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15 U.S.C. § 77sss — Rules, regulations, and orders

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 77sss — Rules, regulations, and orders

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Source file: Laws/federal/codes/united-states-code/title-15/section-77sss-rules-regulations-and-orders--3bb1a87e9c.md
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Source location: Title 15, Chapter 2A, § 77sss; chapter-2a-securities-and-trust-indentures.md

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**(a) Authority of Commission; subject matter of rules, etc.** 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 in the public interest or for the protection of investors to carry out the provisions of this subchapter, including rules and regulations defining accounting, technical, and trade terms used in this subchapter. Among other things, the Commission shall have authority, (1) by rules and regulations, to prescribe for the purposes of [section 77jjj(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77jjj/b&num=0&edition=prelim) the method (to be fixed in indentures to be qualified under this subchapter) of calculating percentages of voting securities and other securities; (2) by rules and regulations, to prescribe the definitions of the terms “cash transaction” and “self-liquidating paper” which shall be included in indentures to be qualified under this subchapter, which definitions shall include such of the creditor relationships referred to in paragraphs (4) and (6) of subsection (b) of [section 77kkk of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77kkk&num=0&edition=prelim) as to which the Commission determines that the application of subsection (a) of [section 77kkk of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77kkk&num=0&edition=prelim) is not necessary in the public interest or for the protection of investors, having due regard for the purposes of such subsection; and (3) for the purposes of this subchapter, to prescribe the form or forms in which information required in any statement, application, report, or other document filed with the Commission shall be set forth. For the purpose of its rules or regulations the Commission may classify persons, securities, indentures, and other matters within its jurisdiction and prescribe different requirements for different classes of persons, securities, indentures, or matters. **(b) Rules and regulations effective upon publication** 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 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) Exemption from liability for any acts taken in good faith in conformity with rules, etc.** 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.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 77kkk — Preferential collection of claims against obligor

**(a) Trustee as creditor of obligor** Subject to the provisions of subsection (b) of this section, if the indenture trustee shall be, or shall become, a creditor, directly or indirectly, secured or unsecured, of an obligor upon the indenture securities, within three months prior to a default as defined in the last paragraph of this subsection, or subsequent to such a default, then, unless and until such default shall be cured, such trustee shall set apart and hold in a special account for the benefit of the trustee individually and the indenture security holders— (1) an amount equal to any and all reductions in the amount due and owing upon any claim as such creditor in respect of principal or interest, effected after the beginning of such three months’ period and valid as against such obligor and its other creditors, except any such reduction resulting from the receipt or disposition of any property described in paragraph (2) of this subsection, or from the exercise of any right of setoff which the trustee could have exercised if a petition in bankruptcy had been filed by or against such obligor upon the date of such default; and (2) all property received in respect of any claim as such creditor, either as security therefor, or in satisfaction or composition thereof, or otherwise, after the beginning of such three months’ period, or an amount equal to the proceeds of any such property, if disposed of, subject, however, to the rights, if any, of such obligor and its other creditors in such property or such proceeds. Nothing herein contained shall affect the right of the indenture trustee— (A) to retain for its own account (i) payments made on account of any such claim by any person (other than such obligor) who is liable thereon, and (ii) the proceeds of the bona fi

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 78d — Securities and Exchange Commission

**(a) Establishment; composition; limitations on commissioners; terms of office** There is hereby established a Securities and Exchange Commission (hereinafter referred to as the “Commission”) to be composed of five commissioners to be appointed by the President by and with the advice and consent of the Senate. Not more than three of such commissioners shall be members of the same political party, and in making appointments members of different political parties shall be appointed alternately as nearly as may be practicable. No commissioner shall engage in any other business, vocation, or employment than that of serving as commissioner, nor shall any commissioner participate, directly or indirectly, in any stock-market operations or transactions of a character subject to regulation by the Commission pursuant to this chapter. Each commissioner shall hold office for a term of five years and until his successor is appointed and has qualified, except that he shall not so continue to serve beyond the expiration of the next session of Congress subsequent to the expiration of said fixed term of office, and except (1) any commissioner appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of such term, and (2) the terms of office of the commissioners first taking office after June 6, 1934, shall expire as designated by the President at the time of nomination, one at the end of one year, one at the end of two years, one at the end of three years, one at the end of four years, and one at the end of five years, after June 6, 1934. **(b) Appointment and compensation of staff and leasing authority** (1) **Appointment and compensation** — The Commission shall appoint and compensate offic

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 77sss — Rules, regulations, and orders

Page 197 TITLE 15—COMMERCE AND TRADE § 77sss sions’’ after ‘‘qualified’’, in par. (1) inserted ‘‘shall automatically be deemed (unless it is expressly pro- vided therein that any such provision is excluded) to contain provisions’’ before ‘‘authorizing the holders’’ and ‘‘or if expressly specified in such indenture, of any series of securities’’ after ‘‘principal amount of the in- denture securities’’, and in par. (2) inserted ‘‘may con- tain provisions’’ before ‘‘authorizing the holders’’ and ‘‘or if expressly specified in such indenture, of any se- ries of securities’’ after ‘‘principal amount of the inden- ture securities’’. Subsec. (b). Pub. L. 101–550, § 415(5), which directed the substitution of ‘‘of the indenture to be qualified’’ for ‘‘thereof’’, was executed by making the substitution for ‘‘thereof’’ the first time appearing, as the probable intent of Congress. Subsec. (c). Pub. L. 101–550, § 415(6), added subsec. (c). § 77qqq. Special powers of trustee; duties of pay- ing agents (a) The indenture trustee shall be authorized— (1) in the case of a default in payment of the principal of any indenture security, when and as the same shall become due and payable, or in the case of a default in payment of the in- terest on any such security, when and as the same shall become due and payable and the continuance of such default for such period as may be prescribed in such indenture, to re- cover judgment, in its own name and as trust- ee of an express trust, against the obligor upon the indenture securities for the whole amount of such principal and interest remaining un- paid; and (2) to file such proofs of claim and other pa- pers or documents as may be necessary or ad- visable in order to have the claims of such trustee and of the indenture se

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