Source: http://www.law.cornell.edu/uscode/text/15/78q?quicktabs_8=0
Timestamp: 2014-11-28 05:54:21
Document Index: 532286169

Matched Legal Cases: ['§ 17', '§ 4', '§ 5', '§ 14', '§ 102', '§ 321', '§ 801', '§ 4', '§ 108', '§ 301', '§ 231', '§ 1', '§ 204', '§ 205', '§ 8', '§ 5', '§ 617', '§ 929', '§ 321', '§ 941', '§ 617', '§ 975', '§ 985', '§ 982', '§ 929', '§ 929', '§ 929', '§ 617', '§ 8', '§ 8', '§ 1', '§ 204', '§ 1', '§ 204', '§ 321', '§ 801', '§ 321', '§ 321', '§ 102', '§ 102', '§ 102', '§ 102', '§ 617', 'art 4', 'art 9', 'art 10', 'art 208', 'art 220', 'art 221', 'art 261', 'art 341', 'art 390', 'art 200', 'art 210', 'art 240', 'art 242', 'art 247', 'art 248', 'art 249', 'art 249']

Copies of reports filed with other regulatory agencies (1)
Every clearing agency, transfer agent, and municipal securities dealer for which the Commission is not the appropriate regulatory agency shall (A)
file with the appropriate regulatory agency for such clearing agency, transfer agent, or municipal securities dealer a copy of any application, notice, proposal, report, or document filed with the Commission by reason of its being a clearing agency, transfer agent, or municipal securities dealer and (B)
file with the Commission a copy of any application, notice, proposal, report, or document filed with such appropriate regulatory agency by reason of its being a clearing agency, transfer agent, or municipal securities dealer. The Municipal Securities Rulemaking Board shall file with each agency enumerated in section 78c
(a)(34)(A) of this title copies of every proposed rule change filed with the Commission pursuant to section 78s
Self-regulatory organizations (1)
with respect to any person who is a member of or participant in more than one self-regulatory organization, relieve any such self-regulatory organization of any responsibility under this chapter (i)
to receive regulatory reports from such person, (ii)
to examine such person for compliance, or to enforce compliance by such person, with specified provisions of this chapter, the rules and regulations thereunder, and its own rules, or (iii)
to carry out other specified regulatory functions with respect to such person, and
Balance sheet and income statement; other financial statements and information (1)
Every registered broker or dealer shall annually file with the Commission a balance sheet and income statement certified by a [5]
independent public accounting firm, or by a registered public accounting firm if the firm is required to be registered under the Sarbanes-Oxley Act of 2002,,
prepared on a calendar or fiscal year basis, and such other financial statements (which shall, as the Commission specifies, be certified) and information concerning its financial condition as the Commission, by rule may prescribe as necessary or appropriate in the public interest or for the protection of investors.
Missing, lost, counterfeit, and stolen securities (1)
Persons extending credit Any broker, dealer, or other person extending credit who is subject to the rules and regulations prescribed by the Board of Governors of the Federal Reserve System pursuant to this chapter shall make such reports to the Board as it may require as necessary or appropriate to enable it to perform the functions conferred upon it by this chapter. If any such broker, dealer, or other person shall fail to make any such report or fail to furnish full information therein, or, if in the judgment of the Board it is otherwise necessary, such broker, dealer, or other person shall permit such inspections to be made by the Board with respect to the business operations of such broker, dealer, or other person as the Board may deem necessary to enable it to obtain the required information.
Obligations to obtain, maintain, and report information Every person who is (A)
a registered broker or dealer, or (B)
a registered municipal securities dealer for which the Commission is the appropriate regulatory agency, shall obtain such information and make and keep such records as the Commission by rule prescribes concerning the registered person’s policies, procedures, or systems for monitoring and controlling financial and operational risks to it resulting from the activities of any of its associated persons, other than a natural person. Such records shall describe, in the aggregate, each of the financial and securities activities conducted by, and the customary sources of capital and funding of, those of its associated persons whose business activities are reasonably likely to have a material impact on the financial or operational condition of such registered person, including its net capital, its liquidity, or its ability to conduct or finance its operations. The Commission, by rule, may require summary reports of such information to be filed with the Commission no more frequently than quarterly.
