§78d — Title 15 Commerce and Trade | U.S. Code

Summary

Creates the Securities and Exchange Commission and says how it must work. The Commission has five commissioners who the President picks and the Senate approves. No more than three may be from the same political party, and appointments should alternate parties when possible. Each commissioner serves a five-year term, cannot hold any other job, and must not take part in stock-market trades the Commission regulates. Vacancies are filled only for the rest of the term. The Commission hires officers, attorneys, economists, examiners, and other staff under federal pay rules and must tell certain banking agencies and Congress about pay so it stays comparable. The Commission may lease office space directly and is exempt from General Services Administration space rules. It may accept travel payments or reimbursements from non-federal groups or foreign securities authorities for meetings or investigations, and former employers may pay relocation costs for fellows. The Commission may allow fees to be paid in forms other than cash and set when fees are determined and paid. Creates an Office of the Investor Advocate and an Office of the Advocate for Small Business Capital Formation. The Investor Advocate reports to the Chairman, is appointed from people experienced in investor advocacy, and is paid at the top senior-executive rate. That person may not have worked at the Commission in the two years before appointment and may not return to work at the Commission for five years after leaving. The Investor Advocate can hire staff and counsel, help retail investors with big problems, find and analyze investor issues and proposed rules, suggest changes to the Commission and Congress, and must have full access to needed documents. The Investor Advocate must send a June 30 objectives report and a December 31 activity report each year after 2010 with detailed analysis, and those reports cannot be reviewed beforehand or include confidential information. An Ombudsman reporting to the Investor Advocate must be named within 180 days of the first Investor Advocate and must help resolve retail investor problems and protect confidentiality. The Small Business Advocate reports to the Commission, is appointed from small-business advocates, is paid at the top senior-executive rate, may not be a current Commission employee, and has similar duties and reporting rules (annual report due December 31 after 2015). The Commission must formally reply to recommendations from either advocate within 3 months. Trading and Investment Management divisions must have examiner staffs to inspect firms and report to their directors. All public data the Commission publishes must be open, free to download, human-readable, and available by API when appropriate.

Title 15, §78d

Commerce and Trade — Source: USLM XML via OLRC

(a)There is hereby established a Securities and Exchange Commission (hereinafter referred to as the “Commission”) to be composed of five commissioners to be appointed by the President by and with the advice and consent of the Senate. Not more than three of such commissioners shall be members of the same political party, and in making appointments members of different political parties shall be appointed alternately as nearly as may be practicable. No commissioner shall engage in any other business, vocation, or employment than that of serving as commissioner, nor shall any commissioner participate, directly or indirectly, in any stock-market operations or transactions of a character subject to regulation by the Commission pursuant to this chapter. Each commissioner shall hold office for a term of five years and until his successor is appointed and has qualified, except that he shall not so continue to serve beyond the expiration of the next session of Congress subsequent to the expiration of said fixed term of office, and except (1) any commissioner appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of such term, and (2) the terms of office of the commissioners first taking office after June 6, 1934, shall expire as designated by the President at the time of nomination, one at the end of one year, one at the end of two years, one at the end of three years, one at the end of four years, and one at the end of five years, after June 6, 1934.

(b)(1)The Commission shall appoint and compensate officers, attorneys, economists, examiners, and other employees in accordance with section 4802 of title 5.

(2)In establishing and adjusting schedules of compensation and benefits for officers, attorneys, economists, examiners, and other employees of the Commission under applicable provisions of law, the Commission shall inform the heads of the agencies referred to under section 1833b of title 12 and Congress of such compensation and benefits and shall seek to maintain comparability with such agencies regarding compensation and benefits.

(3)Nothwithstanding 11 So in original. Probably should be “Notwithstanding”. any other provision of law, the Commission is authorized to enter directly into leases for real property for office, meeting, storage, and such other space as is necessary to carry out its functions, and shall be exempt from any General Services Administration space management regulations or directives.

