15 U.S.C. § 78qq — Small Business Capital Formation Advi-

Page 475 TITLE 15—COMMERCE AND TRADE § 78qq 1 So in original. Section 5703 of Title 5 does not contain a sub- sec. (b). pension funds and registered investment companies; (iii) are knowledgeable about investment issues and decisions; and (iv) have reputations of integrity. (2) Term Each member of the Committee appointed under paragraph (1)(B) shall serve for a term of 4 years. (3) Members not Commission employees Members appointed under paragraph (1)(B) shall not be deemed to be employees or agents of the Commission solely because of member- ship on the Committee. (c) Chairman; vice chairman; secretary; assistant secretary (1) In general The members of the Committee shall elect, from among the members of the Committee— (A) a chairman, who may not be employed by an issuer; (B) a vice chairman, who may not be em- ployed by an issuer; (C) a secretary; and (D) an assistant secretary. (2) Term Each member elected under paragraph (1) shall serve for a term of 3 years in the capac- ity for which the member was elected under paragraph (1). (d) Meetings (1) Frequency of meetings The Committee shall meet— (A) not less frequently than twice annu- ally, at the call of the chairman of the Com- mittee; and (B) from time to time, at the call of the Commission. (2) Notice The chairman of the Committee shall give the members of the Committee written notice of each meeting, not later than 2 weeks before the date of the meeting. (e) Compensation and travel expenses Each member of the Committee who is not a full-time employee of the United States shall— (1) be entitled to receive compensation at a rate not to exceed the daily equivalent of the annual rate of basic pay in effect for a position at level V of the Executive Schedule under section 5316 of title 5 for each day during which the member is engaged in the actual performance of the duties of the Committee; and (2) while away from the home or regular place of business of the member in the per- formance of services for the Committee, be al- lowed travel expenses, including per diem in lieu of subsistence, in the same manner as per- sons employed intermittently in the Govern- ment service are allowed expenses under sec- tion 5703(b) 1 of title 5. (f) Staff The Commission shall make available to the Committee such staff as the chairman of the Committee determines are necessary to carry out this section. (g) Review by Commission The Commission shall— (1) review the findings and recommendations of the Committee; and (2) each time the Committee submits a find- ing or recommendation to the Commission, promptly issue a public statement— (A) assessing the finding or recommenda- tion of the Committee; and (B) disclosing the action, if any, the Com- mission intends to take with respect to the finding or recommendation. (h) Committee findings Nothing in this section shall require the Com- mission to agree to or act upon any finding or recommendation of the Committee. (i) Chapter 10 of title 5 Chapter 10 of title 5 shall not apply with re- spect to the Committee and its activities. (j) Authorization of appropriations There is authorized to be appropriated to the Commission such sums as are necessary to carry out this section. (June 6, 1934, ch. 404, title I, § 39, as added Pub. L. 111–203, title IX, § 911, July 21, 2010, 124 Stat. 1822; amended Pub. L. 117–286, § 4(a)(64), Dec. 27, 2022, 136 Stat. 4312.) Editorial Notes AMENDMENTS 2022—Subsec. (i). Pub. L. 117–286 substituted ‘‘Chapter 10 of title 5’’ for ‘‘Federal Advisory Committee Act’’ in heading and ‘‘Chapter 10 of title 5’’ for ‘‘The Federal Advisory Committee Act (5 U.S.C. App.)’’ in text. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of Title 12, Banks and Banking. § 78qq. Small Business Capital Formation Advi- sory Committee (a) Establishment and purpose (1) Establishment There is established within the Commission the Small Business Capital Formation Advi- sory Committee (hereafter in this section re- ferred to as the ‘‘Committee’’). (2) Functions (A) In general The Committee shall provide the Commis- sion with advice on the Commission’s rules, regulations, and policies with regard to the Commission’s mission of protecting inves- tors, maintaining fair, orderly, and efficient markets, and facilitating capital formation, as such rules, regulations, and policies re- late to— (i) capital raising by emerging, privately held small businesses (‘‘emerging compa- nies’’) and publicly traded companies with Page 476 TITLE 15—COMMERCE AND TRADE § 78qq less than $250,000,000 in public market