Source: https://law.justia.com/codes/us/2015/title-15/chapter-2b/sec.-78n
Timestamp: 2019-04-18 21:25:23
Document Index: 341633053

Matched Legal Cases: ['§ 78', '§14', '§5', '§3', '§3', '§2', '§2', '§302', '§302', '§301', '§6', '§953', '§102', '§ 78', '§14', '§5', '§3', '§3', '§2', '§2', '§302', '§302', '§301', '§6', '§953', '§102', '§80', '§77', '§971', '§6', '§302', '§3', '§5', '§303', '§3', '§971', '§302', '§510', '§302']

15 U.S.C. § 78n (2015) - Proxies :: Title 15 - Commerce and Trade (Sections 1 - 8405) - US Code :: Justia
Justia US Law US Codes and Statutes US Code 2015 US Code Title 15 - Commerce and Trade (Sections 1 - 8405) Chapter 2B - Securities Exchanges (Sections 78a - 78pp) Sec. 78n - Proxies
Contains section 78n
Source Credit June 6, 1934, ch. 404, title I, §14, 48 Stat. 895; Pub. L. 88-467, §5, Aug. 20, 1964, 78 Stat. 569; Pub. L. 90-439, §3, July 29, 1968, 82 Stat. 455; Pub. L. 91-567, §§3-5, Dec. 22, 1970, 84 Stat. 1497; Pub. L. 98-38, §2(b), June 6, 1983, 97 Stat. 205; Pub. L. 99-222, §2, Dec. 28, 1985, 99 Stat. 1737; Pub. L. 101-550, title III, §302, Nov. 15, 1990, 104 Stat. 2721; Pub. L. 103-202, title III, §302(a), Dec. 17, 1993, 107 Stat. 2359; Pub. L. 105-353, title III, §301(b)(7), Nov. 3, 1998, 112 Stat. 3236; Pub. L. 107-123, §6, Jan. 16, 2002, 115 Stat. 2396; Pub. L. 111-203, title IX, §§953(a), 955, 971(a), 991(b)(3), July 21, 2010, 124 Stat. 1903, 1904, 1915, 1953; Pub. L. 112-106, title I, §102(a)(2), Apr. 5, 2012, 126 Stat. 309.
Statutes at Large References 48 Stat. 895, 74
104 Stat. 2721
107 Stat. 2359, 2363
110 Stat. 3450
115 Stat. 2396
124 Stat. 1903, 1915
126 Stat. 309
Public and Private Laws Public Law 88-467, Public Law 90-439, Public Law 91-567, Public Law 98-38, Public Law 99-222, Public Law 101-550, Public Law 103-202, Public Law 104-290, Public Law 105-353, Public Law 107-123, Public Law 111-203, Public Law 112-106
15 U.S.C. § 78n (2015)
(i) for preliminary proxy solicitation material involving an acquisition, merger, or consolidation, if there is a proposed payment of cash or transfer of securities or property to shareholders, a fee at a rate that, subject to paragraph (4), is equal to $92 per $1,000,000 of such proposed payment, or of the value of such securities or other property proposed to be transferred; and
(ii) for preliminary proxy solicitation material involving a proposed sale or other disposition of substantially all of the assets of a company, a fee at a rate that, subject to paragraph (4), is equal to $92 per $1,000,000 of the cash or of the value of any securities or other property proposed to be received upon such sale or disposition.
(3) At the time of filing such statement as the Commission may require by rule pursuant to subsection (d)(1) of this section, the person making the filing shall pay to the Commission a fee at a rate that, subject to paragraph (4), is equal to $92 per $1,000,000 of the aggregate amount of cash or of the value of securities or other property proposed to be offered. The fee shall be reduced with respect to securities in an amount equal to any fee paid with respect to such securities in connection with the proposed transaction under section 6(b) of the Securities Act of 1933 (15 U.S.C. 77f(b)), or the fee paid under that section shall be reduced in an amount equal to the fee paid to the Commission in connection with such transaction under this subsection.
