15 U.S. Code § 78w - Rules, regulations, and orders; annual reports

(a) Power to make rules and regulations; considerations; public disclosure
(1) The Commission, the Board of Governors of the Federal Reserve System, and the other agencies enumerated in section 78c (a)(34) of this title shall each have power to make such rules and regulations as may be necessary or appropriate to implement the provisions of this chapter for which they are responsible or for the execution of the functions vested in them by this chapter, and may for such purposes classify persons, securities, transactions, statements, applications, reports, and other matters within their respective jurisdictions, and prescribe greater, lesser, or different requirements for different classes thereof. No provision of this chapter imposing any liability shall apply to any act done or omitted in good faith in conformity with a rule, regulation, or order of the Commission, the Board of Governors of the Federal Reserve System, other agency enumerated in section 78c (a)(34) of this title, or any self-regulatory organization, notwithstanding that such rule, regulation, or order may thereafter be amended or rescinded or determined by judicial or other authority to be invalid for any reason.
(2) The Commission and the Secretary of the Treasury, in making rules and regulations pursuant to any provisions of this chapter, shall consider among other matters the impact any such rule or regulation would have on competition. The Commission and the Secretary of the Treasury shall not adopt any such rule or regulation which would impose a burden on competition not necessary or appropriate in furtherance of the purposes of this chapter. The Commission and the Secretary of the Treasury shall include in the statement of basis and purpose incorporated in any rule or regulation adopted under this chapter, the reasons for the Commission’s or the Secretary’s determination that any burden on competition imposed by such rule or regulation is necessary or appropriate in furtherance of the purposes of this chapter.
(3) The Commission and the Secretary, in making rules and regulations pursuant to any provision of this chapter, considering any application for registration in accordance with section 78s (a) of this title, or reviewing any proposed rule change of a self-regulatory organization in accordance with section 78s (b) of this title, shall keep in a public file and make available for copying all written statements filed with the Commission and the Secretary and all written communications between the Commission or the Secretary and any person relating to the proposed rule, regulation, application, or proposed rule change: Provided, however, That the Commission and the Secretary shall not be required to keep in a public file or make available for copying any such statement or communication which it may withhold from the public in accordance with the provisions of section 552 of title 5.
(b) Annual report to Congress
(1) The Commission, the Board of Governors of the Federal Reserve System, and the other agencies enumerated in section 78c (a)(34) of this title shall each make an annual report to the Congress on its work for the preceding year, and shall include in each such report whatever information, data, and recommendations for further legislation it considers advisable with regard to matters within its respective jurisdiction under this chapter.
(2) The appropriate regulatory agency for a self-regulatory organization shall include in its annual report to the Congress for each fiscal year, a summary of its oversight activities under this chapter with respect to such self-regulatory organization, including a description of any examination conducted as part of such activities of any such organization, any material recommendation presented as part of such activities to such organization for changes in its organization or rules, and any action by such organization in response to any such recommendation.
(3) The appropriate regulatory agency for any class of municipal securities dealers shall include in its annual report to the Congress for each fiscal year a summary of its regulatory activities pursuant to this chapter with respect to such municipal securities dealers, including the nature of and reason for any sanction imposed pursuant to this chapter against any such municipal securities dealer.
(4) The Commission shall also include in its annual report to the Congress for each fiscal year—
(A) a summary of the Commission’s oversight activities with respect to self-regulatory organizations for which it is not the appropriate regulatory agency, including a description of any examination of any such organization, any material recommendation presented to any such organization for changes in its organization or rules, and any action by any such organization in response to any such recommendations;
(B) a statement and analysis of the expenses and operations of each self-regulatory organization in connection with the performance of its responsibilities under this chapter, for which purpose data pertaining to such expenses and operations shall be made available by such organization to the Commission at its request;
(C) the steps the Commission has taken and the progress it has made toward ending the physical movement of the securities certificate in connection with the settlement of securities transactions, and its recommendations, if any, for legislation to eliminate the securities certificate;
(D) the number of requests for exemptions from provisions of this chapter received, the number granted, and the basis upon which any such exemption was granted;
(E) a summary of the Commission’s regulatory activities with respect to municipal securities dealers for which it is not the appropriate regulatory agency, including the nature of, and reason for, any sanction imposed in proceedings against such municipal securities dealers;
(F) a statement of the time elapsed between the filing of reports pursuant to section 78m (f) of this title and the public availability of the information contained therein, the costs involved in the Commission’s processing of such reports and tabulating such information, the manner in which the Commission uses such information, and the steps the Commission has taken and the progress it has made toward requiring such reports to be filed and such information to be made available to the public in machine language;
(G) information concerning
(i) the effects its rules and regulations are having on the viability of small brokers and dealers;
(ii) its attempts to reduce any unnecessary reporting burden on such brokers and dealers; and
(iii) its efforts to help to assure the continued participation of small brokers and dealers in the United States securities markets;
(H) a statement detailing its administration of the Freedom of Information Act, section 552 of title 5, including a copy of the report filed pursuant to subsection (d) of such section; and
(I) the steps that have been taken and the progress that has been made in promoting the timely public dissemination and availability for analytical purposes (on a fair, reasonable, and nondiscriminatory basis) of information concerning government securities transactions and quotations, and its recommendations, if any, for legislation to assure timely dissemination of (i) information on transactions in regularly traded government securities sufficient to permit the determination of the prevailing market price for such securities, and (ii) reports of the highest published bids and lowest published offers for government securities (including the size at which persons are willing to trade with respect to such bids and offers).
(c) Procedure for adjudication
The Commission, by rule, shall prescribe the procedure applicable to every case pursuant to this chapter of adjudication (as defined in section 551 of title 5) not required to be determined on the record after notice and opportunity for hearing. Such rules shall, as a minimum, provide that prompt notice shall be given of any adverse action or final disposition and that such notice and the entry of any order shall be accompanied by a statement of written reasons.
(d) Cease-and-desist procedures
Within 1 year after October 15, 1990, the Commission shall establish regulations providing for the expeditious conduct of hearings and rendering of decisions under section 78u–3 of this title, section 77h–1 of this title, section 80a–9 (f) of this title, and section 80b–3 (k) of this title.

