§ 80b-11. — Rules, regulations, and orders of 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: 15USC80b-11]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2D--INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER II--INVESTMENT ADVISERS
Sec. 80b-11. Rules, regulations, and orders of Commission
(a) Power of Commission
The Commission shall have authority from time to time to make,
issue, amend, and rescind such rules and regulations and such orders as
are necessary or appropriate to the exercise of the functions and powers
conferred upon the Commission elsewhere in this subchapter. For the
purposes of its rules or regulations the Commission may classify persons
and matters within its jurisdiction and prescribe different requirements
for different classes of persons or matters.
(b) Effective date of regulations
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, and amendments thereof, 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) Orders of Commission after notice and hearing; type of notice
Orders of the Commission under this subchapter shall be issued only
after appropriate notice and opportunity for hearing. Notice to the
parties to a proceeding before the Commission shall be given by personal
service upon each party or by registered mail or certified mail or
confirmed telegraphic notice to the party's last known business address.
Notice to interested persons, if any, other than parties may be given in
the same manner or by publication in the Federal Register.
(d) Good faith compliance with rules and regulations
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rescinded or be determined by judicial or other authority to be invalid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.
(Aug. 22, 1940, ch. 686, title II, Sec. 211, 54 Stat. 855; Pub. L. 86-
507, Sec. 1(16), June 11, 1960, 74 Stat. 201; Pub. L. 86-750, Sec. 14,
Sept. 13, 1960, 74 Stat. 888; Pub. L. 100-181, title VII, Sec. 705, Dec.
4, 1987, 101 Stat. 1264.)
Amendments
1987--Subsec. (b). Pub. L. 100-181 substituted ``chapter 15 of title
44'' for ``the Federal Register Act''.
1960--Subsec. (a). Pub. L. 86-750 inserted ``functions and''.
Subsec. (c). Pub. L. 86-507 inserted ``or certified mail'' after
``registered mail''.
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.
Section Referred to in Other Sections
This section is referred to in section 80b-3 of this title.
