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U.S. Code as of:
01/19/04
Section 78d. Securities and Exchange Commission
(a) Establishment; composition; limitations on commissioners; terms
of office
There is hereby established a Securities and Exchange Commission
(hereinafter referred to as the "Commission") to be composed of
five commissioners to be appointed by the President by and with the
advice and consent of the Senate. Not more than three of such
commissioners shall be members of the same political party, and in
making appointments members of different political parties shall be
appointed alternately as nearly as may be practicable. No
commissioner shall engage in any other business, vocation, or
employment than that of serving as commissioner, nor shall any
commissioner participate, directly or indirectly, in any
stock-market operations or transactions of a character subject to
regulation by the Commission pursuant to this chapter. Each
commissioner shall hold office for a term of five years and until
his successor is appointed and has qualified, except that he shall
not so continue to serve beyond the expiration of the next session
of Congress subsequent to the expiration of said fixed term of
office, and except (1) any commissioner appointed to fill a vacancy
occurring prior to the expiration of the term for which his
predecessor was appointed shall be appointed for the remainder of
such term, and (2) the terms of office of the commissioners first
taking office after June 6, 1934, shall expire as designated by the
President at the time of nomination, one at the end of one year,
one at the end of two years, one at the end of three years, one at
the end of four years, and one at the end of five years, after June
6, 1934.
(b) Appointment and compensation of staff and leasing authority
(1) Appointment and compensation
The Commission shall appoint and compensate officers,
attorneys, economists, examiners, and other employees in
accordance with section 4802 of title 5.
(2) Reporting of information
In establishing and adjusting schedules of compensation and
benefits for officers, attorneys, economists, examiners, and
other employees of the Commission under applicable provisions of
law, the Commission shall inform the heads of the agencies
referred to under section 1833b of title 12 and Congress of such
compensation and benefits and shall seek to maintain
comparability with such agencies regarding compensation and
benefits.
(3) Leasing authority
Nothwithstanding (!1) any other provision of law, the
Commission is authorized to enter directly into leases for real
property for office, meeting, storage, and such other space as is
necessary to carry out its functions, and shall be exempt from
any General Services Administration space management regulations
or directives.
(c) Acceptance of travel support for Commission activities from
non-Federal sources; regulations
Notwithstanding any other provision of law, in accordance with
regulations which the Commission shall prescribe to prevent
conflicts of interest, the Commission may accept payment and
reimbursement, in cash or in kind, from non-Federal agencies,
organizations, and individuals for travel, subsistence, and other
necessary expenses incurred by Commission members and employees in
attending meetings and conferences concerning the functions or
activities of the Commission. Any payment or reimbursement accepted
shall be credited to the appropriated funds of the Commission. The
amount of travel, subsistence, and other necessary expenses for
members and employees paid or reimbursed under this subsection may
exceed per diem amounts established in official travel regulations,
but the Commission may include in its regulations under this
subsection a limitation on such amounts.
(d) Acceptance of relocation expenses from former employers by
professional fellows program participants
Notwithstanding any other provision of law, former employers of
participants in the Commission's professional fellows programs may
pay such participants their actual expenses for relocation to
Washington, District of Columbia, to facilitate their participation
in such programs, and program participants may accept such
payments.
(e) Fee payments
Notwithstanding any other provision of law, whenever any fee is
required to be paid to the Commission pursuant to any provision of
the securities laws or any other law, the Commission may provide by
rule that such fee shall be paid in a manner other than in cash and
the Commission may also specify the time that such fee shall be
determined and paid relative to the filing of any statement or
document with the Commission.
(f) Reimbursement of expenses for assisting foreign securities
authorities
Notwithstanding any other provision of law, the Commission may
accept payment and reimbursement, in cash or in kind, from a
foreign securities authority, or made on behalf of such authority,
for necessary expenses incurred by the Commission, its members, and
employees in carrying out any investigation pursuant to section
78u(a)(2) of this title or in providing any other assistance to a
foreign securities authority. Any payment or reimbursement accepted
shall be considered a reimbursement to the appropriated funds of
the Commission.
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