(c)Notwithstanding any other provision of law, in accordance with regulations which the Commission shall prescribe to prevent conflicts of interest, the Commission may accept payment and reimbursement, in cash or in kind, from non-Federal agencies, organizations, and individuals for travel, subsistence, and other necessary expenses incurred by Commission members and employees in attending meetings and conferences concerning the functions or activities of the Commission. Any payment or reimbursement accepted shall be credited to the appropriated funds of the Commission. The amount of travel, subsistence, and other necessary expenses for members and employees paid or reimbursed under this subsection may exceed per diem amounts established in official travel regulations, but the Commission may include in its regulations under this subsection a limitation on such amounts.

(d)Notwithstanding any other provision of law, former employers of participants in the Commission’s professional fellows programs may pay such participants their actual expenses for relocation to Washington, District of Columbia, to facilitate their participation in such programs, and program participants may accept such payments.

(e)Notwithstanding any other provision of law, whenever any fee is required to be paid to the Commission pursuant to any provision of the securities laws or any other law, the Commission may provide by rule that such fee shall be paid in a manner other than in cash and the Commission may also specify the time that such fee shall be determined and paid relative to the filing of any statement or document with the Commission.

(f)Notwithstanding any other provision of law, the Commission may accept payment and reimbursement, in cash or in kind, from a foreign securities authority, or made on behalf of such authority, for necessary expenses incurred by the Commission, its members, and employees in carrying out any investigation pursuant to section 78u(a)(2) of this title or in providing any other assistance to a foreign securities authority. Any payment or reimbursement accepted shall be considered a reimbursement to the appropriated funds of the Commission.

(g)(1)There is established within the Commission the Office of the Investor Advocate (in this subsection referred to as the “Office”).

(2)(A)The head of the Office shall be the Investor Advocate, who shall—

(i)report directly to the Chairman; and

(ii)be appointed by the Chairman, in consultation with the Commission, from among individuals having experience in advocating for the interests of investors in securities and investor protection issues, from the perspective of investors.

(B)The annual rate of pay for the Investor Advocate shall be equal to the highest rate of annual pay for other senior executives who report to the Chairman of the Commission.

(C)An individual who serves as the Investor Advocate may not be employed by the Commission—

(i)during the 2-year period ending on the date of appointment as Investor Advocate; or

(ii)during the 5-year period beginning on the date on which the person ceases to serve as the Investor Advocate.

(3)The Investor Advocate, after consultation with the Chairman of the Commission, may retain or employ independent counsel, research staff, and service staff, as the Investor Advocate deems necessary to carry out the functions, powers, and duties of the Office.

(4)The Investor Advocate shall—

(A)assist retail investors in resolving significant problems such investors may have with the Commission or with self-regulatory organizations;

(B)identify areas in which investors would benefit from changes in the regulations of the Commission or the rules of self-regulatory organizations;

(C)identify problems that investors have with financial service providers and investment products;

(D)analyze the potential impact on investors of—

(i)proposed regulations of the Commission; and

(ii)proposed rules of self-regulatory organizations registered under this chapter; and

(E)to the extent practicable, propose to the Commission changes in the regulations or orders of the Commission and to Congress any legislative, administrative, or personnel changes that may be appropriate to mitigate problems identified under this paragraph and to promote the interests of investors.

(5)The Commission shall ensure that the Investor Advocate has full access to the documents of the Commission and any self-regulatory organization, as necessary to carry out the functions of the Office.

(6)(A)(i)Not later than June 30 of each year after 2010, the Investor Advocate shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the objectives of the Investor Advocate for the following fiscal year.

(ii)Each report required under clause (i) shall contain full and substantive analysis and explanation.

(B)(i)Not later than December 31 of each year after 2010, the Investor Advocate shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the activities of the Investor Advocate during the immediately preceding fiscal year.

(ii)Each report required under clause (i) shall include—

(I)appropriate statistical information and full and substantive analysis;

(II)information on steps that the Investor Advocate has taken during the reporting period to improve investor services and the responsiveness of the Commission and self-regulatory organizations to investor concerns;

(III)a summary of the most serious problems encountered by investors during the reporting period;

(IV)an inventory of the items described in subclause (III) that includes—

(aa)identification of any action taken by the Commission or the self-regulatory organization and the result of such action;

(bb)the length of time that each item has remained on such inventory; and

(cc)for items on which no action has been taken, the reasons for inaction, and an identification of any official who is responsible for such action;

(V)recommendations for such administrative and legislative actions as may be appropriate to resolve problems encountered by investors; and

(VI)any other information, as determined appropriate by the Investor Advocate.

