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

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

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

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Source file: Laws/federal/codes/united-states-code/title-15/section-78kkk-miscellaneous-provisions--20074d47b5.md
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Source location: Title 15, Chapter 2B–1, § 78kkk; chapter-2b-1-securities-investor-protection.md

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**(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 accounts, or any other protections, afforded under this chapter. No member may display any such sign, or include in an advertisement any such statement, except in accordance with such bylaws. SIPC may also by bylaw prescribe such minimal requirements as it considers necessary and appropriate to require a member of SIPC to provide public notice of its membership in SIPC. **(e) SIPC exempt from taxation** SIPC, its property, its franchise, capital, reserves, surplus, and its income, shall be exempt from all taxation now or hereafter imposed by the United States or by any State or local taxing authority, except that any real property and any tangible personal property (other than cash and securities) of SIPC shall be subject to State and local taxation to the same extent according to its value as other real and tangible personal property is taxed. Assessments made upon a member of SIPC shall constitute ordinary and necessary expenses in carrying on the business of such member for the purpose of [section 162(a) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section162/a&num=0&edition=prelim). The contribution and transfer to SIPC of funds or securities held by any trust established by a national securities exchange prior to January 1, 1970, for the purpose of providing assistance to customers of members of such exchange, shall not result in any taxable gain to such trust or give rise to any taxable income to any member of SIPC under any provision of title 26, nor shall such contribution or transfer, or any reduction in assessments made pursuant to this chapter, in any way affect the status, as ordinary and necessary expenses under [section 162(a) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section162/a&num=0&edition=prelim), of any contributions made to such trust by such exchange at any time prior to such transfer. Upon dissolution of SIPC, none of its net assets shall inure to the benefit of any of its members. **(f) [Section 78t(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78t/a&num=0&edition=prelim) not to apply** The provisions of subsection (a) of [section 78t of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78t&num=0&edition=prelim) shall not apply to any liability under or in connection with this chapter. **(g) SEC study of unsafe or unsound practices** Not later than twelve months after December 30, 1970, the Commission shall compile a list of unsafe or unsound practices by members of SIPC in conducting their business and report to the Congress (1) the steps being taken under the authority of existing law to eliminate those practices and (2) recommendations concerning additional legislation which may be needed to eliminate those unsafe or unsound practices.

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

15 U.S.C. § 78ddd — SIPC Fund

**(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

15 U.S.C. § 78t — Liability of controlling persons and persons who aid and abet violations

**(a) Joint and several liability; good faith defense** Every person who, directly or indirectly, controls any person liable under any provision of this chapter or of any rule or regulation thereunder shall also be liable jointly and severally with and to the same extent as such controlled person to any person to whom such controlled person is liable (including to the Commission in any action brought under paragraph (1) or (3) of [section 78u(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78u/d&num=0&edition=prelim)), unless the controlling person acted in good faith and did not directly or indirectly induce the act or acts constituting the violation or cause of action. **(b) Unlawful activity through or by means of any other person** It shall be unlawful for any person, directly or indirectly, to do any act or thing which it would be unlawful for such person to do under the provisions of this chapter or any rule or regulation thereunder through or by means of any other person. **(c) Hindering, delaying, or obstructing the making or filing of any document, report, or information** It shall be unlawful for any director or officer of, or any owner of any securities issued by, any issuer required to file any document, report, or information under this chapter or any rule or regulation thereunder without just cause to hinder, delay, or obstruct the making or filing of any such document, report, or information. **(d) Liability for trading in securities while in possession of material nonpublic information** Wherever communicating, or purchasing or selling a security while in possession of, material nonpublic information would violate, or result in liability to any purchaser or seller of the security under any provisions of th

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78t

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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

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78ggg

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

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

Page 499 TITLE 15—COMMERCE AND TRADE § 78kkk claims’’ for ‘‘Embezzlement, etc., of assets of SIPC’’, added par. (1), and designated existing provisions as par. (2) and, as so designated, inserted references to di- rect or indirect acts, and provisions covering defraud- ing or attempts to defraud SIPC or a trustee, and sub- stituted provisions covering activities constituting fraudulent, or with intent to defeat this chapter, ab- stracts or conversions, for provisions covering activi- ties constituting unlawfully abstracting or unlawfully and willfully converting moneys, etc. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking. § 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 informa- tion to the Congress of the United States or the committees of either House having jurisdiction over financial institutions, securities regula- tion, or related matters under the rules of each body. Nor shall the Commission be denied any document or information which the Commis- sion, 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, no member of SIPC shall have any liability under this chapter as a member of SIPC for, or in con

Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 78kkk

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