§ 79t. — 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: 15USC79t]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2C--PUBLIC UTILITY HOLDING COMPANIES
Sec. 79t. Rules, regulations, and orders
(a) Authority of Commission to make
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 to carry out the provisions of this
chapter, including rules and regulations defining accounting, technical,
and trade terms used in this chapter. Among other things, the Commission
shall have authority, for the purposes of this chapter, to prescribe the
form or forms in which information required in any statement,
declaration, application, report, or other document filed with the
Commission shall be set forth, the items or details to be shown in
balance sheets, profit and loss statements, and surplus accounts, the
manner in which the cost of all assets, whenever determinable, shall be
shown in regard to such statements, declarations, applications, reports,
and other documents filed with the Commission, or accounts required to
be kept by the rules, regulations, or orders of the Commission, and the
methods to be followed in the keeping of accounts and cost-accounting
procedures and the preparation of reports, in the segregation and
allocation of costs, in the determination of liabilities, in the
determination of depreciation and depletion, in the differentiation of
recurring and nonrecurring income, in the differentiation of investment
and operating income, and in the keeping or preparation, where the
Commission deems it necessary or appropriate, of separate or
consolidated balance sheets or profit and loss statements for any
companies in the same holding-company system.
(b) Consistency with laws of United States or States
In the case of the accounts of any company whose methods of
accounting are prescribed under the provisions of any law of the United
States or of any State, the rules and regulations or orders of the
Commission in respect of accounts shall not be inconsistent with the
requirements imposed by such law or any rule or regulation thereunder;
nor shall anything in this chapter relieve any public-utility company
from the duty to keep the accounts, books, records, or memoranda which
may be required to be kept by the law of any State in which it operates
or by the State Commission of any such State. But this provision shall
not prevent the Commission from imposing such additional requirements
regarding reports or accounts as it may deem necessary or appropriate in
the public interest or for the protection of investors or consumers.
(c) Effective date; classification of persons and matters; hearings
The rules and regulations of the Commission shall be effective upon
publication in the manner which the Commission shall prescribe. For the
purpose of its rules, regulations, or orders the Commission may classify
persons and matters within its jurisdiction and prescribe different
requirements for different classes of persons or matters. Orders of the
Commission under this chapter shall be issued only after opportunity for
hearing.
(d) Filing information or documents by reference
The Commission, by such rules and regulations or order as it deems
necessary or appropriate in the public interest or for the protection of
investors or consumers, may authorize the filing of any information or
documents required to be filed with the Commission under this chapter,
or under the Securities Act of 1933, as amended [15 U.S.C. 77a et seq.],
or under the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.], by
incorporating by reference any information or documents theretofore or
concurrently filed with the Commission under this chapter or either of
such Acts. No provision of this chapter 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.
(Aug. 26, 1935, ch. 687, title I, Sec. 20, 49 Stat. 833.)
References in Text
The Securities Act of 1933, referred to in subsec. (d), is act May
27, 1933, ch. 38, title I, 48 Stat. 74, as amended, which is classified
generally to subchapter I (Sec. 77a et seq.) of chapter 2A of this
title. For complete classification of this Act to the Code, see section
77a of this title and Tables.
The Securities Exchange Act of 1934, referred to in subsec. (d), is
act June 6, 1934, ch. 404, 48 Stat. 881, as amended, which is classified
generally to chapter 2B (Sec. 78a et seq.) of this title. For complete
classification of this Act to the Code, see section 78a of this title
and Tables.
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.
