeding, and the person may file paper 
documents by any additional method listed in Sec.  201.152(a)(2).
    (2) Additional methods of filing. If a person reasonably cannot 
file electronically, filing may be made by hand delivering the filing 
by 5:30 p.m. Eastern Time through a commercial courier service or 
express delivery service; mailing the filing through the U.S. Postal 
Service by first class, certified, registered, or express mail delivery 
so that it is received by the Commission by 5:30 p.m. Eastern Time; or 
transmitting the filing by facsimile transmission so that it is 
received by the Commission by midnight Eastern Time.
    (b) Form. Papers filed in connection with any proceeding as defined 
in Sec.  201.101(a) shall:
    (1) Reflect a page, electronically or otherwise, that measures 8\1/
2\ x 11 inches when printed, except that, to the extent that the 
reduction of larger documents would render them illegible when printed, 
such documents may be filed on larger paper;
    (2) Use 12-point or larger typeface;
    (3) Include at the head of the paper, or on a title page, the name 
of the Commission, the title of the proceeding, the names of the 
parties, the subject of the particular paper or pleading, and the file 
number assigned to the proceeding;
    (4) Be paginated with left hand margins at least 1 inch wide, and 
other margins of at least 1 inch; and
    (5) Be double-spaced, with single-spaced footnotes and single-
spaced indented quotations.
    (c) Signature required. All papers must be dated and signed as 
provided in Sec.  201.153. Electronic filings that require a signature 
pursuant to Sec.  201.153 may be signed with an ``/s/'' notation, which 
shall be deemed the signature of the person making the filing for 
purposes of Sec.  201.153.
    (d) Suitability for recordkeeping. Documents which, in the opinion 
of the Commission, are not suitable for computer scanning may be 
rejected.
* * * * *
0
11. Section 201.193 is amended by revising paragraph (b) introductory 
text to read as follows:


Sec.  201.193  Applications by barred individuals for consent to 
associate.

* * * * *
    (b) Form of application. Each application shall be supported by an 
affidavit, signed by the applicant, that addresses the factors set 
forth in paragraph (d) of this section. The application shall be filed 
pursuant to Sec. Sec.  201.151, 201.152 and 201.153. Each application 
shall include as exhibits:
* * * * *
0
12. Section 201.322 is amended by revising paragraph (a), redesignating 
paragraphs (b), (c), and (d) as paragraphs (c), (d), and (e), and 
adding new paragraph (b).
    The revision and addition read as follows:


Sec.  201.322  Evidence: Confidential information, protective orders.

    (a) Procedure. In any proceeding as defined in Sec.  201.101(a), a 
party, any person who is the owner, subject or creator of a document 
subject to subpoena or which may be introduced as evidence, or any 
witness who testifies at a hearing may file a motion requesting a 
protective order to limit from disclosure to other parties or to the 
public documents or testimony that contain confidential information. 
The motion should include a general summary or extract of the documents 
without revealing confidential details.
    (b) If review of the documents that are the subject of a request 
for a protective order is necessary to a ruling on the motion and the 
information as to which a protective order is sought is available to 
the movant, the motion shall be accompanied by:
    (1) A complete, sealed copy of the materials containing the 
information as to which a protective order is sought, with the 
allegedly confidential information marked as such, and with the first 
page of the document labeled ``Under Seal.'' If the movant seeks a 
protective order against disclosure to other parties as well as the 
public, copies of the documents shall not be served on other parties; 
and
    (2) A redacted copy of the materials containing the information as 
to which a protective order is sought, with the allegedly confidential 
information redacted. The redacted version shall indicate any omissions 
with brackets or ellipses, and its pagination and depiction of text on 
each page shall be identical to that of the sealed version. A redacted 
copy need not accompany a motion requesting a protective order if the 
materials would be redacted in their entirety.
* * * * *
0
13. Section 201.351 is amended by revising paragraph (b), redesignating 
paragraph (c) as paragraph (d), and adding new paragraph (c).
    The revision and addition read as follows:


Sec.  201.351  Transmittal of documents to Secretary; record index; 
electronic copy of exhibits; certification.