Authority to require additional information If, as a result of adverse market conditions or based on reports provided to the Commission pursuant to paragraph (1) of this subsection or other available information, the Commission reasonably concludes that it has concerns regarding the financial or operational condition of (A)
any registered broker or dealer, or (B)
any registered municipal securities dealer, government securities broker, or government securities dealer for which the Commission is the appropriate regulatory agency, the Commission may require the registered person to make reports concerning the financial and securities activities of any of such person’s associated persons, other than a natural person, whose business activities are reasonably likely to have a material impact on the financial or operational condition of such registered person. The Commission, in requiring reports pursuant to this paragraph, shall specify the information required, the period for which it is required, the time and date on which the information must be furnished, and whether the information is to be furnished directly to the Commission or to a self-regulatory organization with primary responsibility for examining the registered person’s financial and operational condition.
Special provisions with respect to associated persons subject to Federal banking agency regulation (A)
Cooperation in implementation In developing and implementing reporting requirements pursuant to paragraph (1) of this subsection with respect to associated persons subject to examination by or reporting requirements of a Federal banking agency, the Commission shall consult with and consider the views of each such Federal banking agency. If a Federal banking agency comments in writing on a proposed rule of the Commission under this subsection that has been published for comment, the Commission shall respond in writing to such written comment before adopting the proposed rule. The Commission shall, at the request of the Federal banking agency, publish such comment and response in the Federal Register at the time of publishing the adopted rule.
Use of banking agency reports A registered broker, dealer, or municipal securities dealer shall be in compliance with any recordkeeping or reporting requirement adopted pursuant to paragraph (1) of this subsection concerning an associated person that is subject to examination by or reporting requirements of a Federal banking agency if such broker, dealer, or municipal securities dealer utilizes for such recordkeeping or reporting requirement copies of reports filed by the associated person with the Federal banking agency pursuant to section 161 of title 12, subchapter VIII of chapter 3 of title 12, section 1817(a) oftitle 12, section 1467a
(b) of title 12, or section 1847 of title 12. The Commission may, however, by rule adopted pursuant to paragraph (1), require any broker, dealer, or municipal securities dealer filing such reports with the Commission to obtain, maintain, or report supplemental information if the Commission makes an explicit finding that such supplemental information is necessary to inform the Commission regarding potential risks to such broker, dealer, or municipal securities dealer. Prior to requiring any such supplemental information, the Commission shall first request the Federal banking agency to expand its reporting requirements to include such information.
Procedure for requiring additional information Prior to making a request pursuant to paragraph (2) of this subsection for information with respect to an associated person that is subject to examination by or reporting requirements of a Federal banking agency, the Commission shall—
Exclusion for examination reports Nothing in this subsection shall be construed to permit the Commission to require any registered broker or dealer, or any registered municipal securities dealer, government securities broker, or government securities dealer for which the Commission is the appropriate regulatory agency, to obtain, maintain, or furnish any examination report of any Federal banking agency or any supervisory recommendations or analysis contained therein.
Confidentiality of information provided No information provided to or obtained by the Commission from any Federal banking agency pursuant to a request by the Commission under subparagraph (C) of this paragraph regarding any associated person which is subject to examination by or reporting requirements of a Federal banking agency may be disclosed to any other person (other than a self-regulatory organization), without the prior written approval of the Federal banking agency. Nothing in this subsection shall authorize the Commission to withhold information from Congress, or prevent the Commission from complying with a request for information from any other Federal department or agency requesting the information for purposes within the scope of its jurisdiction, or complying with an order of a court of the United States in an action brought by the United States or the Commission.
