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39 U.S.C. § 3654 — Additional financial reporting

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

39 U.S.C. § 3654 — Additional financial reporting

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Stable record: federal_law:legal_authorities:usc2024-4b0d33cecedd45157ded6ada
Source file: Laws/federal/codes/united-states-code-2024/title-39/section-3654-additional-financial-reporting--6c7785aad5.md
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Source location: USCODE-2024-title39-partIV-chap36-subchapIV-sec3654.pdf

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Page 115 TITLE 39—POSTAL SERVICE § 3654 1 So in original. Probably should be capitalized. ice (with regard to the matters described under paragraphs (1) and (2) of subsection (b)) during the year to which such determination relates. (Added Pub. L. 109–435, title II, § 204(b), Dec. 20, 2006, 120 Stat. 3213.) § 3654. Additional financial reporting (a) ADDITIONAL FINANCIAL REPORTING.— (1) IN GENERAL.—The Postal Service shall file with the Postal Regulatory Commission beginning with the first full fiscal year fol- lowing the effective date of this section— (A) within 40 days after the end of each fis- cal quarter, a quarterly report containing the information required by the Securities and Exchange Commission to be included in quarterly reports under sections 13 and 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m, 78o(d)) on Form 10–Q, as such Form (or any successor form) may be revised from time to time; (B) within 60 days after the end of each fis- cal year, an annual report containing the in- formation required by the Securities and Ex- change Commission to be included in annual reports under such sections on Form 10–K, as such Form (or any successor form) may be revised from time to time; and (C) periodic reports within the time frame and containing the information prescribed in Form 8–K of the Securities and Exchange Commission, as such Form (or any successor form) may be revised from time to time. (2) REGISTRANT DEFINED.—For purposes of de- fining the reports required by paragraph (1), the Postal Service shall be deemed to be the ‘‘registrant’’ described in the Securities and Exchange Commission Forms, and references contained in such Forms to Securities and Ex- change Commission regulations are incor- porated herein by reference, as amended. (3) INTERNAL CONTROL REPORT.—For purposes of defining the reports required by paragraph (1)(B), the Postal Service shall comply with the rules prescribed by the Securities and Ex- change Commission implementing section 404 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7262), beginning with the annual report for fis- cal year 2010. (b) FINANCIAL REPORTING.— 1 (1) The reports required by subsection (a)(1)(B) shall include, with respect to the Postal Service’s pension and post-retirement health obligations— (A) the funded status of the Postal Serv- ice’s pension and postretirement health obli- gations; (B) components of the net change in the fund balances and obligations and the nature and cause of any significant changes; (C) components of net periodic costs; (D) cost methods and assumptions under- lying the relevant actuarial valuations; (E) the effect of a one-percentage point in- crease in the assumed health care cost trend rate for each future year on the service and interest costs components of net periodic postretirement health cost and the accumu- lated obligation; (F) actual contributions to and payments from the funds for the years presented and the estimated future contributions and pay- ments for each of the following 5 years; (G) the composition of plan assets re- flected in the fund balances; and (H) the assumed rate of return on fund bal- ances and the actual rates of return for the years presented. (2) The Office of Personnel Management shall provide the data listed under paragraph (1) to the Postal Service not later than 30 days after the end of each fiscal year. (3)(A) Beginning with reports for the fiscal year 2010, for purposes of the reports required under subparagraphs (A) and (B) of subsection (a)(1), the Postal Service shall include seg- ment reporting. (B) The Postal Service shall determine the appropriate segment reporting under subpara- graph (A) after consultation with the Postal Regulatory Commission. (c) TREATMENT.—For purposes of the reports required by subsection (a)(1)(B), the Postal Serv- ice shall obtain an opinion from an independent auditor on whether the information listed in subsection (b) is fairly stated in all material re- spects, either in relation to the basic financial statements as a whole or on a stand-alone basis. (d) SUPPORTING MATTER.—The Postal Regu- latory Commission shall have access to the audit documentation and any other supporting matter of the Postal Service and its independent auditor in connection with any information sub- mitted under this section. (e) REVISED REQUIREMENTS.—The Postal Regu- latory Commission may, on its own motion or on request of an interested party, initiate pro- ceedings (to be conducted in accordance with regulations that the Commission shall pre- scribe) to improve the quality, accuracy, or completeness of Postal Service data required under this section whenever it shall appear that— (1) the data have become significantly inac- curate or can be significantly improved; or (2) those revisions are, in the judgment of the Commission, otherwise necessitated by the public interest. (f) CONFIDENTIAL INFORMATION.— (1) IN GENERAL.