(iii)Each report required under this paragraph shall be provided directly to the Committees listed in clause (i) without any prior review or comment from the Commission, any commissioner, any other officer or employee of the Commission, or the Office of Management and Budget.

(iv)No report required under clause (i) may contain confidential information.

(7)The Commission shall, by regulation, establish procedures requiring a formal response to all recommendations submitted to the Commission by the Investor Advocate, not later than 3 months after the date of such submission.

(8)(A)Not later than 180 days after the date on which the first Investor Advocate is appointed under paragraph (2)(A)(i),22 So in original. Probably should be “(2)(A)(ii),”. the Investor Advocate shall appoint an Ombudsman, who shall report directly to the Investor Advocate.

(B)The Ombudsman appointed under subparagraph (A) shall—

(i)act as a liaison between the Commission and any retail investor in resolving problems that retail investors may have with the Commission or with self-regulatory organizations;

(ii)review and make recommendations regarding policies and procedures to encourage persons to present questions to the Investor Advocate regarding compliance with the securities laws; and

(iii)establish safeguards to maintain the confidentiality of communications between the persons described in clause (ii) and the Ombudsman.

(C)In carrying out the duties of the Ombudsman under subparagraph (B), the Ombudsman shall utilize personnel of the Commission to the extent practicable. Nothing in this paragraph shall be construed as replacing, altering, or diminishing the activities of any ombudsman or similar office of any other agency.

(D)The Ombudsman shall submit a semiannual report to the Investor Advocate that describes the activities and evaluates the effectiveness of the Ombudsman during the preceding year. The Investor Advocate shall include the reports required under this section in the reports required to be submitted by the Inspector Advocate under paragraph (6).

(h)(1)The Division of Trading and Markets of the Commission, or any successor organizational unit, shall have a staff of examiners who shall—

(A)perform compliance inspections and examinations of entities under the jurisdiction of that Division; and

(B)report to the Director of that Division.

(2)The Division of Investment Management of the Commission, or any successor organizational unit, shall have a staff of examiners who shall—

(A)perform compliance inspections and examinations of entities under the jurisdiction of that Division; and

(B)report to the Director of that Division.

(i)(1)There is established within the Commission the Office of the Advocate for Small Business Capital Formation (hereafter in this subsection referred to as the “Office”).

(2)(A)The head of the Office shall be the Advocate for Small Business Capital Formation, who shall—

(i)report directly to the Commission; and

(ii)be appointed by the Commission, from among individuals having experience in advocating for the interests of small businesses and encouraging small business capital formation.

(B)The annual rate of pay for the Advocate for Small Business Capital Formation shall be equal to the highest rate of annual pay for other senior executives who report directly to the Commission.

(C)An individual may not be appointed as the Advocate for Small Business Capital Formation if the individual is currently employed by the Commission.

(3)The Advocate for Small Business Capital Formation, after consultation with the Commission, may retain or employ independent counsel, research staff, and service staff, as the Advocate for Small Business Capital Formation determines to be necessary to carry out the functions of the Office.

(4)The Advocate for Small Business Capital Formation shall—

(A)assist small businesses and small business investors in resolving significant problems such businesses and investors may have with the Commission or with self-regulatory organizations;

(B)identify areas in which small businesses and small business investors would benefit from changes in the regulations of the Commission or the rules of self-regulatory organizations;

(C)identify problems that small businesses have with securing access to capital, including any unique challenges to minority-owned small businesses, women-owned small businesses, and small businesses affected by hurricanes or other natural disasters;

(D)analyze the potential impact on small businesses and small business investors of—

(i)proposed regulations of the Commission that are likely to have a significant economic impact on small businesses and small business capital formation; and

(ii)proposed rules that are likely to have a significant economic impact on small businesses and small business capital formation of self-regulatory organizations registered under this chapter;

(E)conduct outreach to small businesses and small business investors, including through regional roundtables, in order to solicit views on relevant capital formation issues;

(F)to the extent practicable, propose to the Commission changes in the regulations or orders of the Commission and to Congress any legislative, administrative, or personnel changes that may be appropriate to mitigate problems identified under this paragraph and to promote the interests of small businesses and small business investors;

(G)consult with the Investor Advocate on proposed recommendations made under subparagraph (F); and

(H)advise the Investor Advocate on issues related to small businesses and small business investors.

