CITE

    15 USC Sec. 77sss                                           01/08/2008

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2A - SECURITIES AND TRUST INDENTURES
    SUBCHAPTER III - TRUST INDENTURES

HEAD

    Sec. 77sss. Rules, regulations, and orders

STATUTE

    (a) Authority of Commission; subject matter of rules, etc.
      The Commission shall have authority from time to time to make,
    issue, amend, and rescind such rules and regulations and such
    orders as it may deem necessary or appropriate in the public
    interest or for the protection of investors to carry out the
    provisions of this subchapter, including rules and regulations
    defining accounting, technical, and trade terms used in this
    subchapter. Among other things, the Commission shall have
    authority, (1) by rules and regulations, to prescribe for the
    purposes of section 77jjj(b) of this title the method (to be fixed
    in indentures to be qualified under this subchapter) of calculating
    percentages of voting securities and other securities; (2) by rules
    and regulations, to prescribe the definitions of the terms "cash
    transaction" and "self-liquidating paper" which shall be included
    in indentures to be qualified under this subchapter, which
    definitions shall include such of the creditor relationships
    referred to in paragraphs (4) and (6) of subsection (b) of section
    77kkk of this title as to which the Commission determines that the
    application of subsection (a) of section 77kkk of this title is not
    necessary in the public interest or for the protection of
    investors, having due regard for the purposes of such subsection;
    and (3) for the purposes of this subchapter, to prescribe the form
    or forms in which information required in any statement,
    application, report, or other document filed with the Commission
    shall be set forth. For the purpose of its rules or regulations the
    Commission may classify persons, securities, indentures, and other
    matters within its jurisdiction and prescribe different
    requirements for different classes of persons, securities,
    indentures, or matters.
    (b) Rules and regulations effective upon publication
      Subject to the provisions of chapter 15 of title 44 and
    regulations prescribed under the authority thereof, the rules and
    regulations of the Commission under this subchapter shall be
    effective upon publication in the manner which the Commission shall
    prescribe, or upon such later date as may be provided in such rules
    and regulations.
    (c) Exemption from liability for any acts taken in good faith in
      conformity with rules, etc.
      No provision of this subchapter imposing any liability shall
    apply to any act done or omitted in good faith in conformity with
    any rule, regulation, or order of the Commission, notwithstanding
    that such rule, regulation, or order may, after such act or
    omission, be amended or rescinded or be determined by judicial or
    other authority to be invalid for any reason.

SOURCE

    (May 27, 1933, ch. 38, title III, Sec. 319, as added Aug. 3, 1939,
    ch. 411, 53 Stat. 1173; Pub. L. 105-353, title III, Sec. 301(e)(4),
    Nov. 3, 1998, 112 Stat. 3237.)

AMENDMENTS

      1998 - Subsec. (b). Pub. L. 105-353 substituted "chapter 15 of
    title 44" for "the Federal Register Act".

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, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175,
    64 Stat. 1265, set out under section 78d of this title.