Source

(June 6, 1934, ch. 404, title I, § 23,48 Stat. 901; Aug. 23, 1935, ch. 614, § 203(a),49 Stat. 704; May 27, 1936, ch. 462, § 8,49 Stat. 1379; Pub. L. 88–467, § 10,Aug. 20, 1964, 78 Stat. 580; Pub. L. 94–29, § 18,June 4, 1975, 89 Stat. 155; Pub. L. 99–571, title I, § 102(j),Oct. 28, 1986, 100 Stat. 3220; Pub. L. 100–181, title III, §§ 324, 325,Dec. 4, 1987, 101 Stat. 1259; Pub. L. 101–429, title II, § 204,Oct. 15, 1990, 104 Stat. 940; Pub. L. 103–202, title I, § 107,Dec. 17, 1993, 107 Stat. 2351; Pub. L. 109–351, title IV, § 401(a)(3),Oct. 13, 2006, 120 Stat. 1973; Pub. L. 111–203, title III, § 376(4),July 21, 2010, 124 Stat. 1569.)
References in Text

This chapter, referred to in subsecs. (a) to (c), was in the original “this title”. See References in Text note set out under section 78a of this title.
Amendments

2010—Subsec. (b)(1). Pub. L. 111–203struck out “, other than the Office of Thrift Supervision,” before “shall each make”.
2006—Subsec. (b)(1). Pub. L. 109–351inserted “other than the Office of Thrift Supervision,” before “shall each”.
1993—Subsec. (b)(4)(C) to (K). Pub. L. 103–202, § 107, redesignated subpars. (E) to (G) and (I) to (K) as (C) to (E) and (F) to (H), respectively, added a new subpar. (I), and struck out former subpars. (C), (D), and (H). Prior to amendment, subpars. (C), (D), and (H) read as follows:
“(C) beginning in 1975 and ending in 1980, information, data, and recommendations with respect to the development of a national system for the prompt and accurate clearance and settlement of securities transactions, including a summary of the regulatory activities, operational capabilities, financial resources, and plans of self-regulatory organizations and registered transfer agents with respect thereto;
“(D) beginning in 1975 and ending in 1980, a description of the steps taken, and an evaluation of the progress made, toward the establishment of a national market system, and recommendations for further legislation it considers advisable with respect to such system;
“(H) beginning in 1975 and ending in 1980, a description of the effect the absence of any schedule or fixed rates of commissions, allowances, discounts, or other fees to be charged by members for effecting transactions on a national securities exchange is having on the maintenance of fair and orderly markets and the development of a national market system for securities;”.
1990—Subsec. (d). Pub. L. 101–429added subsec. (d).
1987—Subsec. (a)(1). Pub. L. 100–181, § 324(1), inserted “or” before “any self-regulatory organization” in last sentence.
Subsec. (a)(3). Pub. L. 100–181, § 324(2), inserted “shall” after “section 78s (b) of this title,”.
Subsec. (b)(4)(F). Pub. L. 100–181, § 325, substituted “the” for “The”.
1986—Subsec. (a)(2). Pub. L. 99–571, § 102(j)(1), (2), inserted “and the Secretary of the Treasury” in three places and “or the Secretary’s” in one place.
Subsec. (a)(3). Pub. L. 99–571, § 102(j)(3), (4), inserted “and the Secretary” in three places and “or the Secretary” in one place.
1975—Subsec. (a). Pub. L. 94–29designated existing provisions as par. (1), inserted references to other agencies enumerated in section 78c (a)(34) of this title, regulations appropriate to implement the provisions of this chapter for which the agencies are responsible, the classification of persons, transactions, statements, applications, and reports, the prescribing of greater, lesser, or different requirements for different classifications, and the non-liability of self-regulatory organization, and added pars. (2) and (3).
