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

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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").