Assignment of Function Relating to Granting of Authority for Issuance of Certain Directives

This memorandum assigns the President's authority under a provision of the Securities Exchange Act of 1934 to the Director of National Intelligence, allowing the DNI to issue certain directives related to national security and intelligence matters in the securities context.

Federal Register Open PDF 71 FR 27943

Impact dates

May 11, 2006
Federal Register publication filed

Key directives

Assign to Director of National Intelligence the function of the President under section 13(b)(3)(A) of the Securities Exchange Act of 1934
DNI shall consult heads of departments and agencies as appropriate when performing this function
DNI authorized and directed to publish this memorandum in the Federal Register

Who is ordered

Director of National Intelligence · ODNI

Timeline

Immediate

Function assignment takes effect upon signing
DNI authorized to exercise section 13(b)(3)(A) authority

Near term (90d)

Publication in Federal Register (filed May 11, 2006)

Long term

Ongoing DNI authority over issuance of certain directives under Securities Exchange Act

Risks & tensions

Potential tension between intelligence priorities and securities disclosure transparency
Unclear scope of 'certain directives'—text does not specify what directives the DNI may now issue
Consultation requirement with agency heads is vague ('as appropriate') with no enforcement mechanism