Subsec. (b). Pub. L. 94–29designated existing provisions as par. (1), substituted “The Commission, the Board of Governors of the Federal Reserve System, and the other agencies enumerated in section 78c (a)(34) of this title, shall each make an annual report to the Congress on its work for the preceding year, and shall include in each such report whatever information, data, and recommendations for further legislation it considers advisable with regard to matters within its respective jurisdiction under this chapter” for “The Commission and the Board of Governors of the Federal Reserve System, respectively, shall include in their annual reports to Congress such information, data, and recommendation for further legislation as they may deem advisable with regard to matters within their respective jurisdictions under this chapter. The Commission shall include in its annual reports to the Congress for the fiscal years ended on June 30 of 1965, 1966, and 1967 information, data, and recommendations specifically related to the operation of the amendments to this chapter made by the Securities Acts Amendments of 1964”, and added pars. (2) to (4).
Subsec. (c). Pub. L. 94–29added subsec. (c).
1964—Subsec. (b). Pub. L. 88–467required the Commission in its annual reports to Congress for fiscal years ending June 30, 1965, 1966, and 1967, to furnish information, data, and recommendations specifically related to the operations of the amendments to the Securities Exchange Act of 1934 made by the Securities Act Amendments of 1964.
1936—Subsec. (a). Act May 27, 1936, inserted second sentence.
Change of Name

Section 203(a) of act Aug. 23, 1935, substituted “Board of Governors of the Federal Reserve System” for “Federal Reserve Board”.
Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203effective on the transfer date, see section 351 ofPub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.
Effective Date of 1990 Amendment

Amendment by Pub. L. 101–429effective Oct. 15, 1990, with provisions relating to civil penalties and accounting and disgorgement, see section 1(c)(1), (2) ofPub. L. 101–429, set out in a note under section 77g of this title.
Effective Date of 1986 Amendment

Amendment by Pub. L. 99–571effective 270 days after Oct. 28, 1986, see section 401 ofPub. L. 99–571, set out as an Effective Date note under section 78o–5 of this title.
Effective Date of 1975 Amendment

Amendment by Pub. L. 94–29effective June 4, 1975, see section 31(a) ofPub. L. 94–29, set out as a note under section 78b of this title.
Effective Date of 1964 Amendment

Amendment by Pub. L. 88–467effective Aug. 20, 1964, see section 13 ofPub. L. 88–467, set out as a note under section 78c of this title.
Construction of 1993 Amendment

Amendment by Pub. L. 103–202not to be construed to govern initial issuance of any public debt obligation or to grant any authority to (or extend any authority of) the Securities and Exchange Commission, any appropriate regulatory agency, or a self-regulatory organization to prescribe any procedure, term, or condition of such initial issuance, to promulgate any rule or regulation governing such initial issuance, or to otherwise regulate in any manner such initial issuance, see section 111 ofPub. L. 103–202, set out as a note under section 78o–5 of this title.
Termination of Reporting Requirements

For termination, effective May 15, 2000, of provisions of law requiring submittal to Congress of any annual, semiannual, or other regular periodic report listed in House Document No. 103–7 (in which the 2nd item on page 143, the 18th item on page 167, the 7th item on page 172, and 18th item on page 190 identify a reporting provision which, as subsequently amended, is contained in subsec. (b) of this section), see section 3003 ofPub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance.
Transfer of Functions

For transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§ 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section 78d 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.


