CITE

    15 USC Sec. 78d-1                                           01/08/2008

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2B - SECURITIES EXCHANGES

HEAD

    Sec. 78d-1. Delegation of functions by Commission

STATUTE

    (a) Authorization; functions delegable; eligible persons;
      application of other laws
      In addition to its existing authority, the Securities and
    Exchange Commission shall have the authority to delegate, by
    published order or rule, any of its functions to a division of the
    Commission, an individual Commissioner, an administrative law
    judge, or an employee or employee board, including functions with
    respect to hearing, determining, ordering, certifying, reporting,
    or otherwise acting as to any work, business, or matter. Nothing in
    this section shall be deemed to supersede the provisions of section
    556(b) of title 5, or to authorize the delegation of the function
    of rulemaking as defined in subchapter II of chapter 5 of title 5,
    with reference to general rules as distinguished from rules of
    particular applicability, or of the making of any rule pursuant to
    section 78s(c) of this title.
    (b) Right of review; procedure
      With respect to the delegation of any of its functions, as
    provided in subsection (a) of this section, the Commission shall
    retain a discretionary right to review the action of any such
    division of the Commission, individual Commissioner, administrative
    law judge, employee, or employee board, upon its own initiative or
    upon petition of a party to or intervenor in such action, within
    such time and in such manner as the Commission by rule shall
    prescribe. The vote of one member of the Commission shall be
    sufficient to bring any such action before the Commission for
    review. A person or party shall be entitled to review by the
    Commission if he or it is adversely affected by action at a
    delegated level which (1) denies any request for action pursuant to
    section 77h(a) or section 77h(c) of this title or the first
    sentence of section 78l(d) of this title; (2) suspends trading in a
    security pursuant to section 78l(k) of this title; or (3) is
    pursuant to any provision of this chapter in a case of
    adjudication, as defined in section 551 of title 5, not required by
    this chapter to be determined on the record after notice and
    opportunity for hearing (except to the extent there is involved a
    matter described in section 554(a)(1) through (6) of such title 5).
    (c) Finality of delegated action
      If the right to exercise such review is declined, or if no such
    review is sought within the time stated in the rules promulgated by
    the Commission, then the action of any such division of the
    Commission, individual Commissioner, administrative law judge,
    employee, or employee board, shall, for all purposes, including
    appeal or review thereof, be deemed the action of the Commission.

SOURCE

    (June 6, 1934, ch. 404, title I, Sec. 4A, as added Pub. L. 100-181,
    title III, Sec. 308(a), Dec. 4, 1987, 101 Stat. 1254.)

PRIOR PROVISIONS

      A prior section 78d-1, Pub. L. 87-592, Sec. 1, Aug. 20, 1962, 76
    Stat. 394; Pub. L. 94-29, Sec. 25, June 4, 1975, 89 Stat. 163; Pub.
    L. 95-251, Sec. 2(a)(4), Mar. 27, 1978, 92 Stat. 183, provided for
    subject matter similar to the provisions comprising this section,
    prior to repeal by section 308(b) of Pub. L. 100-181.