* * * * *
    (b) Preparation, certification of record index. Promptly after the 
close of the hearing, the hearing officer shall transmit to the 
Secretary an index of the originals of any motions, exhibits or any 
other documents filed with or accepted into evidence by the hearing 
officer that have not been previously transmitted to the Secretary, and 
the Secretary shall prepare a record index. Prior to issuance

[[Page 60090]]

of an initial decision, or if no initial decision is to be prepared, 
within 30 days of the close of the hearing, the Secretary shall 
transmit the record index to the hearing officer and serve a copy of 
the record index on each party. Any person may file proposed 
corrections to the record index with the hearing officer within three 
days of service of the record index. Any opposition to the proposed 
corrections shall be filed within three days of service of the proposed 
corrections. The hearing officer shall, by order, direct whether any 
corrections to the record index shall be made. The Secretary shall make 
such corrections, if any, and issue a revised record index. If an 
initial decision is to be issued, the initial decision shall include a 
certification that the record consists of the items set forth in the 
record index or revised record index issued by the Secretary.
    (c) Electronic exhibits. Within two weeks after the close of a 
hearing, the parties shall submit electronically to the Secretary a 
copy of all exhibits that were admitted, or offered and not admitted, 
during the hearing, and any other exhibits that were admitted after the 
hearing. The parties shall submit such evidence in the form and manner 
that is prescribed in the guidance posted on the Commission's Web site.
    (1) Sensitive personal information. Sensitive personal information 
is defined as a Social Security number, taxpayer identification number, 
financial account number, credit card or debit card number, passport 
number, driver's license number, state-issued identification number, 
home address (other than city and state), telephone number, date of 
birth (other than year), names and initials of minor children, as well 
as any sensitive health information identifiable by individual, such as 
an individual's medical records. Sensitive personal information shall 
not be included in, and must be redacted or omitted from, all filings 
subject to:
    (i) Exceptions. The following information may be included and is 
not required to be redacted from filings:
    (A) The last four digits of a taxpayer identification number, 
financial account number, credit card or debit card number, passport 
number, driver's license number, and state-issued identification 
number;
    (B) Home addresses and telephone numbers of parties and persons 
filing documents with the Commission;
    (C) Business telephone numbers; and
    (D) Copies of unredacted filings by regulated entities or 
registrants that are available on the Commission's public Web site.
    (ii) Confidential treatment of information. If the person 
submitting record exhibits and other documents or items that are not 
attached to filings believes that sensitive personal information (as 
defined in Sec.  201.351(c)(1)) contained therein is necessary to the 
proceeding, the person shall file unredacted documents, along with a 
motion for a protective order in accordance with Sec.  201.322 to limit 
disclosure of unredacted sensitive personal information.
    (2) Certification of inability to submit exhibits electronically. A 
person who reasonably cannot submit exhibits electronically must file a 
certification under Sec.  201.351(c)(2) that explains why the person 
reasonably cannot comply. The filing also must indicate the expected 
duration of the person's reasonable inability to comply, such as 
whether the certification is intended to apply to a solitary submission 
or all submissions made during the proceeding. The certification is 
immediately effective. Upon filing the certification, it will be part 
of the record of the proceeding, and the person shall submit originals 
of any exhibits that have not already been submitted to the Secretary 
by other means.
    (3) Signature requirement. Electronic submissions that require a 
signature pursuant to Sec.  201.153 may be signed with an ``/s/'' 
notation, which shall be deemed the signature of the person making the 
submission for purposes of Sec.  201.153.
    (4) Certification. The parties shall certify that exhibits and 
other documents or items submitted to the Secretary under this rule:
    (i) Are true and accurate copies of exhibits that were admitted, or 
offered and not admitted, during the hearing; and
    (ii) That any sensitive personal information as defined in Sec.  
201.351(c) has been excluded or redacted, or, if necessary, has been 
filed under seal pursuant to Sec.  201.322.
* * * * *
0
14. Section 201.420 is amended by revising paragraph (e) to read as 
follows:


Sec.  201.420  Appeal of determinations by self-regulatory 
organizations.