(4) Annual adjustment.—For each fiscal year, the Commission shall by order adjust the rate required by paragraphs (1) and (3) for such fiscal year to a rate that is equal to the rate (expressed in dollars per million) that is applicable under section 6(b) of the Securities Act of 1933 (15 U.S.C. 77f(b)) for such fiscal year.
(5) Fee collection.—Fees collected pursuant to this subsection for fiscal year 2012 and each fiscal year thereafter shall be deposited and credited as general revenue of the Treasury and shall not be available for obligation.
(6) Review; effective date; publication.—In exercising its authority under this subsection, the Commission shall not be required to comply with the provisions of section 553 of title 5. An adjusted rate prescribed under paragraph (4) shall be published and take effect in accordance with section 6(b) of the Securities Act of 1933 (15 U.S.C. 77f(b)).
Except as provided in paragraph (5), as used in this subsection, the term "limited partnership rollup transaction" means a transaction involving the combination or reorganization of one or more limited partnerships, directly or indirectly, in which—
Notwithstanding paragraph (4), the term "limited partnership rollup transaction" does not include—
(June 6, 1934, ch. 404, title I, §14, 48 Stat. 895; Pub. L. 88–467, §5, Aug. 20, 1964, 78 Stat. 569; Pub. L. 90–439, §3, July 29, 1968, 82 Stat. 455; Pub. L. 91–567, §§3–5, Dec. 22, 1970, 84 Stat. 1497; Pub. L. 98–38, §2(b), June 6, 1983, 97 Stat. 205; Pub. L. 99–222, §2, Dec. 28, 1985, 99 Stat. 1737; Pub. L. 101–550, title III, §302, Nov. 15, 1990, 104 Stat. 2721; Pub. L. 103–202, title III, §302(a), Dec. 17, 1993, 107 Stat. 2359; Pub. L. 105–353, title III, §301(b)(7), Nov. 3, 1998, 112 Stat. 3236; Pub. L. 107–123, §6, Jan. 16, 2002, 115 Stat. 2396; Pub. L. 111–203, title IX, §§953(a), 955, 971(a), 991(b)(3), July 21, 2010, 124 Stat. 1903, 1904, 1915, 1953; Pub. L. 112–106, title I, §102(a)(2), Apr. 5, 2012, 126 Stat. 309.)
The Investment Company Act of 1940, referred to in subsecs. (b)(1), (c), (d)(1), and (g)(1)(A), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, as amended, which is classified generally to subchapter I (§80a–1 et seq.) of chapter 2D of this title. For complete classification of this Act to the Code, see section 80a–51 of this title and Tables.
The Securities Act of 1933, referred to in subsec. (h)(5)(C), is act May 27, 1933, ch. 38, title I, 48 Stat. 74, as amended, which is classified generally to subchapter I (§77a et seq.) of chapter 2A of this title. For complete classification of this Act to the Code, see section 77a of this title and Tables.
2012—Subsec. (i). Pub. L. 112–106 inserted ", for any issuer other than an emerging growth company," after "including".
2010—Subsec. (a). Pub. L. 111–203, §971(a), designated existing provisions as par. (1) and added par. (2).
2002—Subsec. (g)(1)(A)(i), (ii), (3). Pub. L. 107–123, §6(1), substituted "a fee at a rate that, subject to paragraphs (5) and (6), is equal to $92 per $1,000,000 of" for "a fee of 1/50 of 1 per centum of".
1998—Subsec. (g)(4). Pub. L. 105–353 substituted "consolidation, sale," for "consolidation sale,".
1990—Subsec. (b)(1). Pub. L. 101–550, §302(a), substituted "section 78l of this title, or any security issued by an investment company registered under the Investment Company Act of 1940," for "section 78l of this title" and "authorization, or information statement" for "or authorization".
1985—Subsec. (b). Pub. L. 99–222 designated existing provision as par. (1), inserted "or any bank, association, or other entity that exercises fiduciary powers," after "under this chapter,", and added par. (2).
