§ 77sss. — Rules, regulations, and orders.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC77sss]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2A--SECURITIES AND TRUST INDENTURES
SUBCHAPTER III--TRUST INDENTURES
Sec. 77sss. Rules, regulations, and orders
(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.
(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.
