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15 U.S.C. § 78iii — Functions of self-regulatory organizations
Federal law — U.S. Code and appendices · legal_authorities
**(a) Collection agent** Each self-regulatory organization shall act as collection agent for SIPC to collect the assessments payable by all members of SIPC for whom such self-regulatory organization is the examining authority, unless SIPC designates a self-regulatory organization other than the examining authority to act as collection agent for any member of SIPC who is a member of or participant in more than one self-regulatory organization. If the only self-regulatory organization of which a member of SIPC is a member or in which it is a participant is a registered clearing agency that is not the examining authority for the member, SIPC may, nevertheless, designate such registered clearing agency as collection agent for the member or may require that payments be made directly to SIPC. The collection agent shall be obligated to remit to SIPC assessments made under [section 78ddd of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78ddd&num=0&edition=prelim) only to the extent that payments of such assessment are received by such collection agent. Members of SIPC who are not members of or participants in a self-regulatory organization shall make payments directly to SIPC.
**(b) Immunity** No self-regulatory organization shall have any liability to any person for any action taken or omitted in good faith pursuant to section 78eee(a)(1) and [section 78eee(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78eee/a/2&num=0&edition=prelim).
**(c) Inspections** The self-regulatory organization of which a member of SIPC is a member or in which it is a participant shall inspect or examine such member for compliance with applicable financial responsibility rules, except that—
(1) if the self-
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Source location: Title 15, Chapter 2B–1, § 78iii; chapter-2b-1-securities-investor-protection.md
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**(a) Collection agent** Each self-regulatory organization shall act as collection agent for SIPC to collect the assessments payable by all members of SIPC for whom such self-regulatory organization is the examining authority, unless SIPC designates a self-regulatory organization other than the examining authority to act as collection agent for any member of SIPC who is a member of or participant in more than one self-regulatory organization. If the only self-regulatory organization of which a member of SIPC is a member or in which it is a participant is a registered clearing agency that is not the examining authority for the member, SIPC may, nevertheless, designate such registered clearing agency as collection agent for the member or may require that payments be made directly to SIPC. The collection agent shall be obligated to remit to SIPC assessments made under [section 78ddd of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78ddd&num=0&edition=prelim) only to the extent that payments of such assessment are received by such collection agent. Members of SIPC who are not members of or participants in a self-regulatory organization shall make payments directly to SIPC.
**(b) Immunity** No self-regulatory organization shall have any liability to any person for any action taken or omitted in good faith pursuant to section 78eee(a)(1) and [section 78eee(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78eee/a/2&num=0&edition=prelim).
**(c) Inspections** The self-regulatory organization of which a member of SIPC is a member or in which it is a participant shall inspect or examine such member for compliance with applicable financial responsibility rules, except that—
(1) if the self-regulatory organization is a registered clearing agency, the Commission may designate itself as responsible for the examination of such member for compliance with applicable financial responsibility rules; and
(2) if a member of SIPC is a member of or participant in more than one self-regulatory organization, the Commission, pursuant to [section 78q(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78q/d&num=0&edition=prelim), shall designate one of such self-regulatory organizations or itself as responsible for the examination of such member for compliance with applicable financial responsibility rules.
**(d) Reports** There shall be filed with SIPC by the self-regulatory organizations such reports of inspections or examinations of the members of SIPC (or copies thereof) as may be designated by SIPC by bylaw or rule.
**(e) Consultation** SIPC shall consult and cooperate with the self-regulatory organizations toward the end:
(1) that there may be developed and carried into effect procedures reasonably designed to detect approaching financial difficulty upon the part of any member of SIPC;
(2) that, as nearly as may be practicable, examinations to ascertain whether members of SIPC are in compliance with applicable financial responsibility rules will be conducted by the self-regulatory organizations under appropriate standards (both as to method and scope) and reports of such examinations will, where appropriate, be standard in form; and
(3) that, as frequently as may be practicable under the circumstances, each member of SIPC will file financial information with, and be examined by, the self-regulatory organization which is the examining authority for such member.
**(f) Financial condition of members** The Commission may, by such rules as it determines necessary or appropriate in the public interest and to carry out the purposes of this chapter, require any self-regulatory organization to furnish SIPC with reports and records (or copies thereof) relating to the financial condition of members of or participants in such self-regulatory organization.
