Source: https://www.law.cornell.edu/uscode/text/15/78o
Timestamp: 2015-09-04 03:52:40
Document Index: 24060860

Matched Legal Cases: ['§ 78', '§ 15', '§ 78', '§\u202f15', '§\u202f3', '§\u202f2', '§\u202f6', '§\u202f11', '§\u202f7', '§\u202f11', '§\u202f9', '§\u202f11', '§\u202f204', '§\u202f3', '§\u202f4', '§\u202f102', '§\u202f317', '§\u202f3', '§\u202f504', '§\u202f203', '§\u202f105', '§\u202f103', '§\u202f103', '§\u202f301', '§\u202f205', '§\u202f1', '§\u202f203', '§\u202f303', '§\u202f604', '§\u202f4', '§\u202f173', '§\u202f713', '§\u202f913', '§\u202f305', '§\u202f601', '§\u202f711', '§\u202f761', '§\u202f203', '§\u202f975', '§\u202f9', '§\u202f3', '§\u202f502', '§\u202f504']

15 U.S. Code § 78o - Registration and regulation of brokers and dealers | US Law | LII / Legal Information Institute
U.S. Code › Title 15 › Chapter 2B › § 15 U.S. Code § 78o - Registration and regulation of brokers and dealers
involves the violation of section 152, 1341, 1342, or 1343 or chapter 25 or 47 of title 18or a violation of a substantially equivalent foreign statute.
(i)Contents of notice.—
(ii)Immediate effectiveness.—
(iii)Suspension.—
(B)Exemptions for registered brokers and dealers.—A broker or dealer registered pursuant to the requirements of subparagraph (A) shall be exempt from the following provisions of this chapter and the rules thereunder with respect to transactions in security futures products:
(A)Registration exemption.—A natural person shall be exempt from the registration requirements of this section if such person—
(B)Other exemptions.—A natural person exempt from registration pursuant to subparagraph (A) shall also be exempt from the following provisions of this chapter and the rules thereunder:
(8)Prohibition of referral fees.—
Each issuer which has filed a registration statement containing an undertaking which is or becomes operative under this subsection as in effect prior to August 20, 1964, and each issuer which shall after such date file a registration statement which has become effective pursuant to the Securities Act of 1933, as amended [15 U.S.C. 77a et seq.], shall file with the Commission, in accordance with such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors, such supplementary and periodic information, documents, and reports as may be required pursuant to section 78m of this title in respect of a security registered pursuant to section 78l of this title. The duty to file under this subsection shall be automatically suspended if and so long as any issue of securities of such issuer is registered pursuant to section 78l of this title. The duty to file under this subsection shall also be automatically suspended as to any fiscal year, other than the fiscal year within which such registration statement became effective, if, at the beginning of such fiscal year, the securities of each class, other than any class of asset-backed securities, to which the registration statement relates are held of record by less than 300 persons, or, in the case of bank [4] or a bank holding company, as such term is defined in section 1841 of title 12, 1,200 persons persons.1 For the purposes of this subsection, the term “class” shall be construed to include all securities of an issuer which are of substantially similar character and the holders of which enjoy substantially similar rights and privileges. The Commission may, for the purpose of this subsection, define by rules and regulations the term “held of record” as it deems necessary or appropriate in the public interest or for the protection of investors in order to prevent circumvention of the provisions of this subsection. Nothing in this subsection shall apply to securities issued by a foreign government or political subdivision thereof.
(j) [5] Rulemaking to extend requirements to new hybrid products
(j) 5 Limitation on Commission authority
(k) [6] Registration or succession to a United States broker or dealer
(l) [7] Termination of a United States broker or dealer
(k) [8] Standard of conduct
(l) [9] Other mattersThe Commission shall—
the Commission shall seek to prosecute and sanction violators of the standard of conduct applicable to a broker or dealer providing personalized investment advice about securities to a retail customer under this chapter to [10] same extent as the Commission prosecutes and sanctions violators of the standard of conduct applicable to an investment advisor under the Investment Advisers Act of 1940 [15 U.S.C. 80b–1 et seq.].