—If the Postal Service deter- mines that any document or portion of a docu- ment, or other matter, which it provides to the Postal Regulatory Commission in a non- public annex under this section or pursuant to subsection (d) contains information which is described in section 410(c) of this title, or ex- empt from public disclosure under section 552(b) of title 5, the Postal Service shall, at the time of providing such matter to the Com- mission, notify the Commission of its deter- mination, in writing, and describe with par- ticularity the documents (or portions of docu- ments) or other matter for which confiden- tiality is sought and the reasons therefor. (2) TREATMENT.—Any information or other matter described in paragraph (1) to which the Commission gains access under this section Page 116 TITLE 39—POSTAL SERVICE § 3661 shall be subject to paragraphs (2) and (3) of section 504(g) in the same way as if the Com- mission had received notification with respect to such matter under section 504(g)(1). (Added Pub. L. 109–435, title II, § 204(b), Dec. 20, 2006, 120 Stat. 3214.) Editorial Notes REFERENCES IN TEXT The effective date of this section, referred to in sub- sec. (a)(1), is the date of enactment of Pub. L. 109–435, which enacted this section and was approved Dec. 20, 2006. SUBCHAPTER V—POSTAL SERVICES, COMPLAINTS, AND JUDICIAL REVIEW Editorial Notes PRIOR PROVISIONS A prior subchapter V was redesignated subchapter VI of this chapter. AMENDMENTS 2006—Pub. L. 109–435, title II, § 204(a)(1), Dec. 20, 2006, 120 Stat. 3210, redesignated subchapter IV of this chap- ter as this subchapter and substituted ‘‘POSTAL SERVICES, COMPLAINTS, AND JUDICIAL REVIEW’’ for ‘‘POSTAL SERVICES AND COMPLAINTS’’ in sub- chapter heading. § 3661. Postal services (a) The Postal Service shall develop and pro- mote adequate and efficient postal services. (b) When the Postal Service determines that there should be a change in the nature of postal services which will generally affect service on a nationwide or substantially nationwide basis, it shall submit a proposal, within a reasonable time prior to the effective date of such proposal, to the Postal Regulatory Commission request- ing an advisory opinion on the change. (c) The Commission shall not issue its opinion on any proposal until an opportunity for hearing on the record under sections 556 and 557 of title 5 has been accorded to the Postal Service, users of the mail, and an officer of the Commission who shall be required to represent the interests of the general public. The opinion shall be in writing and shall include a certification by each Commissioner agreeing with the opinion that in his judgment the opinion conforms to the poli- cies established under this title. (Pub. L. 91–375, Aug. 12, 1970, 84 Stat. 764; Pub. L. 109–435, title VI, § 604(f), Dec. 20, 2006, 120 Stat. 3242.) Editorial Notes AMENDMENTS 2006—Subsec. (b). Pub. L. 109–435 substituted ‘‘Postal Regulatory Commission’’ for ‘‘Postal Rate Commis- sion’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective July 1, 1971, pursuant to Resolution No. 71–9 of the Board of Governors. See section 15(a) of Pub. L. 91–375, set out as a note preceding section 101 of this title. COMMISSION ON POSTAL SERVICE Pub. L. 94–421, § 7, Sept. 24, 1976, 90 Stat. 1307, related to establishment, appointment and compensation of personnel and officers of a Commission on Postal Serv- ice and its duty to determine public service aspects of Postal Service and extent to which public service as- pects of Postal Service are to be supported by appro- priations, to study rate making, and to review service levels and electronic fund transfers and communication techniques, with appropriate recommendations to be transmitted to President and Congress on or before Mar. 15, 1977, 60 days after which transmittal it was to cease to exist. § 3662. Rate and service complaints (a) IN GENERAL.—Any interested person (in- cluding an officer of the Postal Regulatory Com- mission representing the interests of the general public) who believes the Postal Service is not operating in conformance with the requirements of the provisions of sections 101(d), 401(2), 403(c), 404a, or 601, or this chapter (or regulations pro- mulgated under any of those provisions) may lodge a complaint with the Postal Regulatory Commission in such form and manner as the Commission may prescribe. (b) PROMPT RESPONSE REQUIRED.— (1) IN GENERAL.—The Postal Regulatory Commission shall, within 90 days after receiv- ing a complaint under subsection (a)— (A) either— (i) upon a finding that such complaint raises material issues of fact or law, begin proceedings on such complaint; or (ii) issue an order dismissing the com- plaint; and (B) with respect to any action taken under subparagraph (A)(i) or (ii), issue a written statement setting forth the bases of its de- termination. (2) TREATMENT OF COMPLAINTS NOT TIMELY ACTED ON.—For purposes of section 3663, any complaint under subsection (a) on which the Commission fails to act in the time and man- ner required by paragraph (1) shall be treated in the same way as if it had been dismissed pursuant to an order issued by the Commis- sion on the last day allowable for the issuance of such order under paragraph (1). (c) ACTION REQUIRED IF COMPLAINT FOUND TO BE JUSTIFIED.—If the Postal Regulatory Com- mission finds the complaint to be justified, it shall order that the Postal Service take such ac- tion as the Commission considers appropriate in order to achieve compliance with the applicable requirements and to remedy the effects of any noncompliance (such as ordering unlawful rates to be adjusted to lawful levels, ordering the can- cellation of market tests, ordering the Postal Service to discontinue providing loss-making products, or requiring the Postal Service to make up for revenue shortfalls in competitive products). (d) AUTHORITY TO ORDER FINES IN CASES OF DELIBERATE NONCOMPLIANCE.—In addition, in cases of deliberate noncompliance by the Postal Service with the requirements of this title, the Postal Regulatory Commission may order, based on the nature, circumstances, extent, and seri- ousness of the noncompliance, a fine (in the

