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U.S. Code as of:
01/19/04
Section 78kkk. Miscellaneous provisions
(a) Public inspection of reports
Any notice, report, or other document filed with SIPC pursuant to
this chapter shall be available for public inspection unless SIPC
or the Commission shall determine that disclosure thereof is not in
the public interest. Nothing herein shall act to deny documents or
information to the Congress of the United States or the committees
of either House having jurisdiction over financial institutions,
securities regulation, or related matters under the rules of each
body. Nor shall the Commission be denied any document or
information which the Commission, in its judgment, needs.
(b) Liability of members of SIPC
Except for such assessments as may be made upon such member
pursuant to the provisions of section 78ddd of this title, no
member of SIPC shall have any liability under this chapter as a
member of SIPC for, or in connection with, any act or omission of
any other broker or dealer whether in connection with the conduct
of the business or affairs of such broker or dealer or otherwise
and, without limiting the generality of the foregoing, no member
shall have any liability for or in respect of any indebtedness or
other liability of SIPC.
(c) Liability of SIPC and Directors, officers, or employees
Neither SIPC nor any of its Directors, officers, or employees
shall have any liability to any person for any action taken or
omitted in good faith under or in connection with any matter
contemplated by this chapter.
(d) Advertising
SIPC shall by bylaw prescribe the manner in which a member of
SIPC may display any sign or signs (or include in any advertisement
a statement) relating to the protection to customers and their
accounts, or any other protections, afforded under this chapter. No
member may display any such sign, or include in an advertisement
any such statement, except in accordance with such bylaws. SIPC may
also by bylaw prescribe such minimal requirements as it considers
necessary and appropriate to require a member of SIPC to provide
public notice of its membership in SIPC.
(e) SIPC exempt from taxation
SIPC, its property, its franchise, capital, reserves, surplus,
and its income, shall be exempt from all taxation now or hereafter
imposed by the United States or by any State or local taxing
authority, except that any real property and any tangible personal
property (other than cash and securities) of SIPC shall be subject
to State and local taxation to the same extent according to its
value as other real and tangible personal property is taxed.
Assessments made upon a member of SIPC shall constitute ordinary
and necessary expenses in carrying on the business of such member
for the purpose of section 162(a) of title 26. The contribution and
transfer to SIPC of funds or securities held by any trust
established by a national securities exchange prior to January 1,
1970, for the purpose of providing assistance to customers of
members of such exchange, shall not result in any taxable gain to
such trust or give rise to any taxable income to any member of SIPC
under any provision of title 26, nor shall such contribution or
transfer, or any reduction in assessments made pursuant to this
chapter, in any way affect the status, as ordinary and necessary
expenses under section 162(a) of title 26, of any contributions
made to such trust by such exchange at any time prior to such
transfer. Upon dissolution of SIPC, none of its net assets shall
inure to the benefit of any of its members.
(f) Section 78t(a) of this title not to apply
The provisions of subsection (a) of section 78t of this title
shall not apply to any liability under or in connection with this
chapter.
(g) SEC study of unsafe or unsound practices
Not later than twelve months after December 30, 1970, the
Commission shall compile a list of unsafe or unsound practices by
members of SIPC in conducting their business and report to the
Congress (1) the steps being taken under the authority of existing
law to eliminate those practices and (2) recommendations concerning
additional legislation which may be needed to eliminate those
unsafe or unsound practices.
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