Notice to banking agencies concerning financial and operational condition concerns The Commission shall notify the Federal banking agency of any concerns of the Commission regarding significant financial or operational risks resulting from the activities of any registered broker or dealer, or any registered municipal securities dealer, government securities broker, or government securities dealer for which the Commission is the appropriate regulatory agency, to any associated person thereof which is subject to examination by or reporting requirements of the Federal banking agency.
“Federal banking agency” defined For purposes of this paragraph, the term “Federal banking agency” shall have the same meaning as the term “appropriate Federal bank agency” in section 1813
Exemptions The Commission by rule or order may exempt any person or class of persons, under such terms and conditions and for such periods as the Commission shall provide in such rule or order, from the provisions of this subsection, and the rules thereunder. In granting such exemptions, the Commission shall consider, among other factors—
Authority to limit disclosure of information Notwithstanding any other provision of law, the Commission shall not be compelled to disclose any information required to be reported under this subsection, or any information supplied to the Commission by any domestic or foreign regulatory agency that relates to the financial or operational condition of any associated person of a registered broker, dealer, government securities broker, government securities dealer, or municipal securities dealer. Nothing in this subsection shall authorize the Commission to withhold information from Congress, or prevent the Commission from complying with a request for information from any other Federal department or agency requesting the information for purposes within the scope of its jurisdiction, or complying with an order of a court of the United States in an action brought by the United States or the Commission. For purposes of section 552 of title 5, this subsection shall be considered a statute described in subsection (b)(3)(B) of such section 552. In prescribing regulations to carry out the requirements of this subsection, the Commission shall designate information described in or obtained pursuant to subparagraph (B) or (C) of paragraph (3) of this subsection as confidential information for purposes of section 78x
Authority to limit disclosure of information Notwithstanding any other provision of law, the Commission shall not be compelled to disclose any information required to be reported under subsection (h) or (i) [6]
of this section or any information supplied to the Commission by any domestic or foreign regulatory agency that relates to the financial or operational condition of any associated person of a broker or dealer, investment bank holding company, or any affiliate of an investment bank holding company. Nothing in this subsection shall authorize the Commission to withhold information from Congress, or prevent the Commission from complying with a request for information from any other Federal department or agency or any self-regulatory organization requesting the information for purposes within the scope of its jurisdiction, or complying with an order of a court of the United States in an action brought by the United States or the Commission. For purposes of section 552 of title 5, this subsection shall be considered a statute described in subsection (b)(3)(B) of such section 552. In prescribing regulations to carry out the requirements of this subsection, the Commission shall designate information described in or obtained pursuant to subparagraphs (A), (B), and (C) of subsection (i)(5) [6]
of this section as confidential information for purposes of section 78x
Coordination of examining authorities (1)
Elimination of duplication The Commission and the examining authorities, through cooperation and coordination of examination and oversight activities, shall eliminate any unnecessary and burdensome duplication in the examination process.
Coordination of examinations The Commission and the examining authorities shall share such information, including reports of examinations, customer complaint information, and other nonpublic regulatory information, as appropriate to foster a coordinated approach to regulatory oversight of brokers and dealers that are subject to examination by more than one examining authority.
Examinations for cause At any time, any examining authority may conduct an examination for cause of any broker or dealer subject to its jurisdiction.
In general Section 78x of this title shall apply to the sharing of information in accordance with this subsection. The Commission shall take appropriate action under section 78x
(c) of this title to ensure that such information is not inappropriately disclosed.
Appropriate disclosure not prohibited Nothing in this paragraph authorizes the Commission or any examining authority to withhold information from the Congress, or prevent the Commission or any examining authority from complying with a request for information from any other Federal department or agency requesting the information for purposes within the scope of its jurisdiction, or complying with an order of a court of the United States in an action brought by the United States or the Commission.
“Examining authority” defined For purposes of this subsection, the term “examining authority” means a self-regulatory organization registered with the Commission under this chapter (other than a registered clearing agency) with the authority to examine, inspect, and otherwise oversee the activities of a registered broker or dealer.