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

15 U.S.C. § 7262 — Fair funds for investors

**(a) Civil penalties to be used for the relief of victims** If, in any judicial or administrative action brought by the Commission under the securities laws, the Commission obtains a civil penalty against any person for a violation of such laws, or such person agrees, in settlement of any such action, to such civil penalty, the amount of such civil penalty shall, on the motion or at the direction of the Commission, be added to and become part of a disgorgement fund or other fund established for the benefit of the victims of such violation. **(b) Acceptance of additional donations** The Commission is authorized to accept, hold, administer, and utilize gifts, bequests and devises of property, both real and personal, to the United States for a disgorgement fund or other fund described in subsection (a). Such gifts, bequests, and devises of money and proceeds from sales of other property received as gifts, bequests, or devises shall be deposited in such fund and shall be available for allocation in accordance with subsection (a). **(c) Study required** (1) **Subject of study** — The Commission shall review and analyze— (A) enforcement actions by the Commission over the five years preceding July 30, 2002, that have included proceedings to obtain civil penalties or disgorgements to identify areas where such proceedings may be utilized to efficiently, effectively, and fairly provide restitution for injured investors; and (B) other methods to more efficiently, effectively, and fairly provide restitution to injured investors, including methods to improve the collection rates for civil penalties and disgorgements. (2) **Report required** — The Commission shall report its findings to the Committee on Financial Services of the House of Representatives and the Committee o

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 7262

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

15 U.S.C. § 7262 — Management assessment of internal con-

Page 2341 TITLE 15—COMMERCE AND TRADE § 7262 SUBCHAPTER IV—ENHANCED FINANCIAL DISCLOSURES § 7261. Disclosures in periodic reports (a) Omitted (b) Commission rules on pro forma figures Not later than 180 days after July 30, 2002, the Commission shall issue final rules providing that pro forma financial information included in any periodic or other report filed with the Com- mission pursuant to the securities laws, or in any public disclosure or press or other release, shall be presented in a manner that— (1) does not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the pro forma financial information, in light of the cir- cumstances under which it is presented, not misleading; and (2) reconciles it with the financial condition and results of operations of the issuer under generally accepted accounting principles. (c) Study and report on special purpose entities (1) Study required The Commission shall, not later than 1 year after the effective date of adoption of off-bal- ance sheet disclosure rules required by section 78m(j) of this title, complete a study of filings by issuers and their disclosures to determine— (A) the extent of off-balance sheet trans- actions, including assets, liabilities, leases, losses, and the use of special purpose enti- ties; and (B) whether generally accepted accounting rules result in financial statements of issuers reflecting the economics of such off- balance sheet transactions to investors in a transparent fashion. (2) Report and recommendations Not later than 6 months after the date of completion of the study required by paragraph (1), the Commission shall submit a report to the President, the Committee on Banking, Housing, and Urban Affairs of the

Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 7262

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

15 U.S.C. § 78m — Periodical and other reports

**(a) Reports by issuer of security; contents** Every issuer of a security registered pursuant to section 78l of this title shall file with the Commission, in accordance with such rules and regulations as the Commission may prescribe as necessary or appropriate for the proper protection of investors and to insure fair dealing in the security— (1) such information and documents (and such copies thereof) as the Commission shall require to keep reasonably current the information and documents required to be included in or filed with an application or registration statement filed pursuant to section 78l of this title, except that the Commission may not require the filing of any material contract wholly executed before July 1, 1962. (2) such annual reports (and such copies thereof), certified if required by the rules and regulations of the Commission by independent public accountants, and such quarterly reports (and such copies thereof), as the Commission may prescribe. Every issuer of a security registered on a national securities exchange shall also file a duplicate original of such information, documents, and reports with the exchange. In any registration statement, periodic report, or other reports to be filed with the Commission, an emerging growth company need not present selected financial data in accordance with section 229.301 of title 17, Code of Federal Regulations, for any period prior to the earliest audited period presented in connection with its first registration statement that became effective under this chapter or the Securities Act of 1933 [[15 U.S.C. 77a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77a&num=0&edition=prelim) et seq.] and, with respect to any such statement or reports, an emerging growth company may not be

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

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

15 U.S.C. § 78m — Periodical and other reports

Page 292 TITLE 15—COMMERCE AND TRADE § 78l–1 Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by section 986(a)(2) of Pub. L. 111–203 ef- fective 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. Amendment by section 376(2) of Pub. L. 111–203 effec- tive on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress. EFFECTIVE DATE OF 2004 AMENDMENT Amendment by Pub. L. 108–386 effective Oct. 30, 2004, and, except as otherwise provided, applicable with re- spect to fiscal year 2005 and each succeeding fiscal year, see sections 8(i) and 9 of Pub. L. 108–386, set out as notes under section 321 of Title 12, Banks and Bank- ing. EFFECTIVE DATE OF 1995 AMENDMENT Amendment by Pub. L. 104–62 applicable as defense to any claim in administrative and judicial actions pend- ing on or commenced after Dec. 8, 1995, that any person, security, interest, or participation of type described in Pub. L. 104–62 is subject to the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, or any State statute or regulation preempted as provided in section 80a–3a of this title, except as spe- cifically provided in such statutes, see section 7 of Pub. L. 104–62, set out as a note under section 77c of this title. EFFECTIVE DATE OF 1975 AMENDMENT Amendment by Pub. L. 94–29 effective June 4, 1975, see section 31(a) of Pub. L. 94–29, set out as a note under section 78b of this title. EFFECTIVE DATE OF 1970 AMENDMENT Amendment by Pub. L. 91–547 effective Dec. 14, 1970, see section 3

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

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

39 U.S.C. § 3654 — Additional financial reporting

**(a) Additional Financial Reporting.—** (1) **In general.—** — The Postal Service shall file with the Postal Regulatory Commission beginning with the first full fiscal year following the effective date of this section— (A) within 40 days after the end of each fiscal quarter, a quarterly report containing the information required by the Securities and Exchange Commission to be included in quarterly reports under sections 13 and 15(d) of the Securities Exchange Act of 1934 ([15 U.S.C. 78m](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78m&num=0&edition=prelim), 78o(d)) on Form 10–Q, as such Form (or any successor form) may be revised from time to time; (B) within 60 days after the end of each fiscal year, an annual report containing the information required by the Securities and Exchange Commission to be included in annual reports under such sections on Form 10–K, as such Form (or any successor form) may be revised from time to time; and (C) periodic reports within the time frame and containing the information prescribed in Form 8–K of the Securities and Exchange Commission, as such Form (or any successor form) may be revised from time to time. (2) **Registrant defined.—** — For purposes of defining the reports required by paragraph (1), the Postal Service shall be deemed to be the “registrant” described in the Securities and Exchange Commission Forms, and references contained in such Forms to Securities and Exchange Commission regulations are incorporated herein by reference, as amended. (3) **Internal control report.—** — For purposes of defining the reports required by paragraph (1)(B), the Postal Service shall comply with the rules prescribed by the Securities and Exchange Commission implementing section 404 of the Sarbanes-O

Source: Supplied U.S. Code snapshot — release unconfirmed · 39 U.S.C. § 3654

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