CITE

    15 USC Sec. 78ggg                                           01/08/2008

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2B091 - SECURITIES INVESTOR PROTECTION

HEAD

    Sec. 78ggg. SEC functions

STATUTE

    (a) Administrative procedure
      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) Enforcement of actions
      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) Examinations and reports
      (1) Examination of SIPC, etc.
        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) Reports from SIPC
        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.

SOURCE

    (Pub. L. 91-598, Sec. 11, formerly Sec. 7, Dec. 30, 1970, 84 Stat.
    1652, 1653; renumbered Sec. 11 and amended Pub. L. 95-283, Secs. 9,
    10, May 21, 1978, 92 Stat. 260, 268.)

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".
                   TERMINATION OF REPORTING REQUIREMENTS
      For 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.