(June 6, 1934, ch. 404, title I, § 17,48 Stat. 897; May 27, 1936, ch. 462, § 4,49 Stat. 1379; June 25, 1938, ch. 677, § 5,52 Stat. 1076; Pub. L. 94–29, § 14,June 4, 1975, 89 Stat. 137; Pub. L. 99–571, title I, § 102(h), (i),Oct. 28, 1986, 100 Stat. 3219; Pub. L. 100–181, title III, § 321, title VIII, § 801(b),Dec. 4, 1987, 101 Stat. 1257, 1265; Pub. L. 101–432, § 4(a),Oct. 16, 1990, 104 Stat. 966; Pub. L. 104–290, title I, § 108,Oct. 11, 1996, 110 Stat. 3425; Pub. L. 105–353, title III, § 301(b)(5),Nov. 3, 1998, 112 Stat. 3236; Pub. L. 106–102, title II, § 231(a),Nov. 12, 1999, 113 Stat. 1402; Pub. L. 106–554, § 1(a)(5) [title II, § 204], Dec. 21, 2000, 114 Stat. 2763, 2763A–424; Pub. L. 107–204, title II, § 205(c)(2),July 30, 2002, 116 Stat. 774; Pub. L. 108–386, § 8(f)(5), (6),Oct. 30, 2004, 118 Stat. 2232; Pub. L. 109–291, § 5,Sept. 29, 2006, 120 Stat. 1338; Pub. L. 111–203, title VI, § 617(a), title IX, §§ 929D, 929S, 975(h), 982(e)(2), 985(b)(7),July 21, 2010, 124 Stat. 1616, 1853, 1867, 1923, 1929, 1934.)
This chapter, referred to in subsecs. (a)(1), (b), (d)(1)(A), (B), (e)(2), (g), and (j)(5), was in the original “this title”. See References in Text note set out under section 78a of this title.
The Sarbanes-Oxley Act of 2002, referred to in subsec. (e)(1)(A), is Pub. L. 107–204, July 30, 2002, 116 Stat. 745. For complete classification of this Act to the Code, see Short Title note set out under section 7201 of this title and Tables.
Subchapter VIII of chapter 3 of title 12, referred to in subsec. (h)(3)(B), was in the original “section 9 of the Federal Reserve Act”, meaning section 9 of act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended, which is classified generally to subchapter VIII (§ 321 et seq.) of chapter 3 of Title 12, Banks and Banking.
(6) of title 12, referred to in subsec. (h)(4)(A), was redesignated section 3401
(7) of title 12 by Pub. L. 101–73, title IX, § 941(1),Aug. 9, 1989, 103 Stat. 496.
Subsection (i) of this section, referred to in subsec. (i), was repealed, and subsec. (j) was redesignated (i), by Pub. L. 111–203, § 617(a). See 2010 Amendment note below.
2010—Subsec. (a)(1). Pub. L. 111–203, § 975(h), inserted “municipal advisor,” after “municipal securities dealer”.
Subsec. (b)(1)(B). Pub. L. 111–203, § 985(b)(7), substituted “give notice to” for “gives notice to”.
Subsec. (e)(1)(A). Pub. L. 111–203, § 982(e)(2), substituted “independent public accounting firm, or by a registered public accounting firm if the firm is required to be registered under the Sarbanes-Oxley Act of 2002,” for “registered public accounting firm”.
Subsec. (f)(1)(A). Pub. L. 111–203, § 929D(1), substituted “securities that are missing, lost, counterfeit, stolen, or cancelled” for “missing, lost, counterfeit, or stolen securities”.
Subsec. (f)(1)(B). Pub. L. 111–203, § 929D(2), substituted “stolen, cancelled, or reported in such other manner as the Commission, by rule, may prescribe” for “or stolen”.
Subsec. (f)(2). Pub. L. 111–203, § 929S, in first sentence, substituted “registered clearing agency, registered securities information processor, national securities exchange, and national securities association” for “and registered clearing agency,” and, in second sentence, substituted “clearing agency, securities information processor, national securities exchange, or national securities association,” for “or clearing agency,”.
