Source: http://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78d&num=0&edition=prelim
Timestamp: 2018-10-23 11:53:55
Document Index: 552490683

Matched Legal Cases: ['§ 78', '§4', '§1106', '§3', '§305', '§1', '§307', '§103', '§207', '§406', '§203', '§8', '§915', '§2', '§902', '§915', '§103', '§991', '§8', '§701', '§929']

[USC10] 15 USC 78d: Securities and Exchange Commission
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15 USC 78d: Securities and Exchange Commission Text contains those laws in effect on October 22, 2018
The head of the Office shall be the Investor Advocate, who shall-
An individual who serves as the Investor Advocate may not be employed by the Commission-
The Investor Advocate shall-
(D) analyze the potential impact on investors of-
Each report required under clause (i) shall include-
(IV) an inventory of the items described in subclause (III) that includes-
The Ombudsman appointed under subparagraph (A) shall-
The Division of Trading and Markets of the Commission, or any successor organizational unit, shall have a staff of examiners who shall-
The Division of Investment Management of the Commission, or any successor organizational unit, shall have a staff of examiners who shall-
For any 1 fiscal year-
(j) Office of the Advocate for Small Business Capital Formation
There is established within the Commission the Office of the Advocate for Small Business Capital Formation (hereafter in this subsection referred to as the "Office").
(2) Advocate for Small Business Capital Formation
The head of the Office shall be the Advocate for Small Business Capital Formation, who shall-
(i) report directly to the Commission; and
(ii) be appointed by the Commission, from among individuals having experience in advocating for the interests of small businesses and encouraging small business capital formation.
The annual rate of pay for the Advocate for Small Business Capital Formation shall be equal to the highest rate of annual pay for other senior executives who report directly to the Commission.
(C) No current employee of the Commission
An individual may not be appointed as the Advocate for Small Business Capital Formation if the individual is currently employed by the Commission.
The Advocate for Small Business Capital Formation, after consultation with the Commission, may retain or employ independent counsel, research staff, and service staff, as the Advocate for Small Business Capital Formation determines to be necessary to carry out the functions of the Office.
(4) Functions of the Advocate for Small Business Capital Formation
The Advocate for Small Business Capital Formation shall-
(A) assist small businesses and small business investors in resolving significant problems such businesses and investors may have with the Commission or with self-regulatory organizations;
(B) identify areas in which small businesses and small business investors would benefit from changes in the regulations of the Commission or the rules of self-regulatory organizations;
(C) identify problems that small businesses have with securing access to capital, including any unique challenges to minority-owned small businesses, women-owned small businesses, and small businesses affected by hurricanes or other natural disasters;
(D) analyze the potential impact on small businesses and small business investors of-
(i) proposed regulations of the Commission that are likely to have a significant economic impact on small businesses and small business capital formation; and
(ii) proposed rules that are likely to have a significant economic impact on small businesses and small business capital formation of self-regulatory organizations registered under this chapter;
(E) conduct outreach to small businesses and small business investors, including through regional roundtables, in order to solicit views on relevant capital formation issues;
(F) to the extent practicable, propose to the Commission changes in the regulations or orders of the Commission and to Congress any legislative, administrative, or personnel changes that may be appropriate to mitigate problems identified under this paragraph and to promote the interests of small businesses and small business investors;
(G) consult with the Investor Advocate on proposed recommendations made under subparagraph (F); and
(H) advise the Investor Advocate on issues related to small businesses and small business investors.
The Commission shall ensure that the Advocate for Small Business Capital Formation has full access to the documents and information of the Commission and any self-regulatory organization, as necessary to carry out the functions of the Office.
(6) Annual report on activities
Not later than December 31 of each year after 2015, the Advocate for Small Business Capital Formation shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the activities of the Advocate for Small Business Capital Formation during the immediately preceding fiscal year.
Each report required under subparagraph (A) shall include-
(ii) information on steps that the Advocate for Small Business Capital Formation has taken during the reporting period to improve small business services and the responsiveness of the Commission and self-regulatory organizations to small business and small business investor concerns;
(iii) a summary of the most serious issues encountered by small businesses and small business investors, including any unique issues encountered by minority-owned small businesses, women-owned small businesses, and small businesses affected by hurricanes or other natural disasters and their investors, during the reporting period;
(iv) an inventory of the items summarized under clause (iii) (including items summarized under such clause for any prior reporting period on which no action has been taken or that have not been resolved to the satisfaction of the Advocate for Small Business Capital Formation as of the beginning of the reporting period covered by the report) that includes-
(I) identification of any action taken by the Commission or the self-regulatory organization and the result of such action;
(II) the length of time that each item has remained on such inventory; and
(III) for items on which no action has been taken, the reasons for inaction, and an identification of any official who is responsible for such action;
(v) recommendations for such changes to the regulations, guidance and orders of the Commission and such legislative actions as may be appropriate to resolve problems with the Commission and self-regulatory organizations encountered by small businesses and small business investors and to encourage small business capital formation; and
(vi) any other information, as determined appropriate by the Advocate for Small Business Capital Formation.
No report required by subparagraph (A) may contain confidential information.