* * * * *
    (e) Certification of the record; service of the index. Fourteen 
days after receipt of an application for review or a Commission order 
for review, the self-regulatory organization shall certify and file 
electronically in the form and manner that is prescribed in the 
guidance posted on the Commission's Web site one unredacted copy of the 
record upon which the action complained of was taken. If such record 
contains any sensitive personal information, as defined in paragraph 
(e)(1) of this section, the self-regulatory organization also shall 
file electronically with the Commission one redacted copy of such 
record, subject to the following:
    (1) Sensitive personal information. Sensitive personal information 
is defined as a Social Security number, taxpayer identification number, 
financial account number, credit card or debit card number, passport 
number, driver's license number, state-issued identification number, 
home address (other than city and state), telephone number, date of 
birth (other than year), names and initials of minor children, as well 
as any sensitive health information identifiable by individual, such as 
an individual's medical records. Sensitive personal information shall 
not be included in, and must be redacted or omitted from, all filings 
subject to:
    (i) Exceptions. The following information may be included and is 
not required to be redacted from filings:
    (A) The last four digits of a taxpayer identification number, 
financial account number, credit card or debit card number, passport 
number, driver's license number, and state-issued identification 
number;
    (B) Home addresses and telephone numbers of parties and persons 
filing documents with the Commission;
    (C) Business telephone numbers; and
    (D) Copies of unredacted filings by regulated entities or 
registrants that are available on the Commission's public Web site.
    (ii) [Reserved]
    (2) Index. The self-regulatory organization also shall file 
electronically with the Commission one copy of an index to such record, 
and shall serve upon each party one copy of the index. If such index 
contains any sensitive personal information, as defined in paragraph 
(e)(1) of this section, the self-regulatory organization also shall 
file electronically with the Commission one redacted copy of such 
index, subject to the requirements of paragraphs (e)(1) introductory 
text and (e)(1)(i).
    (3) Certification. Any filing made pursuant to this section must 
include a certification that any sensitive personal information as 
defined in Sec.  201.420(e)(1) has been excluded or redacted from the 
filing.
0
15. Section 201.440 is amended by revising paragraph (d) to read as 
follows:


Sec.  201.440  Appeal of determinations by the Public Company 
Accounting Oversight Board.

* * * * *

[[Page 60091]]

    (d) Certification of the record; service of the index. Within 
fourteen days after receipt of an application for review, the Board 
shall certify and file electronically in the form and manner that is 
prescribed in the guidance posted on the Commission's Web site one 
unredacted copy of the record upon which it took the complained-of 
action. If such record contains any sensitive personal information, as 
defined in paragraph (d)(1) of this section, the Board also shall file 
electronically with the Commission one redacted copy of such record, 
subject to the following:
    (1) Sensitive personal information. Sensitive personal information 
is defined as a Social Security number, taxpayer identification number, 
financial account number, credit card or debit card number, passport 
number, driver's license number, state-issued identification number, 
home address (other than city and state), telephone number, date of 
birth (other than year), names and initials of minor children, as well 
as any sensitive health information identifiable by individual, such as 
an individual's medical records. Sensitive personal information shall 
not be included in, and must be redacted or omitted from, all filings 
subject to:
    (i) Exceptions. The following information may be included and is 
not required to be redacted from filings:
    (A) The last four digits of a taxpayer identification number, 
financial account number, credit card or debit card number, passport 
number, driver's license number, and state-issued identification 
number;
    (B) Home addresses and telephone numbers of parties and persons 
filing documents with the Commission;
    (C) Business telephone numbers; and
    (D) Copies of unredacted filings by regulated entities or 
registrants that are available on the Commission's public Web site.
    (ii) [Reserved]
    (2) Index. The Board shall file electronically with the Commission 
one copy of an index of such record, and shall serve one copy of the 
index on each party. If such index contains any sensitive personal 
information, as defined in paragraph (d)(1) of this section, the Board 
also shall file electronically with the Commission one redacted copy of 
such index, subject to the requirements of paragraphs (d)(1) 
introductory text and (d)(1)(i).
    (3) Certification. Any filing made pursuant to this section must 
include a certification that any sensitive personal information as 
defined in Sec.  201.440(d)(1) has been excluded or redacted from the 
filing.

    By the Commission.
    Dated: September 24, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-24705 Filed 10-2-15; 8:45 am]
 BILLING CODE 8011-01-P