(June 6, 1934, ch. 404, title I, § 15, 48 Stat. 895; May 27, 1936, ch. 462, § 3, 49 Stat. 1377; June 25, 1938, ch. 677, § 2, 52 Stat. 1075; Pub. L. 88–467, § 6, Aug. 20, 1964, 78 Stat. 570; Pub. L. 91–598, § 11(d), formerly § 7(d), Dec. 30, 1970, 84 Stat. 1653, renumbered § 11(d), Pub. L. 95–283, § 9, May 21, 1978, 92 Stat. 260; Pub. L. 94–29, § 11, June 4, 1975, 89 Stat. 121; Pub. L. 95–213, title II, § 204, Dec. 19, 1977, 91 Stat. 1500; Pub. L. 98–38, § 3(a), June 6, 1983, 97 Stat. 206; Pub. L. 98–376, §§ 4, 6(b), Aug. 10, 1984, 98 Stat. 1265; Pub. L. 99–571, title I, § 102(e), (f), Oct. 28, 1986, 100 Stat. 3218; Pub. L. 100–181, title III, § 317, Dec. 4, 1987, 101 Stat. 1256; Pub. L. 100–704, § 3(b)(1), Nov. 19, 1988, 102 Stat. 4679; Pub. L. 101–429, title V, §§ 504(a), 505, Oct. 15, 1990, 104 Stat. 952, 953; Pub. L. 101–550, title II, § 203(a), (c)(1), Nov. 15, 1990, 104 Stat. 2715, 2718; Pub. L. 103–202, title I, §§ 105, 106(b)(2)(B), 109(b)(2), 110, Dec. 17, 1993, 107 Stat. 2348, 2350, 2353; Pub. L. 104–67, title I, § 103(a), Dec. 22, 1995, 109 Stat. 756; Pub. L. 104–290, title I, § 103(a), Oct. 11, 1996, 110 Stat. 3420; Pub. L. 105–353, title III, § 301(b)(8), Nov. 3, 1998, 112 Stat. 3236; Pub. L. 106–102, title II, § 205, Nov. 12, 1999, 113 Stat. 1391; Pub. L. 106–554, § 1(a)(5) [title II, §§ 203(a)(1), (b), 206(h), title III, § 303(e), (f)], Dec. 21, 2000, 114 Stat. 2763, 2763A–421, 2763A–422, 2763A–432, 2763A–454, 2763A–455; Pub. L. 107–204, title VI, § 604(a), (c)(1)(B)(ii), July 30, 2002, 116 Stat. 795, 796; Pub. L. 109–291, § 4(b)(1)(A), Sept. 29, 2006, 120 Stat. 1337; Pub. L. 111–203, title I, § 173(c), title VII, §§ 713(a), 762(d)(4), 766(d), title IX, §§ 913(g)(1), (h)(1), 919, 921(a), 925(a)(1), 929L(3), 929X(c), 942(a), 975(g), 985(b)(5)(A), July 21, 2010, 124 Stat. 1440, 1646, 1761, 1799, 1828, 1829, 1837, 1841, 1850, 1861, 1870, 1896, 1923, 1933; Pub. L. 112–106, title III, § 305(d)(1), title VI, § 601(b), Apr. 5, 2012, 126 Stat. 323, 326.)
[1]  So in original.[2]  So in original. The word “or” probably should not appear.[3]  See References in Text note below.[4]  So in original. Probably should be preceded by “a”.[5]  So in original. There are two subsecs. designated (j).[6]  Another subsec. (k) is set out after the first subsec. ([6] ).[7]  Another subsec. ([7] ) is set out after the second subsec. (k).[8]  Another subsec. (k) is set out after the second subsec. (j).[9]  Another subsec. ([9] ) is set out after the first subsec. (k).[10]  So in original. Probably should be followed by “the”.
Unless otherwise provided, amendments by subtitle A (§§ 711–754) and subtitle B (§§ 761–774) of title VII of Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of either subtitle A or B requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A or B, see 2010 Amendment notes and Effective Date of 2010 Amendment note below.
Pub. L. 101–550, § 203(c)(1), substituted “(A), (D), (E), or (G)” for “(A), (D), or (E)”.
Pub. L. 111–203, title IX, § 975(i), July 21, 2010, 124 Stat. 1923, provided that: “This section [amending this section and sections 78o–3, 78o–4, and 78q of this title], and the amendments made by this section, shall take effect on October 1, 2010.”
Pub. L. 100–704, § 9, Nov. 19, 1988, 102 Stat. 4684, provided that: “The amendments made by this Act [enacting sections 78t–1, 78u–1, and 80b–4a of this title and amending this section and Nov. 19, 1988].”sections 78c, 78u, 78ff, and 78kk of this title], except for section 6 [amendingsections 78c and 78u of this title], shall not apply to any actions occurring before the date of enactment of this Act [
Pub. L. 98–38, § 3(b), June 6, 1983, 97 Stat. 207, provided that: “The amendments made by subsection (a) [amending this section] shall become effective six months after the date of enactment of this Act [June 6, 1983].”
“(a)Definition.—For purposes of this section, the term ‘retail customer’ means a natural person, or the legal representative of such natural person, who—
“(b)Study.—The Commission shall conduct a study to evaluate—
“(c)Considerations.—In conducting the study required under subsection (b), the Commission shall consider—
“(1)In general.—Not later than 6 months after the date of enactment of this Act [July 21, 2010], the Commission shall submit a report on the study required under subsection (b) to—
“(2)Content requirements.—The report required under paragraph (1) shall describe the findings, conclusions, and recommendations of the Commission from the study required under subsection (b), including—
“(e)Public Comment.—
“(f)Rulemaking.—
Pub. L. 101–429, title V, § 502, Oct. 15, 1990, 104 Stat. 951, provided that: “The Congress finds the following:
Pub. L. 101–429, title V, § 504(b), Oct. 15, 1990, 104 Stat. 953, provided that: “Within 6 months after the date of enactment of this Act [Oct. 15, 1990], the Securities and Exchange Commission shall submit to each House of the Congress such recommendations as the Commission considers appropriate with respect to further revision of section 15(b)(6) of the Securities Exchange Act of 1934 (15 U.S.C. 78
o(b)(6)). In preparing such recommendations, the Commission shall consider the desirability and effect of expanding the applicability of such section to any promoter, finder, consultant, agent or other person who engages in activities with a broker, dealer, or issuer for purposes of the issuance of or trading in, or inducing or attempting to induce the purchase or sale of, any security (and not just penny stock).”