15 U.S.C. § 78hhh — Examining authority functions

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 accountant or firm of inde- pendent public accountants, selected by SIPC and satisfactory to the Commission, and shall be accompanied by the report thereon of such accountant or firm. The Commission shall transmit such report to the President and the Congress with such comment thereon as the Commission may deem appropriate. (Pub. L. 91–598, § 11, formerly § 7, Dec. 30, 1970, 84 Stat. 1652, 1653; renumbered § 11 and amended Pub. L. 95–283, §§ 9, 10, May 21, 1978, 92 Stat. 260, 268.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsecs. (b) and (c), was in the original ‘‘this Act’’, meaning Pub. L. 91–598, Dec. 30, 1970, 84 Stat. 1636. For complete classification of this Act to the Code, see Tables. CODIFICATION Section is comprised of section 11 of Pub. L. 91–598. Subsec. (d) of section 11 of Pub. L. 91–598 amended sec- tion 78o of this title. PRIOR PROVISIONS A prior section 11 of Pub. L. 91–598 was renumbered section 15 and is classified to section 78kkk of this title. AMENDMENTS 1978—Subsec. (a). Pub. L. 95–283 substituted ‘‘pursu- ant to section 78ccc(e)(3) and section 78iii(f) of this title’’ for ‘‘or regulations pursuant to section 78ccc(e) and 78iii(f) of this title’’. Statutory Notes and Related Subsidiaries TERMINATION OF REPORTING REQUIREMENTS For termination, effective May 15, 2000, of provisions in subsec. (c)(2) of this section relating to submittal of annual report to Congress, see section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance, and page 191 of House Document No. 103–7. § 78hhh. Examining authority functions Each member of SIPC shall file with such member’s examining authority, or collection agent if a collection agent has been designated pursuant to section 78iii(a) of this title, such in- formation (including reports of, and information with respect to, the gross revenues from the se- curities business of such member, including the composition thereof, transactions in securities effected by such member, and other information with respect to such member’s activities, wheth- er in the securities business or otherwise, in- cluding customer accounts maintained, net cap- ital employed, and activities conducted) as SIPC may determine to be necessary or appropriate for the purpose of making assessments under section 78ddd of this title. The examining au- thority or collection agent shall file with SIPC all or such part of such information (and such compilations and analyses thereof) as SIPC, by bylaw or rule, shall prescribe. No application, report, or document filed pursuant to this sec- tion shall be deemed to be filed pursuant to sec- tion 78r of this title. (Pub. L. 91–598, § 12, formerly § 8, Dec. 30, 1970, 84 Stat. 1653; renumbered § 12 and amended Pub. L. 95–283, §§ 9, 11, May 21, 1978, 92 Stat. 260, 268.) Editorial Notes PRIOR PROVISIONS A prior section 12 of Pub. L. 91–598 was renumbered section 16 and is classified to section 78lll of this title. AMENDMENTS 1978—Pub. L. 95–283 inserted provisions relating to ap- plicability to a collection agent. § 78iii. Functions of self-regulatory organizations (a) Collection agent Each self-regulatory organization shall act as collection agent for SIPC to collect the assess- ments payable by all members of SIPC for whom such self-regulatory organization is the exam- ining authority, unless SIPC designates a self- regulatory organization other than the exam- ining authority to act as collection agent for any member of SIPC who is a member of or par- ticipant in more than one self-regulatory orga- nization. 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