Subsecs. (i) to (k). Pub. L. 111–203, § 617(a), redesignatedsubsecs. (j) and (k) as (i) and (j), respectively, and struck out former subsec. (i) which related to supervision of investment bank holding companies and recordkeeping and reporting requirements.
2006—Subsec. (a)(1). Pub. L. 109–291inserted “nationally recognized statistical rating organization,” after “registered transfer agent,” and inserted at end “Any report that a nationally recognized statistical rating organization is required by Commission rules under this paragraph to make and disseminate to the Commission shall be deemed furnished to the Commission.”
2004—Subsec. (f)(4)(A). Pub. L. 108–386, § 8(f)(5), struck out “and banks operating under the Code of Law for the District of Columbia” before semicolon.
Subsec. (f)(4)(B). Pub. L. 108–386, § 8(f)(6), struck out “or a bank operating under the Code of Law for the District of Columbia” before semicolon.
2002—Subsecs. (e)(1)(A), (i)(3)(A)(ii). Pub. L. 107–204substituted “a registered public accounting firm” for “an independent public accountant”.
2000—Subsec. (b). Pub. L. 106–554, § 1(a)(5) [title II, § 204(5)], which directed amendment of subsec. (b) by adding at the end pars. (2) to (4)(B), was executed by making the addition after par. (1), to reflect the probable intent of Congress.
Pub. L. 106–554, § 1(a)(5) [title II, § 204(1) to (4), (6)], inserted subsec. heading, inserted par. (1) designation and heading before “All”, substituted “prior to conducting any such examination of a—” for “prior to conducting any such examination of a”, inserted subpar. (A) designation before “registered clearing”, added subpar. (B), designated last sentence as par. (4)(C) and substituted “Nothing in the proviso in paragraph (1)” for “Nothing in the proviso to the preceding sentence”.
1999—Subsecs. (i) to (k). Pub. L. 106–102added subsecs. (i) and (j) and redesignated former subsec. (i) as (k).
1998—Subsec. (g). Pub. L. 105–353substituted “Board of Governors of the Federal Reserve System” for “Federal Reserve Board” in first sentence.
1987—Subsec. (c)(2). Pub. L. 100–181, § 321(1), substituted new par. (2) for former par. (2) which read as follows: “The appropriate regulatory agency for a clearing agency, transfer agent, or municipal securities dealer for which the Commission is not the appropriate regulatory agency shall file with the Commission notice of the commencement of any proceeding and a copy of any order entered by such appropriate regulatory agency against such clearing agency, transfer agent, or municipal securities dealer, and the Commission shall file with such appropriate regulatory agency notice of the commencement of any proceeding and a copy of any order entered by the Commission against such clearing agency, transfer agent, or municipal securities dealer.”
Subsec. (f)(1)(A). Pub. L. 100–181, § 801(b), substituted “securities issued pursuant to chapter 31 of title 31” for “government securities”.
Subsec. (f)(2). Pub. L. 100–181, § 321(2), inserted at end “Notwithstanding any other provision of law, in providing identification and processing functions, the Attorney General shall provide the Commission and self-regulatory organizations designated by the Commission with access to all criminal history record information.”
Subsec. (f)(3)(A). Pub. L. 100–181, § 321(3), substituted “paragraph (1)” for “paragraphs (1) and (2)”.
1986—Subsec. (c)(4). Pub. L. 99–571, § 102(h), added par. (4).
Subsec. (f)(1). Pub. L. 99–571, § 102(i)(1), inserted “government securities broker, government securities dealer,” in introductory provisions and in subpar. (A).
Subsec. (f)(1)(A). Pub. L. 99–571, § 102(i)(2), inserted “and, in the case of government securities, to the Secretary of the Treasury”.
Subsec. (f)(3). Pub. L. 99–571, § 102(i)(3), designated existing provisions as subpar. (A) and added subpar. (B).
