§77sss Rules, Regulations, and Orders

Summary

The Commission can make, change, and cancel rules and orders it thinks are needed to carry out this part of the law and to protect the public and investors. It can set definitions for accounting, technical, and trade terms. The Commission may (1) set by rule how to calculate percentages of voting and other securities for section 77jjj(b); (2) define “cash transaction” and “self-liquidating paper” for indentures, and those definitions can include the creditor relationships mentioned in paragraphs (4) and (6) of subsection (b) of section 77kkk if the Commission decides that applying subsection (a) of section 77kkk is not necessary for the public interest or investor protection; and (3) require the formats for information in any statements, applications, reports, or other documents filed under this subchapter. It can also place people, securities, indentures, and other items into different classes and set different rules for each class. Under chapter 15 of title 44 and its rules, the Commission’s rules become effective when published the way the Commission prescribes, or on a later date the rule names. No one is liable under this subchapter for acts done or not done in good faith that followed a Commission rule or order, even if that rule is later changed, cancelled, or held invalid.