
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC77sss]

 
                      TITLE 15--COMMERCE AND TRADE
 
               CHAPTER 2A--SECURITIES AND TRUST INDENTURES
 
                    SUBCHAPTER III--TRUST INDENTURES
 
Sec. 77sss. Rules, regulations, and orders


(a) Authority of Commission; subject matter of rules, etc.

    The Commission shall have authority from time to time to make, 
issue, amend, and rescind such rules and regulations and such orders as 
it may deem necessary or appropriate in the public interest or for the 
protection of investors to carry out the provisions of this subchapter, 
including rules and regulations defining accounting, technical, and 
trade terms used in this subchapter. Among other things, the Commission 
shall have authority, (1) by rules and regulations, to prescribe for the 
purposes of section 77jjj(b) of this title the method (to be fixed in 
indentures to be qualified under this subchapter) of calculating 
percentages of voting securities and other securities; (2) by rules and 
regulations, to prescribe the definitions of the terms ``cash 
transaction'' and ``self-liquidating paper'' which shall be included in 
indentures to be qualified under this subchapter, which definitions 
shall include such of the creditor relationships referred to in 
paragraphs (4) and (6) of subsection (b) of section 77kkk of this title 
as to which the Commission determines that the application of subsection 
(a) of section 77kkk of this title is not necessary in the public 
interest or for the protection of investors, having due regard for the 
purposes of such subsection; and (3) for the purposes of this 
subchapter, to prescribe the form or forms in which information required 
in any statement, application, report, or other document filed with the 
Commission shall be set forth. For the purpose of its rules or 
regulations the Commission may classify persons, securities, indentures, 
and other matters within its jurisdiction and prescribe different 
requirements for different classes of persons, securities, indentures, 
or matters.

(b) Rules and regulations effective upon publication

    Subject to the provisions of chapter 15 of title 44 and regulations 
prescribed under the authority thereof, the rules and regulations of the 
Commission under this subchapter shall be effective upon publication in 
the manner which the Commission shall prescribe, or upon such later date 
as may be provided in such rules and regulations.

(c) Exemption from liability for any acts taken in good faith in 
        conformity with rules, etc.

    No provision of this subchapter imposing any liability shall apply 
to any act done or omitted in good faith in conformity with any rule, 
regulation, or order of the Commission, notwithstanding that such rule, 
regulation, or order may, after such act or omission, be amended or 
rescinded or be determined by judicial or other authority to be invalid 
for any reason.

(May 27, 1933, ch. 38, title III, Sec. 319, as added Aug. 3, 1939, ch. 
411, 53 Stat. 1173; Pub. L. 105-353, title III, Sec. 301(e)(4), Nov. 3, 
1998, 112 Stat. 3237.)


                               Amendments

    1998--Subsec. (b). Pub. L. 105-353 substituted ``chapter 15 of title 
44'' for ``the Federal Register Act''.

                          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, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 
1265, set out under section 78d of this title.