1975—Subsec. (a). Pub. L. 94–29designated existing provisions as par. (1), expanded the coverage to require registered municipal securities dealers, the Municipal Securities Rulemaking Board, registered securities information processors, and registered clearing agencies to make and keep such records, to furnish copies thereof, and to make such reports as the Commission may prescribe and clarified the Commission’s authority to require the dissemination of reports submitted pursuant to the rules of the Commission, and added pars. (2) and (3).
Subsecs. (b) to (g). Pub. L. 94–29added subsecs. (b) to (f) and redesignated former subsec. (b) as (g).
1938—Subsec. (a). Act June 25, 1938, inserted “every registered securities association”.
1936—Subsec. (a). Act May 27, 1936, substituted “every broker or dealer registered pursuant to section 78o of this title” for “every broker or dealer making or creating a market for both the purchase and sale of securities through the use of the mails or of any means or instrumentality of interstate commerce”.
Amendment by sections 929D, 929S, 982(e)(2), and 985(b)(7) ofPub. L. 111–203effective 1 day after July 21, 2010, except as otherwise provided, see section 4 ofPub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking.
Pub. L. 111–203, title VI, § 617(b),July 21, 2010, 124 Stat. 1616, provided that: “The amendments made by this section [amending this section] shall take effect on the transfer date.”
[For definition of “transfer date” as used in section 617(b) ofPub. L. 111–203, set out above, see section 5301 of Title 12, Banks and Banking.]
Amendment by section 975(h) ofPub. L. 111–203effective Oct. 1, 2010, see section 975(i) ofPub. L. 111–203, set out as a note under section 78o of this title.
This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.12 CFR - Banks and Banking12 CFR Part 4 - ORGANIZATION AND FUNCTIONS, AVAILABILITY AND RELEASE OF INFORMATION, CONTRACTING OUTREACH PROGRAM, POST-EMPLOYMENT RESTRICTIONS FOR SENIOR EXAMINERS12 CFR Part 9 - FIDUCIARY ACTIVITIES OF NATIONAL BANKS12 CFR Part 10 - MUNICIPAL SECURITIES DEALERS12 CFR Part 208 - MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM (REGULATION H)12 CFR Part 220 - CREDIT BY BROKERS AND DEALERS (REGULATION T)12 CFR Part 221 - CREDIT BY BANKS AND PERSONS OTHER THAN BROKERS OR DEALERS FOR THE PURPOSE OF PURCHASING OR CARRYING MARGIN STOCK (REGULATION U)12 CFR Part 261 - RULES REGARDING AVAILABILITY OF INFORMATION12 CFR Part 341 - REGISTRATION OF SECURITIES TRANSFER AGENTS12 CFR Part 390 - REGULATIONS TRANSFERRED FROM THE OFFICE OF THRIFT SUPERVISION
17 CFR - Commodity and Securities Exchanges17 CFR Part 200 - ORGANIZATION; CONDUCT AND ETHICS; AND INFORMATION AND REQUESTS17 CFR Part 210 - FORM AND CONTENT OF AND REQUIREMENTS FOR FINANCIAL STATEMENTS, SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934, INVESTMENT COMPANY...ADVISERS ACT OF 1940, AND ENERGY POLICY AND CONSERVATION ACT OF 197517 CFR Part 240 - GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 193417 CFR Part 242 - REGULATIONS M, SHO, ATS, AC, AND NMS AND CUSTOMER MARGIN REQUIREMENTS FOR SECURITY FUTURES17 CFR Part 247 - REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER17 CFR Part 248 - REGULATIONS S-P AND S-AM17 CFR Part 249 - FORMS, SECURITIES EXCHANGE ACT OF 193417 CFR Part 249b - FURTHER FORMS, SECURITIES EXCHANGE ACT OF 1934
U.S. Code ToolboxWex: Commercial Law: Overview@CLS: Clarke Business Law InstituteDownload the PDF (11 pgs) Title 15 USC, RSS Feed