(5)The Commission shall ensure that the Advocate for Small Business Capital Formation has full access to the documents and information of the Commission and any self-regulatory organization, as necessary to carry out the functions of the Office.

(6)(A)Not later than December 31 of each year after 2015, the Advocate for Small Business Capital Formation shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the activities of the Advocate for Small Business Capital Formation during the immediately preceding fiscal year.

(B)Each report required under subparagraph (A) shall include—

(i)appropriate statistical information and full and substantive analysis;

(ii)information on steps that the Advocate for Small Business Capital Formation has taken during the reporting period to improve small business services and the responsiveness of the Commission and self-regulatory organizations to small business and small business investor concerns;

(iii)a summary of the most serious issues encountered by small businesses and small business investors, including any unique issues encountered by minority-owned small businesses, women-owned small businesses, and small businesses affected by hurricanes or other natural disasters and their investors, during the reporting period;

(iv)an inventory of the items summarized under clause (iii) (including items summarized under such clause for any prior reporting period on which no action has been taken or that have not been resolved to the satisfaction of the Advocate for Small Business Capital Formation as of the beginning of the reporting period covered by the report) that includes—

(I)identification of any action taken by the Commission or the self-regulatory organization and the result of such action;

(II)the length of time that each item has remained on such inventory; and

(III)for items on which no action has been taken, the reasons for inaction, and an identification of any official who is responsible for such action;

(v)recommendations for such changes to the regulations, guidance and orders of the Commission and such legislative actions as may be appropriate to resolve problems with the Commission and self-regulatory organizations encountered by small businesses and small business investors and to encourage small business capital formation; and

(vi)any other information, as determined appropriate by the Advocate for Small Business Capital Formation.

(C)No report required by subparagraph (A) may contain confidential information.

(D)Each report required under subparagraph (A) shall be provided directly to the committees of Congress listed in such subparagraph without any prior review or comment from the Commission, any commissioner, any other officer or employee of the Commission, or the Office of Management and Budget.

(7)The Commission shall establish procedures requiring a formal response to all recommendations submitted to the Commission by the Advocate for Small Business Capital Formation, not later than 3 months after the date of such submission.

(8)The Advocate for Small Business Capital Formation shall be responsible for planning, organizing, and executing the annual Government-Business Forum on Small Business Capital Formation described in section 80c–1 of this title.

(9)Nothing in this subsection may be construed as replacing or reducing the responsibilities of the Investor Advocate with respect to small business investors.

(j)All public data assets published by the Commission under the securities laws and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203; 124 Stat. 1376) shall be—

(1)made available as an open Government data asset (as defined in section 3502 of title 44);

(2)freely available for download;

(3)rendered in a human-readable format; and

(4)accessible via application programming interface where appropriate.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsecs. (a), (g)(4)(D)(ii), and (i)(4)(D)(ii), was in the original “this title”. See

References in Text

note set out under section 78a of this title. The Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to in subsec. (j), is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376, which enacted chapter 53 (§ 5301 et seq.) of Title 12, Banks and Banking, and chapters 108 (§ 8201 et seq.) and 109 (§ 8301 et seq.) of this title, and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see

Short Title

note set out under section 5301 of Title 12 and Tables.

