CITE

    15 USC Sec. 77uuu                                           01/08/2008

EXPCITE

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

HEAD

    Sec. 77uuu. Special powers of the Commission

STATUTE

    (a) Investigatory powers
      For the purpose of any investigation or any other proceeding
    which, in the opinion of the Commission, is necessary and proper
    for the enforcement of this subchapter, any member of the
    Commission, or any officer thereof designated by it, is empowered
    to administer oaths and affirmations, subpena witnesses, compel
    their attendance, take evidence, and require the production of any
    books, papers, correspondence, memoranda, contracts, agreements, or
    other records which the Commission deems relevant or material to
    the inquiry. Such attendance of witnesses and the production of any
    such books, papers, correspondence, memoranda, contracts,
    agreements, or other records may be required from any place in the
    United States or in any Territory at any designated place of
    investigation or hearing. In addition, the Commission shall have
    the powers with respect to investigations and hearings, and with
    respect to the enforcement of, and offenses and violations under,
    this subchapter and rules and regulations and orders prescribed
    under the authority thereof, provided in sections 77t and 77v(b),
    (c) of this title.
    (b) Availability of reports from other offices; restrictions
      The Treasury Department, the Comptroller of the Currency, the
    Board of Governors of the Federal Reserve System, the Federal
    Reserve Banks, and the Federal Deposit Insurance Corporation are
    authorized, under such conditions as they may prescribe, to make
    available to the Commission such reports, records, or other
    information as they may have available with respect to trustees or
    prospective trustees under indentures qualified or to be qualified
    under this subchapter, and to make through their examiners or other
    employees for the use of the Commission, examinations of such
    trustees or prospective trustees. Every such trustee or prospective
    trustee shall, as a condition precedent to qualification of such
    indenture, consent that reports of examinations by Federal, State,
    Territorial, or District authorities may be furnished by such
    authorities to the Commission upon request therefor.
      Notwithstanding any provision of this subchapter, no report,
    record, or other information made available to the Commission under
    this subsection, no report of an examination made under this
    subsection for the use of the Commission, no report of an
    examination made of any trustee or prospective trustee by any
    Federal, State, Territorial, or District authority having
    jurisdiction to examine or supervise such trustee, no report made
    by any such trustee or prospective trustee to any such authority,
    and no correspondence between any such authority and any such
    trustee or prospective trustee, shall be divulged or made known or
    available by the Commission or any member, officer, agent, or
    employee thereof, to any person other than a member, officer,
    agent, or employee of the Commission: Provided, That the Commission
    may make available to the Attorney General of the United States, in
    confidence, any information obtained from such records, reports of
    examination, other reports, or correspondence, and deemed necessary
    by the Commission, or requested by him, for the purpose of enabling
    him to perform his duties under this subchapter.
    (c) Investigation of prospective trustees
      Any investigation of a prospective trustee, or any proceeding or
    requirement for the purpose of obtaining information regarding a
    prospective trustee, under any provision of this subchapter, shall
    be limited -
        (1) to determining whether such prospective trustee is
      qualified to act as trustee under the provisions of subsection
      (b) of section 77jjj of this title;
        (2) to requiring the inclusion in the registration statement or
      application of information with respect to the eligibility of
      such prospective trustee under paragraph (1) of subsection (a) of
      section 77jjj of this title; and
        (3) to requiring the inclusion in the registration statement or
      application of the most recent published report of condition of
      such prospective trustee, as described in paragraph (2) of
      subsection (a) of section 77jjj of this title, or, if the
      indenture does not contain the provision with respect to combined
      capital and surplus authorized by the last sentence of paragraph
      (2) of subsection (a) of section 77jjj of this title, to
      determining whether such prospective trustee is eligible to act
      as such under paragraph (2) of subsection (a) of section 77jjj of
      this title.
    (d) Appointment and compensation of employees; lease and allocation
      of real property
      The provisions section 78d(b) of this title shall be applicable
    with respect to the power of the Commission -
        (1) to appoint and fix the compensation of such employees as
      may be necessary for carrying out its functions under this
      subchapter, and
        (2) to lease and allocate such real property as may be
      necessary for carrying out its functions under this subchapter.

SOURCE

    (May 27, 1933, ch. 38, title III, Sec. 321, as added Aug. 3, 1939,
    ch. 411, 53 Stat. 1174; amended Pub. L. 101-550, title I, Sec.
    104(b), Nov. 15, 1990, 104 Stat. 2714.)

AMENDMENTS

      1990 - Subsec. (d). Pub. L. 101-550 amended subsec. (d)
    generally. Prior to amendment, subsec. (d) read as follows: "The
    provisions of section 78d(b) of this title shall be applicable with
    respect to the power of the Commission to appoint and fix the
    compensation of such officers, attorneys, examiners, and other
    experts, and such other officers and employees, as may be necessary
    for carrying out its functions under this subchapter."

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.
                   EXCEPTION AS TO TRANSFER OF FUNCTIONS
      Functions vested by any provision of law in Comptroller of the
    Currency, referred to in this section, not included in transfer of
    functions of officers, agencies and employees of Department of the
    Treasury to Secretary of the Treasury, made by Reorg. Plan No. 26
    of 1950, Sec. 1, eff. July 31, 1950, 15 F.R. 4935, 64 Stat. 1280.
    See section 321(c)(2) of Title 31, Money and Finance.