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Federal law — U.S. Code and appendices · legal_authorities
For the reasons hereinafter enumerated, transactions in securities as commonly conducted upon securities exchanges and over-the-counter markets are effected with a national public interest which makes it necessary to provide for regulation and control of such transactions and of practices and matters related thereto, including transactions by officers, directors, and principal security holders, to require appropriate reports, to remove impediments to and perfect the mechanisms of a national market system for securities and a national system for the clearance and settlement of securities transactions and the safeguarding of securities and funds related thereto, and to impose requirements necessary to make such regulation and control reasonably complete and effective, in order to protect interstate commerce, the national credit, the Federal taxing power, to protect and make more effective the national banking system and Federal Reserve System, and to insure the maintenance of fair and honest markets in such transactions:
(1) Such transactions (a) are carried on in large volume by the public generally and in large part originate outside the States in which the exchanges and over-the-counter markets are located and/or are effected by means of the mails and instrumentalities of interstate commerce; (b) constitute an important part of the current of interstate commerce; (c) involve in large part the securities of issuers engaged in interstate commerce; (d) involve the use of credit, directly affect the financing of trade, industry, and transportation in interstate commerce, and directly affect and influence the volume of interstate commerce; and affect the national credit.
(2) The prices established and offered in such transactions are generally disseminated and quoted thro
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general**
(1) **Establishment of fund** — SIPC shall establish a “SIPC Fund” (hereinafter in this chapter referred to as the “fund”). All amounts received by SIPC (other than amounts paid directly to any lender pursuant to any pledge securing a borrowing by SIPC) shall be deposited in the fund, and all expenditures made by SIPC shall be made out of the fund.
(2) **Balance of the fund** — Except as otherwise provided in this section, the balance of the fund at any time shall consist of the aggregate at such time of the following items:
(A) Cash on hand or on deposit.
(B) Amounts invested in United States Government or agency securities.
(C) Such confirmed lines of credit as SIPC may from time to time maintain, other than those maintained pursuant to paragraph (4).
(3) **Confirmed lines of credit** — For purposes of this section, the amount of confirmed lines of credit as of any time is the aggregate amount which SIPC at such time has the right to borrow from banks and other financial institutions under confirmed lines of credit or other written agreements which provide that moneys so borrowed are to be repayable by SIPC not less than one year from the time of such borrowings (including, for purposes of determining when such moneys are repayable, all rights of extension, refunding, or renewal at the election of SIPC).
(4) **Other lines** — SIPC may maintain such other confirmed lines of credit as it considers necessary or appropriate, and such other confirmed lines of credit shall not be included in the balance of the fund, but amounts received from such lines of credit may be disbursed by SIPC under this chapter as though such amounts were part of the fund.
**(b) Initial required balance for fund** Within one hundred and twenty days from December 3
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78ddd
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Advances for customers’ claims** In order to provide for prompt payment and satisfaction of net equity claims of customers of the debtor, SIPC shall advance to the trustee such moneys, not to exceed $500,000 for each customer, as may be required to pay or otherwise satisfy claims for the amount by which the net equity of each customer exceeds his ratable share of customer property, except that—
(1) if all or any portion of the net equity claim of a customer in excess of his ratable share of customer property is a claim for cash, as distinct from a claim for securities or options on commodity futures contracts, the amount advanced to satisfy such claim for cash shall not exceed the standard maximum cash advance amount for each such customer, as determined in accordance with subsection (d);
(2) a customer who holds accounts with the debtor in separate capacities shall be deemed to be a different customer in each capacity;
(3) if all or any portion of the net equity claim of a customer in excess of his ratable share of customer property is satisfied by the delivery of securities purchased by the trustee pursuant to [section 78fff–2(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78fff–2/d&num=0&edition=prelim), the securities so purchased shall be valued as of the filing date for purposes of applying the dollar limitations of this subsection;
(4) no advance shall be made by SIPC to the trustee to pay or otherwise satisfy, directly or indirectly, any net equity claim of a customer who is a general partner, officer, or director of the debtor, a beneficial owner of five per centum or more of any class of equity security of the debtor (other than a nonconvertible stock having fixed preferential dividend and liquidation ri
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Federal law — U.S. Code and appendices · legal_authorities
Page 496
TITLE 15—COMMERCE AND TRADE
§ 78hhh
making 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 Com-
mission 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 ap-
propriate to carry out the purposes of this chap-
ter.
(c) Examinations and reports
(1) Examination of SIPC, etc.
The Commission may make such examina-
tions and inspections of SIPC and require
SIPC to furnish it with such reports and rec-
ords 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 Commis-
sion 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 in-
clude financial statements setting forth the fi-
nancial position of SIPC at the end of such fis-
cal year and the results of its operations (in-
cluding the source and application of its
funds) for such fiscal year. The financial state-
ments so included shall be examined by an
independent public acc
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