cap- italization (‘‘smaller public companies’’) through securities offerings, including pri- vate and limited offerings and initial and other public offerings; (ii) trading in the securities of emerging companies and smaller public companies; and (iii) public reporting and corporate gov- ernance requirements of emerging compa- nies and smaller public companies. (B) Limitation The Committee shall not provide any ad- vice with respect to any policies, practices, actions, or decisions concerning the Com- mission’s enforcement program. (b) Membership (1) In general The members of the Committee shall be— (A) the Advocate for Small Business Cap- ital Formation; (B) not fewer than 10, and not more than 20, members appointed by the Commission, from among individuals— (i) who represent— (I) emerging companies engaging in private and limited securities offerings or considering initial public offerings (‘‘IPO’’) (including the companies’ offi- cers and directors); (II) the professional advisors of such companies (including attorneys, ac- countants, investment bankers, and fi- nancial advisors); and (III) the investors in such companies (including angel investors, venture cap- ital funds, and family offices); (ii) who are officers or directors of mi- nority-owned small businesses or women- owned small businesses; (iii) who represent— (I) smaller public companies (including the companies’ officers and directors); (II) the professional advisors of such companies (including attorneys, audi- tors, underwriters, and financial advi- sors); and (III) the pre-IPO and post-IPO inves- tors in such companies (both institu- tional, such as venture capital funds, and individual, such as angel investors); and (iv) who represent participants in the marketplace for the securities of emerging companies and smaller public companies, such as securities exchanges, alternative trading systems, analysts, information processors, and transfer agents; and (C) three non-voting members— (i) one of whom shall be appointed by the Investor Advocate; (ii) one of whom shall be appointed by the North American Securities Adminis- trators Association; and (iii) one of whom shall be appointed by the Administrator of the Small Business Administration. (2) Term Each member of the Committee appointed under subparagraph (B), (C)(ii), or (C)(iii) of paragraph (1) shall serve for a term of 4 years. (3) Members not Commission employees Members appointed under subparagraph (B), (C)(ii), or (C)(iii) of paragraph (1) shall not be treated as employees or agents of the Commis- sion solely because of membership on the Committee. (c) Chairman; vice chairman; secretary; assistant secretary (1) In general The members of the Committee shall elect, from among the members of the Committee— (A) a chairman; (B) a vice chairman; (C) a secretary; and (D) an assistant secretary. (2) Term Each member elected under paragraph (1) shall serve for a term of 3 years in the capac- ity for which the member was elected under paragraph (1). (d) Meetings (1) Frequency of meetings The Committee shall meet— (A) not less frequently than four times an- nually, at the call of the chairman of the Committee; and (B) from time to time, at the call of the Commission. (2) Notice The chairman of the Committee shall give the members of the Committee written notice of each meeting, not later than 2 weeks before the date of the meeting. (e) Compensation and travel expenses Each member of the Committee who is not a full-time employee of the United States shall— (1) be entitled to receive compensation at a rate not to exceed the daily equivalent of the annual rate of basic pay in effect for a position at level V of the Executive Schedule under section 5316 of title 5 for each day during which the member is engaged in the actual performance of the duties of the Committee; and (2) while away from the home or regular place of business of the member in the per- formance of services for the Committee, be al- lowed travel expenses, including per diem in lieu of subsistence, in the same manner as per- sons employed intermittently in the Govern- ment service are allowed expenses under sec- tion 5703 of title 5. (f) Staff The Commission shall make available to the Committee such staff as the chairman of the Committee determines are necessary to carry out this section. (g) Review by Commission The Commission shall— (1) review the findings and recommendations of the Committee; and (2) each time the Committee submits a find- ing or recommendation to the Commission, promptly issue a public statement— (A) assessing the finding or