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

Summary

The Commission must give public notice and a chance for people to speak or send written comments when it makes rules under sections 78ccc(e)(3) and 78iii(f). It must follow the rulemaking steps in section 553 of Title 5. The Commission can hold a hearing, but it may still adopt a rule after the notice period in section 553(d) ends. The hearing does not have to create a formal, trial-like record under subchapter II of chapter 5. If SIPC refuses to use its funds or protect customers of one of its members, the Commission may ask the U.S. district court where SIPC’s main office is to order SIPC to meet its duties and give any other relief the court finds proper. The Commission can examine SIPC and require reports or records it thinks are needed for the public interest or to carry out this law. As soon as possible after each fiscal year, SIPC must send the Commission a written report about its business and actions that year, including audited financial statements by independent accountants acceptable to the Commission. The Commission will send that report and any comments to the President and Congress.

Title 15, §78ggg

Commerce and Trade — Source: USLM XML via OLRC

(a)Determinations of the Commission, for purposes of making rules pursuant to section 78ccc(e)(3) and section 78iii(f) of this title shall be after appropriate notice and opportunity for a hearing, and for submission of views of interested persons in accordance with the rulemaking procedures specified in section 553 of title 5, but the holding of a hearing shall not prevent adoption of any such rule or regulation upon expiration of the notice period specified in subsection (d) of such section and shall not be required to be on a record within the meaning of subchapter II of chapter 5 of such title.

(b)In the event of the refusal of SIPC to commit its funds or otherwise to act for the protection of customers of any member of SIPC, the Commission may apply to the district court of the United States in which the principal office of SIPC is located for an order requiring SIPC to discharge its obligations under this chapter and for such other relief as the court may deem appropriate to carry out the purposes of this chapter.

(c)(1)The Commission may make such examinations and inspections of SIPC and require SIPC to furnish it with such reports and records or copies thereof as the Commission may consider necessary or appropriate in the public interest or to effectuate the purposes of this chapter.

(2)As soon as practicable after the close of each fiscal year, SIPC shall submit to the Commission a written report relative to the conduct of its business, and the exercise of the other rights and powers granted by this chapter, during such fiscal year. Such report shall include financial statements setting forth the financial position of SIPC at the end of such fiscal year and the results of its operations (including the source and application of its funds) for such fiscal year. The financial statements so included shall be examined by an independent public accountant or firm of independent public accountants, selected by SIPC and satisfactory to the Commission, and shall be accompanied by the report thereon of such accountant or firm. The Commission shall transmit such report to the President and the Congress with such comment thereon as the Commission may deem appropriate.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsecs. (b) and (c), was in the original “this Act”, meaning Pub. L. 91–598, Dec. 30, 1970, 84 Stat. 1636. For complete classification of this Act to the Code, see Tables. Codification Section is comprised of section 11 of Pub. L. 91–598. Subsec. (d) of section 11 of Pub. L. 91–598 amended section 78o of this title.

Prior Provisions

A prior section 11 of Pub. L. 91–598 was renumbered section 15 and is classified to section 78kkk of this title.

Amendments

1978—Subsec. (a). Pub. L. 95–283 substituted “pursuant to section 78ccc(e)(3) and section 78iii(f) of this title” for “or

Regulations

pursuant to section 78ccc(e) and 78iii(f) of this title”.

Statutory Notes and Related Subsidiaries

Termination of Reporting RequirementsFor termination, effective May 15, 2000, of provisions in subsec. (c)(2) of this section relating to submittal of annual report to Congress, see section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance, and page 191 of House Document No. 103–7.

§78ggg Sec Functions