(D) Independence
Each report required under subparagraph (A) shall be provided directly to the committees of Congress listed in such subparagraph without any prior review or comment from the Commission, any commissioner, any other officer or employee of the Commission, or the Office of Management and Budget.
The Commission shall establish procedures requiring a formal response to all recommendations submitted to the Commission by the Advocate for Small Business Capital Formation, not later than 3 months after the date of such submission.
(8) Government-Business Forum on Small Business Capital Formation
The Advocate for Small Business Capital Formation shall be responsible for planning, organizing, and executing the annual Government-Business Forum on Small Business Capital Formation described in section 80c–1 of this title.
Nothing in this subsection may be construed as replacing or reducing the responsibilities of the Investor Advocate with respect to small business investors.
(June 6, 1934, ch. 404, title I, §4, 48 Stat. 885 ; Oct. 28, 1949, ch. 782, title XI, §1106(a), 63 Stat. 972 ; Pub. L. 86–619, §3, July 12, 1960, 74 Stat. 408 ; Pub. L. 86–771, Sept. 13, 1960, 74 Stat. 913 ; Pub. L. 88–426, title III, §305(20), Aug. 14, 1964, 78 Stat. 425 ; Pub. L. 98–38, §1, June 6, 1983, 97 Stat. 205 ; Pub. L. 100–181, title III, §307, Dec. 4, 1987, 101 Stat. 1254 ; Pub. L. 101–550, title I, §103, title II, §207, Nov. 15, 1990, 104 Stat. 2713 , 2721; Pub. L. 104–290, title IV, §406, Oct. 11, 1996, 110 Stat. 3444 ; Pub. L. 105–353, title II, §203, Nov. 3, 1998, 112 Stat. 3234 ; Pub. L. 107–123, §8(d)(2), Jan. 16, 2002, 115 Stat. 2399 ; Pub. L. 111–203, title IX, §§915, 919D, 965, 991(e)(1), July 21, 2010, 124 Stat. 1830 , 1840, 1911, 1954; Pub. L. 114–284, §2(a), Dec. 16, 2016, 130 Stat. 1447 ; Pub. L. 115–141, div. S, title IX, §902, Mar. 23, 2018, 132 Stat. 1143 .)
This chapter, referred to in subsecs. (a), (g)(4)(D)(ii), and (j)(4)(D)(ii), was in the original "this title". See References in Text note set out under section 78a of this title.
2018-Subsec. (j)(4)(C), (6)(B)(iii). Pub. L. 115–141 substituted "minority-owned small businesses, women-owned small businesses, and small businesses affected by hurricanes or other natural disasters" for "minority-owned and women-owned small businesses".
2016-Subsec. (j). Pub. L. 114–284 added subsec. (j).
2010-Subsec. (g). Pub. L. 111–203, §915, added subsec. (g).
2002-Subsec. (b)(1), (2). Pub. L. 107–123 added pars. (1) and (2) and struck out former pars. (1) and (2), which authorized the Commission to appoint and compensate officers, attorneys, examiners, and other experts as needed, and to select, appoint, and compensate professional economists.
1998-Subsec. (b)(2), (3). Pub. L. 105–353 added par. (2) and redesignated former par. (2) as (3).
1996-Subsec. (e). Pub. L. 104–290 inserted before period at end "and the Commission may also specify the time that such fee shall be determined and paid relative to the filing of any statement or document with the Commission".
1990-Subsec. (b). Pub. L. 101–550, §103, inserted heading, designated existing provision as par. (1) and inserted heading, and added par. (2).
1987-Subsec. (e). Pub. L. 100–181 added subsec. (e).
1983-Subsecs. (c), (d). Pub. L. 98–38 added subsecs. (c) and (d).
1964-Subsec. (a). Pub. L. 88–426 repealed provisions which prescribed the compensation of the Chairman and the Commissioners.
1960-Subsec. (a). Pub. L. 86–771 authorized the chairman to receive an additional $500 a year.
1949-Subsec. (b). Act Oct. 28, 1949, substituted "Classification Act of 1949" for "Classification Act of 1923".
Pub. L. 111–203, title IX, §991(e)(2), July 21, 2010, 124 Stat. 1955 , provided that: "The amendment made by this subsection [amending this section] shall take effect on October 1, 2011."
Act Oct. 28, 1949, ch. 782, set out in the credit of this section, was repealed (subject to a savings clause) by Pub. L. 89–554, Sept. 6, 1966, §8, 80 Stat. 632 , 655.
Pub. L. 112–106, title VII, §701, Apr. 5, 2012, 126 Stat. 327 , provided that: "The Securities and Exchange Commission shall provide online information and conduct outreach to inform small and medium sized businesses, women owned businesses, veteran owned businesses, and minority owned businesses of the changes made by this Act [see Short Title of 2012 Amendment note set out under section 78a of this title]."
Pub. L. 111–203, title IX, §929G(c), July 21, 2010, 124 Stat. 1856 , provided that: "The [Securities and Exchange] Commission may set the rate of pay for experts and consultants appointed under the authority of section 3109 of title 5, United States Code, in the same manner in which it sets the rate of pay for employees of the Commission."