15 U.S. Code § 78d–1 - Delegation of functions by Commission

(a) Authorization; functions delegable; eligible persons; application of other laws
In addition to its existing authority, the Securities and Exchange Commission shall have the authority to delegate, by published order or rule, any of its functions to a division of the Commission, an individual Commissioner, an administrative law judge, or an employee or employee board, including functions with respect to hearing, determining, ordering, certifying, reporting, or otherwise acting as to any work, business, or matter. Nothing in this section shall be deemed to supersede the provisions of section 556 (b) of title 5, or to authorize the delegation of the function of rulemaking as defined in subchapter II of chapter 5 of title 5, with reference to general rules as distinguished from rules of particular applicability, or of the making of any rule pursuant to section 78s (c) of this title.
(b) Right of review; procedure
With respect to the delegation of any of its functions, as provided in subsection (a) of this section, the Commission shall retain a discretionary right to review the action of any such division of the Commission, individual Commissioner, administrative law judge, employee, or employee board, upon its own initiative or upon petition of a party to or intervenor in such action, within such time and in such manner as the Commission by rule shall prescribe. The vote of one member of the Commission shall be sufficient to bring any such action before the Commission for review. A person or party shall be entitled to review by the Commission if he or it is adversely affected by action at a delegated level which
(1) denies any request for action pursuant to section 77h (a) orsection 77h (c) of this title or the first sentence of section 78l (d) of this title;
(2) suspends trading in a security pursuant to section 78l (k) of this title; or
(3) is pursuant to any provision of this chapter in a case of adjudication, as defined in section 551 of title 5, not required by this chapter to be determined on the record after notice and opportunity for hearing (except to the extent there is involved a matter described in section 554(a)(1) through (6) of such title 5).
(c) Finality of delegated action
If the right to exercise such review is declined, or if no such review is sought within the time stated in the rules promulgated by the Commission, then the action of any such division of the Commission, individual Commissioner, administrative law judge, employee, or employee board, shall, for all purposes, including appeal or review thereof, be deemed the action of the Commission.

Source

(June 6, 1934, ch. 404, title I, § 4A, as added Pub. L. 100–181, title III, § 308(a),Dec. 4, 1987, 101 Stat. 1254.)
Prior Provisions

A prior section 78d–1,Pub. L. 87–592, § 1,Aug. 20, 1962, 76 Stat. 394; Pub. L. 94–29, § 25,June 4, 1975, 89 Stat. 163; Pub. L. 95–251, § 2(a)(4),Mar. 27, 1978, 92 Stat. 183, provided for subject matter similar to the provisions comprising this section, prior to repeal by section 308(b) ofPub. L. 100–181.

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

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15 USCDescription of ChangeSession YearPublic LawStatutes at Large

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 Banking

12 CFR Part 194 - SECURITIES OF FEDERAL SAVINGS ASSOCIATIONS

12 CFR Part 563d - SECURITIES OF SAVINGS ASSOCIATIONS

17 CFR - Commodity and Securities Exchanges

17 CFR Part 200 - ORGANIZATION; CONDUCT AND ETHICS; AND INFORMATION AND REQUESTS

17 CFR Part 201 - RULES OF PRACTICE

17 CFR Part 202 - INFORMAL AND OTHER PROCEDURES

17 CFR Part 249 - FORMS, SECURITIES EXCHANGE ACT OF 1934

17 CFR Part 249b - FURTHER FORMS, SECURITIES EXCHANGE ACT OF 1934

 

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