§ 77uuu. — Special powers of the Commission.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC77uuu]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2A--SECURITIES AND TRUST INDENTURES
SUBCHAPTER III--TRUST INDENTURES
Sec. 77uuu. Special powers of the Commission
(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.
(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.
Section Referred to in Other Sections
This section is referred to in section 77ggg of this title.
