§ 78ggg. — SEC functions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC78ggg]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2B-1--SECURITIES INVESTOR PROTECTION
Sec. 78ggg. SEC functions
(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.
(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.