1970—Subsec. (d)(1). Pub. L. 91–567, §3, included equity securities of an insurance company which would have been required to be registered except for the exemption contained in section 78l(g)(2)(G) of this title, and substituted "5 per centum" for "10 per centum".
1964—Subsec. (a). Pub. L. 88–467, §5(a), substituted provisions which make it unlawful for any person, in contravention of the Commission's rules and regulations, to solicit, or to permit the use of his name to solicit, proxies in respect of any security registered pursuant to section 78l of this title for former provisions which limited the Commission's rulemaking authority to proxies relating to securities listed and registered on a national securities exchange.
Pub. L. 101–550, title III, §303, Nov. 15, 1990, 104 Stat. 2721, provided that: "The amendments made by section 302 of this title [amending this section] shall take effect upon the expiration of 180 days after the date of enactment of this Act [Nov. 15, 1990]."
Pub. L. 99–222, §3, Dec. 28, 1985, 99 Stat. 1737, provided that: "The amendments made by this Act [amending this section] shall become effective one year after the date of enactment of this Act [Dec. 28, 1985]."
Pub. L. 111–203, title IX, §971(b), (c), July 21, 2010, 124 Stat. 1915, provided that:
"(b) Regulations.—The Commission may issue rules permitting the use by a shareholder of proxy solicitation materials supplied by an issuer of securities for the purpose of nominating individuals to membership on the board of directors of the issuer, under such terms and conditions as the Commission determines are in the interests of shareholders and for the protection of investors.
"(c) Exemptions.—The Commission may, by rule or order, exempt an issuer or class of issuers from the requirement made by this section [amending this section] or an amendment made by this section. In determining whether to make an exemption under this subsection, the Commission shall take into account, among other considerations, whether the requirement in the amendment made by subsection (a) disproportionately burdens small issuers."
Pub. L. 103–202, title III, §302(b), Dec. 17, 1993, 107 Stat. 2363, provided that: "The Securities and Exchange Commission shall conduct rulemaking proceedings and prescribe final regulations under the Securities Act of 1933 [15 U.S.C. 77a et seq.] and the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.] to implement the requirements of section 14(h) of the Securities Exchange Act of 1934 [15 U.S.C. 78n(h)], as amended by subsection (a), and such regulations shall become effective not later than 12 months after the date of enactment of this Act [Dec. 17, 1993]."
Pub. L. 104–290, title V, §510(b), Oct. 11, 1996, 110 Stat. 3450, provided that:
"(1) Study.—The Commission shall conduct a study of—
"(A) whether shareholder access to proxy statements pursuant to section 14 of the Securities Exchange Act of 1934 [15 U.S.C. 78n] has been impaired by recent statutory, judicial, or regulatory changes; and
"(B) the ability of shareholders to have proposals relating to corporate practices and social issues included as part of proxy statements.
"(2) Report.—Not later than 1 year after the date of enactment of this Act [Oct. 11, 1996], the Commission shall submit a report to the Congress on the results of the study conducted under paragraph (1), together with any recommendations for regulatory or legislative changes that it considers necessary to improve shareholder access to proxy statements."
Pub. L. 103–202, title III, §302(c), Dec. 17, 1993, 107 Stat. 2363, provided that:
"(1) Evaluation required.—The Comptroller General of the United States shall, within 18 months after the date of enactment of this Act [Dec. 17, 1993], conduct a study of—
"(A) the use of fairness opinions in limited partnership rollup transactions;
"(B) the standards which preparers use in making determinations of fairness;
"(C) the scope of review, quality of analysis, qualifications and methods of selection of preparers, costs of preparation, and any limitations imposed by issuers on such preparers;
"(D) the nature and quality of disclosures provided with respect to such opinions;
"(E) any conflicts of interest with respect to the preparation of such opinions; and
"(F) the usefulness of such opinions to limited partners.
"(2) Report required.—Not later than the end of the 18-month period referred to in paragraph (1), the Comptroller General of the United States shall submit to the Congress a report on the evaluation required by paragraph (1)."