recommenda- tion of the Committee; and Page 477 TITLE 15—COMMERCE AND TRADE § 78ccc 1 See References in Text note below. (B) disclosing the action, if any, the Com- mission intends to take with respect to the finding or recommendation. (h) Federal Advisory Committee Act The Federal Advisory Committee Act (5 U.S.C. App.) 1 shall not apply with respect to the Com- mittee and its activities. (June 6, 1934, ch. 404, title I, § 40, as added Pub. L. 114–284, § 2(b), Dec. 16, 2016, 130 Stat. 1450.) Editorial Notes REFERENCES IN TEXT The Federal Advisory Committee Act, referred to in subsec. (h), is Pub. L. 92–463, Oct. 6, 1972, 86 Stat. 770, which was set out in the Appendix to Title 5, Govern- ment Organization and Employees, and was substan- tially repealed and restated in chapter 10 (§ 1001 et seq.) of Title 5 by Pub. L. 117–286, §§ 3(a), 7, Dec. 27, 2022, 136 Stat. 4197, 4361. For disposition of sections of the Act into chapter 10 of Title 5, see Disposition Table pre- ceding section 101 of Title 5. § 78rr. Data standards for security-based swap reporting (a) Requirement The Commission shall, by rule, adopt data standards for all reports related to security- based swaps that are required under this chap- ter. (b) Consistency The data standards required under subsection (a) shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 5334 of title 12, including, to the extent practicable, by having the characteristics described in clauses (i) through (vi) of sub- section (c)(1)(B) of such section 5334. (June 6, 1934, ch. 404, title I, § 41, as added Pub. L. 117–263, div. E, title LVIII, § 5821(h), Dec. 23, 2022, 136 Stat. 3427.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsec. (a), was in the original ‘‘this Act’’. See References in Text note set out under section 78a of this title. CODIFICATION Pub. L. 117–263, which directed amendment of the Se- curities Exchange Act of 1934 by adding this section at the end, is reflected in the source credit above as add- ing this section to title I of the Securities Exchange Act of 1934, to reflect the probable intent of Congress. Statutory Notes and Related Subsidiaries RULE OF CONSTRUCTION—NO NEW DISCLOSURE REQUIREMENTS Enactment of section not to be construed to require certain additional information to be collected or dis- closed, see section 5826 of Pub. L. 117–263, set out as a note under section 77g of this title. CHAPTER 2B–1—SECURITIES INVESTOR PROTECTION Sec. 78aaa. Short title. Sec. 78bbb. Application of Securities Exchange Act of 1934. 78ccc. Securities Investor Protection Corporation. 78ddd. SIPC Fund. 78eee. Protection of customers. 78fff. General provisions of a liquidation pro- ceeding. 78fff–1. Powers and duties of a trustee. 78fff–2. Special provisions of a liquidation pro- ceeding. 78fff–3. SIPC advances. 78fff–4. Direct payment procedure. 78ggg. SEC functions. 78hhh. Examining authority functions. 78iii. Functions of self-regulatory organizations. 78jjj. Prohibited acts. 78kkk. Miscellaneous provisions. 78lll. Definitions. § 78aaa. Short title This chapter may be cited as the ‘‘Securities Investor Protection Act of 1970’’. (Pub. L. 91–598, § 1(a), Dec. 30, 1970, 84 Stat. 1636.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, 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. Statutory Notes and Related Subsidiaries SHORT TITLE OF 1978 AMENDMENT Pub. L. 95–283, § 1, May 21, 1978, 92 Stat. 249, provided that: ‘‘This Act [enacting sections 78fff–1 to 78fff–4 of this title, amending sections 77c, 78c, 78k, and 78ccc to 78lll of this title and enacting provisions set out as a note under section 78k of this title] may be cited as the ‘Securities Investor Protection Act Amendments of 1978’.’’ § 78bbb. Application of Securities Exchange Act of 1934 Except as otherwise provided in this chapter, the provisions of the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.] (hereinafter referred to as the ‘‘1934 Act’’) apply as if this chapter constituted an amendment to, and was included as a section of, such Act. (Pub. L. 91–598, § 2, Dec. 30, 1970, 84 Stat. 1637.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, 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. The Securities Exchange Act of 1934, referred to in text, is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of this title. For complete classification of this Act to the Code, see section 78a of this title and Tables. § 78ccc. Securities Investor Protection Corpora- tion (a) Creation and membership (1) Creation There is hereby established a body corporate to be known as the ‘‘Securities Investor Pro-