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U.S. Code as of:
01/19/04
Section 78ggg. SEC functions
(a) Administrative procedure
Determinations of the Commission, for purposes of making rules
pursuant to section 78ccc(e)(3) and section 78iii(f) of this title
shall be after appropriate notice and opportunity for a hearing,
and for submission of views of interested persons in accordance
with the rulemaking procedures specified in section 553 of title 5,
but the holding of a hearing shall not prevent adoption of any such
rule or regulation upon expiration of the notice period specified
in subsection (d) of such section and shall not be required to be
on a record within the meaning of subchapter II of chapter 5 of
such title.
(b) Enforcement of actions
In the event of the refusal of SIPC to commit its funds or
otherwise to act for the protection of customers of any member of
SIPC, the Commission may apply to the district court of the United
States in which the principal office of SIPC is located for an
order requiring SIPC to discharge its obligations under this
chapter and for such other relief as the court may deem appropriate
to carry out the purposes of this chapter.
(c) Examinations and reports
(1) Examination of SIPC, etc.
The Commission may make such examinations and inspections of
SIPC and require SIPC to furnish it with such reports and records
or copies thereof as the Commission may consider necessary or
appropriate in the public interest or to effectuate the purposes
of this chapter.
(2) Reports from SIPC
As soon as practicable after the close of each fiscal year,
SIPC shall submit to the Commission a written report relative to
the conduct of its business, and the exercise of the other rights
and powers granted by this chapter, during such fiscal year. Such
report shall include financial statements setting forth the
financial position of SIPC at the end of such fiscal year and the
results of its operations (including the source and application
of its funds) for such fiscal year. The financial statements so
included shall be examined by an independent public accountant or
firm of independent public accountants, selected by SIPC and
satisfactory to the Commission, and shall be accompanied by the
report thereon of such accountant or firm. The Commission shall
transmit such report to the President and the Congress with such
comment thereon as the Commission may deem appropriate.
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