15 U.S.C. § 78ggg

SEC functions

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(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 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, 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.

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 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 include financial statements setting forth the financial position of SIPC at the end of such fiscal year and the results of its operations (including the source and application of its funds) for such fiscal year. The financial statements so included shall be examined by an independent public accountant or firm of independent 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 NotesReferences 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 section 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 “pursuant 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 SubsidiariesTermination 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.

Notes of Decisions

Cited in 10 cases, 1973–2014 · leading case: Sec. & Exch. Comm'n v. Sec. Inv. Prot. Corp., 872 F. Supp. 2d 1 (D.D.C. 2012).

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Sec. & Exch. Comm'n v. Sec. Inv. Prot. Corp., 872 F. Supp. 2d 1 (D.D.C. 2012). · cites it 5× “1 (1970) and 15 U.S.C. § 78ggg(b)). As described in this Court’s prior opinion, 1 this proceeding is the first instance since SIPA was enacted 42 years ago in which the SEC has sought to use its “plenary authority” to compel the SIPC to file an application for a protective…”

Sec. & Exch. Comm'n v. Sec. Inv. Prot. Corp., 842 F. Supp. 2d 321 (D.D.C. 2012). · cites it 4× “15 U.S.C. § 78ggg(b). By its application to this Court, the SEC seeks to exert this statutory authority over SIPC.”

Sec. Inv. Prot. Corp. v. Barbour, 421 U.S. 412 (1975). “” 15 U. S. C. § 78ggg (b). It would be anomalous for Congress to have centralized SEC suits for the apparent convenience of the SIPC while exposing the corporation to substantively identical suits by investors “in any court, State or Federal.”

Louis Allen McDaniel Jr. v. The Univ. of Chicago & Argonne, a Corp., 548 F.2d 689 (7th Cir. 1977). “However, 15 U.S.C. § 78ggg(b) limits SEC actions “to the district court of the United States in which the principal office of SIPC is located.”

Sec. & Exch. Comm'n v. Sec. Inv. Prot. Corp., 758 F.3d 357 (D.C. Cir. 2014). · cites it 3× “See 15 U.S.C. § 78ggg(b). This case marks the SEC’s first effort to invoke its authority under § 78ggg(b) to compel SIPC to initiate liquidation proceedings against a member brokerage.”

Redington v. Touche Ross & Co., 592 F.2d 617 (2d Cir. 1978). “The SEC cogently summarizes in its brief filed in our Court its interest in the instant appeal as follows: “The Commission respectfully submits this brief as amicus curiae because this appeal raises significant issues which could materially affect its administration of the…”

Rauch v. United Instruments, Inc., 405 F. Supp. 435 (E.D. Pa. 1975). “” 15 U.S.C. § 78ggg(b). The Supreme Court stated: “It would be anomolous [sic] for Congress to have centralized SEC suits for the apparent convenience of SIPC while exposing the corporation to substantively identical suits by investors ‘in any court, State or Federal.”

In re New Times Sec. Servs., Inc., 371 F.3d 68 (2d Cir. 2004). “SIPC asserts that although it is not an agency “per se,” it is, under SIPA, “an independent corporation” endowed with “its own voice and responsibilities in the conduct of liquidations and payment of net equity claims from the SIPC Fund.” Letter from Harbeck, General Counsel,…”

Bohart-McCaslin Ventures, Inc. v. Midwestern Sec. Corp., 352 F. Supp. 937 (N.D. Tex. 1973). “But even if this were not so, this Court holds that plaintiffs have no standing to bring suit against any defendant under the Act by virtue of section 7(b) of the Act, 15 U.S.C. § 78ggg(b). This subsection provides that In the event of the refusal of SIPC to commit its funds or…”

In re MF Global Inc., 506 B.R. 582 (Bankr. S.D.N.Y. 2014). “14 See 15 U.S.C. § 78ggg(c). The bulk of the work performed by the Trustee’s non-attorney professionals was completed in the early stages of this proceeding, assisting the Trustee in numerous timesensitive, labor intensive tasks that included: (1) reviewing and reconciling…”

— 15 U.S.C. § 78ggg(b) — 6 cases

Sec. & Exch. Comm'n v. Sec. Inv. Prot. Corp., 872 F. Supp. 2d 1 (D.D.C. 2012). “1 (1970) and 15 U.S.C. § 78ggg(b)). As described in this Court’s prior opinion, 1 this proceeding is the first instance since SIPA was enacted 42 years ago in which the SEC has sought to use its “plenary authority” to compel the SIPC to file an application for a protective…”

Sec. & Exch. Comm'n v. Sec. Inv. Prot. Corp., 758 F.3d 357 (D.C. Cir. 2014). “See 15 U.S.C. § 78ggg(b). This case marks the SEC’s first effort to invoke its authority under § 78ggg(b) to compel SIPC to initiate liquidation proceedings against a member brokerage.”

Sec. & Exch. Comm'n v. Sec. Inv. Prot. Corp., 842 F. Supp. 2d 321 (D.D.C. 2012). “15 U.S.C. § 78ggg(b). By its application to this Court, the SEC seeks to exert this statutory authority over SIPC.”

— 15 U.S.C. § 78ggg(c) — 2 cases

— 15 U.S.C. § 78ggg(c)(l) — 1 case

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