§78d–1 Delegation of Functions by Commission

Summary

The SEC may give many of its duties to a division, a single Commissioner, an administrative law judge, an employee, or an employee board by publishing an order or rule. These duties can include holding hearings, making decisions, issuing orders, certifying, reporting, or otherwise acting on matters. This does not override section 556(b) of title 5, and it does not let the SEC hand off general rulemaking (as defined in subchapter II of chapter 5 of title 5) or rules made under section 78s(c). The SEC keeps the right to review any delegated action on its own or when a party asks, in the time and way the SEC sets by rule. One Commissioner’s vote can send a matter up. People harmed by certain delegated actions—such as denied requests under sections 77h(a), 77h(c), or the first sentence of 78l(d); trading suspensions under 78l(k); or certain adjudications not required to be on the record after notice and hearing—can get review. If the SEC refuses review or no one asks in time, the delegated action becomes the Commission’s final action for all purposes, including appeals.