5 CFR - Administrative Personnel

5 CFR Part 4401 - SUPPLEMENTAL STANDARDS OF ETHICAL CONDUCT FOR MEMBERS AND EMPLOYEES OF THE SECURITIES AND EXCHANGE COMMISSION

12 CFR - Banks and Banking

12 CFR Part 9 - FIDUCIARY ACTIVITIES OF NATIONAL BANKS

12 CFR Part 10 - MUNICIPAL SECURITIES DEALERS

12 CFR Part 11 - SECURITIES EXCHANGE ACT DISCLOSURE RULES

12 CFR Part 19 - RULES OF PRACTICE AND PROCEDURE

12 CFR Part 192 - CONVERSIONS FROM MUTUAL TO STOCK FORM

12 CFR Part 193 - ACCOUNTING REQUIREMENTS

12 CFR Part 194 - SECURITIES OF FEDERAL SAVINGS ASSOCIATIONS

12 CFR Part 197 - SECURITIES OFFERINGS

12 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 308 - RULES OF PRACTICE AND PROCEDURE

12 CFR Part 335 - SECURITIES OF NONMEMBER INSURED BANKS

12 CFR Part 341 - REGISTRATION OF SECURITIES TRANSFER AGENTS

12 CFR Part 390 - REGULATIONS TRANSFERRED FROM THE OFFICE OF THRIFT SUPERVISION

12 CFR Part 563b - CONVERSIONS FROM MUTUAL TO STOCK FORM

12 CFR Part 563c - ACCOUNTING REQUIREMENTS

12 CFR Part 563d - SECURITIES OF SAVINGS ASSOCIATIONS

12 CFR Part 563g - SECURITIES OFFERINGS

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 203 - RULES RELATING TO INVESTIGATIONS

17 CFR Part 205 - STANDARDS OF PROFESSIONAL CONDUCT FOR ATTORNEYS APPEARING AND PRACTICING BEFORE THE COMMISSION IN THE REPRESENTATION OF AN ISSUER

17 CFR Part 209 - FORMS PRESCRIBED UNDER THE COMMISSION'S RULES OF PRACTICE

17 CFR Part 210 - FORM AND CONTENT OF AND REQUIREMENTS FOR FINANCIAL STATEMENTS, SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934, INVESTMENT COMPANY ACT OF 1940, INVESTMENT ADVISERS ACT OF 1940, AND ENERGY POLICY AND CONSERVATION ACT OF 1975

17 CFR Part 229 - STANDARD INSTRUCTIONS FOR FILING FORMS UNDER SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934 AND ENERGY POLICY AND CONSERVATION ACT OF 1975—REGULATION S-K

17 CFR Part 230 - GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933

17 CFR Part 232 - REGULATION S-T—GENERAL RULES AND REGULATIONS FOR ELECTRONIC FILINGS

17 CFR Part 239 - FORMS PRESCRIBED UNDER THE SECURITIES ACT OF 1933

17 CFR Part 240 - GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934

17 CFR Part 242 - REGULATIONS M, SHO, ATS, AC, AND NMS AND CUSTOMER MARGIN REQUIREMENTS FOR SECURITY FUTURES

17 CFR Part 243 - REGULATION FD

17 CFR Part 244 - REGULATION G

17 CFR Part 245 - REGULATION BLACKOUT TRADING RESTRICTION

17 CFR Part 247 - REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER

17 CFR Part 248 - REGULATIONS S-P, S-AM, AND S-ID

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

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

17 CFR Part 270 - RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940

17 CFR Part 279 - FORMS PRESCRIBED UNDER THE INVESTMENT ADVISERS ACT OF 1940

17 CFR Part 285 - RULES AND REGULATIONS PURSUANT TO SECTION 15( a ) OF THE BRETTON WOODS AGREEMENTS ACT

 

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