Executive Director appointment powers establish designated authority and bench procedure for initiating proceedings under Intermediaries Regulations. Amendment defines Executive Director and provides that where a designated member considers a registered intermediary has committed defaults under regulation 23, the designated member may approve initiation of proceedings and the Executive Director shall appoint an officer not below Division Chief as designated authority. The Executive Director may instead appoint a three-member bench of such officers, presided by the senior-most, with decisions by majority.