§ 78d-1. — Delegation of functions by 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: 15USC78d-1]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2B--SECURITIES EXCHANGES
Sec. 78d-1. Delegation of functions by Commission
(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.
(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.
Section Referred to in Other Sections
This section is referred to in section 78d-2 of this title.
