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15 U.S.C. § 78ggg — SEC functions

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

15 U.S.C. § 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78iii/f&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section553&num=0&edition=prelim), 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

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Source location: Title 15, Chapter 2B–1, § 78ggg; chapter-2b-1-securities-investor-protection.md

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

31 U.S.C. § 1113 — Congressional information

**(a)** (1) When requested by a committee of Congress having jurisdiction over receipts or appropriations, the President shall provide the committee with assistance and information. (2) When requested by a committee of Congress, additional information related to the amount of an appropriation originally requested by an Office of Inspector General shall be submitted to the committee. **(b)** When requested by a committee of Congress, by the Comptroller General, or by the Director of the Congressional Budget Office, the Secretary of the Treasury, the Director of the Office of Management and Budget, and the head of each executive agency shall— (1) provide information on the location and kind of available fiscal, budget, and program information; (2) to the extent practicable, prepare summary tables of that fiscal, budget, and program information and related information the committee, the Comptroller General, or the Director of the Congressional Budget Office considers necessary; and (3) provide a program evaluation carried out or commissioned by an executive agency. **(c)** In cooperation with the Director of the Congressional Budget Office, the Secretary, and the Director of the Office of Management and Budget, the Comptroller General shall— (1) establish and maintain a current directory of sources of, and information systems for, fiscal, budget, and program information and a brief description of the contents of each source and system; (2) when requested, provide assistance to committees of Congress and members of Congress in obtaining information from the sources in the directory; and (3) when requested, provide assistance to committees and, to the extent practicable, to members of Congress in evaluating the information obtained from the sources in the directory

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

5 U.S.C. § 553 — Rule making

**(a)** This section applies, according to the provisions thereof, except to the extent that there is involved— (1) a military or foreign affairs function of the United States; or (2) a matter relating to agency management or personnel or to public property, loans, grants, benefits, or contracts. **(b)** General notice of proposed rule making shall be published in the Federal Register, unless persons subject thereto are named and either personally served or otherwise have actual notice thereof in accordance with law. The notice shall include— (1) a statement of the time, place, and nature of public rule making proceedings; (2) reference to the legal authority under which the rule is proposed; (3) either the terms or substance of the proposed rule or a description of the subjects and issues involved; and (4) the Internet address of a summary of not more than 100 words in length of the proposed rule, in plain language, that shall be posted on the Internet website under section 206(d) of the E-Government Act of 2002 ([44 U.S.C. 3501](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title44-section3501&num=0&edition=prelim) note) (commonly known as regulations.gov). Except when notice or hearing is required by statute, this subsection does not apply— (A) to interpretative rules, general statements of policy, or rules of agency organization, procedure, or practice; or (B) when the agency for good cause finds (and incorporates the finding and a brief statement of reasons therefor in the rules issued) that notice and public procedure thereon are impracticable, unnecessary, or contrary to the public interest. **(c)** After notice required by this section, the agency shall give interested persons an opportunity to participate in the rule making through subm

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

15 U.S.C. § 78kkk — Miscellaneous provisions

**(a) Public inspection of reports** Any notice, report, or other document filed with SIPC pursuant to this chapter shall be available for public inspection unless SIPC or the Commission shall determine that disclosure thereof is not in the public interest. Nothing herein shall act to deny documents or information to the Congress of the United States or the committees of either House having jurisdiction over financial institutions, securities regulation, or related matters under the rules of each body. Nor shall the Commission be denied any document or information which the Commission, in its judgment, needs. **(b) Liability of members of SIPC** Except for such assessments as may be made upon such member pursuant to the provisions of [section 78ddd of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78ddd&num=0&edition=prelim), no member of SIPC shall have any liability under this chapter as a member of SIPC for, or in connection with, any act or omission of any other broker or dealer whether in connection with the conduct of the business or affairs of such broker or dealer or otherwise and, without limiting the generality of the foregoing, no member shall have any liability for or in respect of any indebtedness or other liability of SIPC. **(c) Liability of SIPC and Directors, officers, or employees** Neither SIPC nor any of its Directors, officers, or employees shall have any liability to any person for any action taken or omitted in good faith under or in connection with any matter contemplated by this chapter. **(d) Advertising** SIPC shall by bylaw prescribe the manner in which a member of SIPC may display any sign or signs (or include in any advertisement a statement) relating to the protection to customers and their accou

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

15 U.S.C. § 78fff–1 — Powers and duties of a trustee

**(a) Trustee powers** A trustee shall be vested with the same powers and title with respect to the debtor and the property of the debtor, including the same rights to avoid preferences, as a trustee in a case under title 11. In addition, a trustee may, with the approval of SIPC but without any need for court approval— (1) hire and fix the compensation of all personnel (including officers and employees of the debtor and of its examining authority) and other persons (including accountants) that are deemed by the trustee necessary for all or any purposes of the liquidation proceeding; (2) utilize SIPC employees for all or any purposes of a liquidation proceeding; and (3) margin and maintain customer accounts of the debtor for the purposes of [section 78fff–2(f) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78fff–2/f&num=0&edition=prelim). **(b) Trustee duties** To the extent consistent with the provisions of this chapter or as otherwise ordered by the court, a trustee shall be subject to the same duties as a trustee in a case under chapter 7 of title 11, including, if the debtor is a commodity broker, as defined under section 101 of such title, the duties specified in subchapter IV of such chapter 7, except that a trustee may, but shall have no duty to, reduce to money any securities constituting customer property or in the general estate of the debtor. In addition, the trustee shall— (1) deliver securities to or on behalf of customers to the maximum extent practicable in satisfaction of customer claims for securities of the same class and series of an issuer; and (2) subject to the prior approval of SIPC but without any need for court approval, pay or guarantee all or any part of the indebtedness of the debtor to a bank,

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

15 U.S.C. § 78ggg — SEC functions

Page 495 TITLE 15—COMMERCE AND TRADE § 78ggg commence on the date of first publication under this subsection and no claim by a customer shall be paid or otherwise satisfied by SIPC unless re- ceived within the six-month period beginning on such date, except that SIPC shall, upon applica- tion within such period, and for cause shown, grant a reasonable, fixed extension of time for the filing of a claim by the United States, by a State or political subdivision thereof, or by an infant or incompetent person without a guard- ian. (c) Payments to customers SIPC shall promptly satisfy all obligations of the member to each of its customers relating to, or net equity claims based upon, securities or cash by the delivery of securities or the effect- ing of payments to such customer (subject to the provisions of section 78fff–2(d) of this title and section 78fff–3(a) of this title insofar as such obligations are ascertainable from the books and records of the member or are otherwise es- tablished to the satisfaction of SIPC. For pur- poses of distributing securities to customers, all securities shall be valued as of the close of busi- ness on the date of publication under subsection (b). Any payment or delivery of securities pursu- ant to this section may be conditioned upon the execution and delivery, in a form to be deter- mined by SIPC, of appropriate receipts, sup- porting affidavits, releases, and assignments. To the extent moneys of SIPC are used to satisfy the claims of customers, in addition to all other rights it may have at law or in equity, SIPC shall be subrogated to the claims of such cus- tomers against the member. (d) Effect on claims Except as otherwise provided in this section, nothing in this section shall limit the right of any perso

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