Amendments

2025—Subsecs. (i) to (k). Pub. L. 119–21 redesignated subsecs. (j) and (k) as (i) and (j), respectively, and struck out former subsec. (i) which related to the establishment of the Securities and Exchange Commission Reserve Fund and amounts therein. 2022—Subsec. (k). Pub. L. 117–263 added subsec. (k). 2018—Subsec. (j)(4)(C), (6)(B)(iii). Pub. L. 115–141 substituted “minority-owned small businesses, women-owned small businesses, and small businesses affected by hurricanes or other natural disasters” for “minority-owned and women-owned small businesses”. 2016—Subsec. (j). Pub. L. 114–284 added subsec. (j). 2010—Subsec. (g). Pub. L. 111–203, § 915, added subsec. (g). Subsec. (g)(8). Pub. L. 111–203, § 919D, added par. (8). Subsec. (h). Pub. L. 111–203, § 965, added subsec. (h). Subsec. (i). Pub. L. 111–203, § 991(e)(1), added subsec. (i). 2002—Subsec. (b)(1), (2). Pub. L. 107–123 added pars. (1) and (2) and struck out former pars. (1) and (2), which authorized the Commission to appoint and compensate officers, attorneys, examiners, and other experts as needed, and to select, appoint, and compensate professional economists. 1998—Subsec. (b)(2), (3). Pub. L. 105–353 added par. (2) and redesignated former par. (2) as (3). 1996—Subsec. (e). Pub. L. 104–290 inserted before period at end “and the Commission may also specify the time that such fee shall be determined and paid relative to the filing of any statement or document with the Commission”. 1990—Subsec. (b). Pub. L. 101–550, § 103, inserted heading, designated existing provision as par. (1) and inserted heading, and added par. (2). Subsec. (f). Pub. L. 101–550, § 207, added subsec. (f). 1987—Subsec. (e). Pub. L. 100–181 added subsec. (e). 1983—Subsecs. (c), (d). Pub. L. 98–38 added subsecs. (c) and (d). 1964—Subsec. (a). Pub. L. 88–426 repealed provisions which prescribed the compensation of the Chairman and the Commissioners. 1960—Subsec. (a). Pub. L. 86–771 authorized the chairman to receive an additional $500 a year. Pub. L. 86–619 increased the salary of each commissioner from $15,000 to $20,000 a year, and provided for continuation in office of a commissioner upon termination of his term until a successor is appointed and has qualified, not beyond expiration of next session of Congress subsequent to the expiration of said fixed term of office. 1949—Subsec. (b). Act Oct. 28, 1949, substituted “Classification Act of 1949” for “Classification Act of 1923”.

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by section 915, 919D, and 965 of Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an

Effective Date

note under section 5301 of Title 12, Banks and Banking. Pub. L. 111–203, title IX, § 991(e)(2),

July 21, 2010, 124 Stat. 1955, provided that: “The amendment made by this subsection [amending this section] shall take effect on

October 1, 2011.”

Effective Date

of 2002 AmendmentAmendment by Pub. L. 107–123 effective Oct. 1, 2001, see section 11 of Pub. L. 107–123, set out as a note under section 78ee of this title.

Effective Date

of 1964 AmendmentFor

Effective Date

of amendment by Pub. L. 88–426, see section 501 of Pub. L. 88–426.

Repeals

Act Oct. 28, 1949, ch. 782, set out in the credit of this section, was repealed (subject to a savings clause) by Pub. L. 89–554, Sept. 6, 1966, § 8, 80 Stat. 632, 655. Rule of

Construction

—No New Disclosure RequirementsAmendment by Pub. L. 117–263 not to be construed to require certain additional information to be collected or disclosed, see section 5826 of Pub. L. 117–263, set out as a note under section 77g of this title. Expenditure of Funds in and Closure of the Securities and Exchange Commission Reserve Fund Pub. L. 119–21, title III, § 30003(c)–(e),

July 4, 2025, 139 Stat. 126, provided that: “(c) Transition Provision.—During the period beginning on the date of enactment of this Act [

July 4, 2025] and ending on

October 1, 2025, the Securities and Exchange Commission may expend amounts in the Securities and Exchange Commission Reserve Fund that were obligated before the date of enactment of this Act for any program, project, or activity that is ongoing (as of the day before the date of enactment of this Act) in accordance with [former] subsection (i) of section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d), as in effect on the day before the date of enactment of this Act. “(d) Transfer of Remaining Amounts.—Effective on

October 1, 2025, the obligated and unobligated balances of amounts in the Securities and Exchange Commission Reserve Fund shall be transferred to the general fund of the Treasury. “(e) Closing of Account.—For the purposes of section 1555 of title 31, United States Code, the Securities and Exchange Commission Reserve Fund shall be considered closed, and thereafter shall not be available for obligation or expenditure for any purpose, upon execution of the transfer required under subsection (d).” Outreach by the Commission Pub. L. 112–106, title VII, § 701, Apr. 5, 2012, 126 Stat. 327, provided that: “The Securities and Exchange Commission shall provide online information and conduct outreach to inform small and medium sized businesses, women owned businesses, veteran owned businesses, and minority owned businesses of the changes made by this Act [see

Short Title

of 2012 Amendment note set out under section 78a of this title].” Pay Authority for Employment of Experts and Consultants Pub. L. 111–203, title IX, § 929G(c), July 21, 2010, 124 Stat. 1856, provided that: “The [Securities and Exchange] Commission may set the rate of pay for experts and consultants appointed under the authority of section 3109 of title 5, United States Code, in the same manner in which it sets the rate of pay for employees of the Commission.”

Executive Documents

Transfer of Functions

For

Transfer of Functions

of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§ 1, 2, eff.

May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out below. 1950 REORGANIZATION PLAN NO. 1015 F.R. 3175, 64 Stat. 1265Prepared by the President and transmitted to the Senate and the House of Representatives in Congress assembled,

March 13, 1950, pursuant to the provisions of the Reorganization Act of 1949, approved

June 20, 1949 [see 5 U.S.C. 901 et seq.]. SECURITIES AND EXCHANGE COMMISSION section 1.

Transfer of Functions

to the Chairman(a) Subject to the provisions of subsection (b) of this section there are hereby transferred from the Securities and Exchange Commission, hereinafter referred to as the Commission, to the Chairman of the Commission, hereinafter referred to as the Chairman, the executive and administrative functions of the Commission, including functions of the Commission with respect to (1) the appointment and supervision of personnel employed under the Commission, (2) the distribution of business among such personnel and among administrative units of the Commission, and (3) the use and expenditure of funds. (b)(1) In carrying out any of his functions under the provisions of this section the Chairman shall be governed by general policies of the Commission and by such regulatory decisions, findings, and determinations as the Commission may by law be authorized to make. (2) The appointment by the Chairman of the heads of major administrative units under the Commission shall be subject to the approval of the Commission. (3) Personnel employed regularly and full time in the immediate offices of Commissioners other than the Chairman shall not be affected by the provisions of this reorganization plan. (4) There are hereby reserved to the Commission its functions with respect to revising budget estimates and with respect to determining upon the distribution of appropriated funds according to major programs and purposes. Sec. 2. Performance of Transferred FunctionsThe Chairman may from time to time make such provisions as he shall deem appropriate authorizing the performance by any officer, employee, or administrative unit under his jurisdiction of any function transferred to the Chairman by the provisions of section 1 of this reorganization plan. Sec. 3. Designation of ChairmanThe functions of the Commission with respect to choosing a Chairman from among the Commissioners composing the Commission are hereby transferred to the President. Message of the PresidentTo the Congress of the United States: I transmit herewith Reorganization Plan No. 10 of 1950, prepared in accordance with the Reorganization Act of 1949 and providing for reorganizations in the Securities and Exchange Commission. My reasons for transmitting this plan are stated in an accompanying general message. After investigation I have found and hereby declare that each reorganization included in Reorganization Plan No. 10 of 1950 is necessary to accomplish one or more of the purposes set forth in section 2(a) of the Reorganization Act of 1949. The taking effect of the reorganizations included in this plan may not in itself result in substantial immediate savings. However, many benefits in improved operations are probable during the next years which will result in a reduction in expenditures as compared with those that would be otherwise necessary. An itemization of these reductions in advance of actual experience under this plan is not practicable. Harry S. Truman.

§78d Securities and Exchange Commission

Summary

Title 15, §78d

Notes & Related Subsidiaries

Editorial Notes

References in Text

References in Text

Short Title

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Effective Date

Effective Date

Effective Date

Repeals

Construction

Short Title

Executive Documents

Transfer of Functions

Transfer of Functions

Transfer of Functions

Citations & Metadata