Laws: Cases and Codes : U.S. Code : Title 15 : Section 78m
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U.S. Code as of:
01/19/04
Section 78m - Notes
SOURCE
(June 6, 1934, ch. 404, title I, Sec. 13, 48 Stat. 894; Pub. L.
88-467, Sec. 4, Aug. 20, 1964, 78 Stat. 569; Pub. L. 90-439, Sec.
2, July 29, 1968, 82 Stat. 454; Pub. L. 91-567, Secs. 1, 2, Dec.
22, 1970, 84 Stat. 1497; Pub. L. 94-29, Sec. 10, June 4, 1975, 89
Stat. 119; Pub. L. 94-210, title III, Sec. 308(b), Feb. 5, 1976, 90
Stat. 57; Pub. L. 95-213, title I, Sec. 102, title II, Secs. 202,
203, Dec. 19, 1977, 91 Stat. 1494, 1498, 1499; Pub. L. 98-38, Sec.
2(a), June 6, 1983, 97 Stat. 205; Pub. L. 100-181, title III, Secs.
315, 316, Dec. 4, 1987, 101 Stat. 1256; Pub. L. 100-241, Sec.
12(d), Feb. 3, 1988, 101 Stat. 1810; Pub. L. 100-418, title V, Sec.
5002, Aug. 23, 1988, 102 Stat. 1415; Pub. L. 101-432, Sec. 3, Oct.
16, 1990, 104 Stat. 964; Pub. L. 107-123, Sec. 5, Jan. 16, 2002,
115 Stat. 2395; Pub. L. 107-204, title I, Sec. 109(h), title IV,
Secs. 401(a), 402(a), 409, July 30, 2002, 116 Stat. 771, 785, 787,
791.)
REFERENCES IN TEXT
This chapter, referred to in subsecs. (b)(1), (h)(1), (2), (4),
(6), and (i), was in the original "this title". See References in
Text note set out under section 78a of this title.
The Investment Company Act of 1940, referred to in subsecs.
(d)(1) and (e)(1), is title I of act Aug. 22, 1940, ch. 686, 54
Stat. 789, as amended, which is classified generally to subchapter
I (Sec. 80a-1 et seq.) of chapter 2D of this title. For complete
classification of this Act to the Code, see section 80a-51 of this
title and Tables.
The Securities Act of 1933, referred to in subsec. (d)(6)(A), is
act May 27, 1933, ch. 38, title I, 48 Stat. 74, as amended, which
is classified generally to subchapter I (Sec. 77a et seq.) of
chapter 2A of this title. For complete classification of this Act
to the Code, see section 77a of this title and Tables.
The Federal Deposit Insurance Act, referred to in subsec. (f)(4),
is act Sept. 21, 1950, ch. 967, Sec. 2, 64 Stat. 873, as amended,
which is classified generally to chapter 16 (Sec. 1811 et seq.) of
Title 12, Banks and Banking. For complete classification of this
Act to the Code, see Short Title note set out under section 1811 of
Title 12 and Tables.
Section 7201 of this title, referred to in subsec. (k)(1), was in
the original "section 2 of the Sarbanes-Oxley Act of 2002", Pub. L.
107-204, which enacted section 7201 of this title and amended
section 78c of this title.
AMENDMENTS
2002 - Subsec. (b)(2)(C). Pub. L. 107-204, Sec. 109(h), added
subpar. (C).
Subsec. (e)(3). Pub. L. 107-123, Sec. 5(1), substituted "a fee at
a rate that, subject to paragraphs (5) and (6), is equal to $92 per
$1,000,000 of the value of securities proposed to be purchased" for
"a fee of 1/50 of 1 per centum of the value of securities
proposed to be purchased".
Subsec. (e)(4) to (10). Pub. L. 107-123, Sec. 5(2), added pars.
(4) to (10).
Subsecs. (i), (j). Pub. L. 107-204, Sec. 401(a), added subsecs.
(i) and (j).
Subsec. (k). Pub. L. 107-204, Sec. 402(a), added subsec. (k).
Subsec. (l). Pub. L. 107-204, Sec. 409, added subsec. (l).
1990 - Subsec. (h). Pub. L. 101-432 added subsec. (h).
1988 - Subsec. (b)(4) to (7). Pub. L. 100-418 added pars. (4) to
(7).
Subsec. (d)(1). Pub. L. 100-241 inserted "or any equity security
issued by a Native Corporation pursuant to section 1629c(d)(6) of
title 43".
1987 - Subsec. (c). Pub. L. 100-181, Sec. 315, struck out "of"
after "thereof".
Subsec. (h). Pub. L. 100-181, Sec. 316, struck out subsec. (h)
which required Commission to report to Congress within thirty
months of Dec. 19, 1977, with respect to effectiveness of ownership
reporting requirements contained in this chapter and desirability
and feasibility of reducing or otherwise modifying the 5 per centum
threshold used in subsecs. (d)(1) and (g)(1) of this section.
1983 - Subsec. (e)(3). Pub. L. 98-38 added par. (3).
1977 - Subsec. (b). Pub. L. 95-213, Sec. 102, designated existing
provisions as par. (1) and added pars. (2) and (3).
Subsec. (d)(1). Pub. L. 95-213, Sec. 202, inserted references to
residence and citizenship of persons and to nature of beneficial
ownership of persons in subpar. (A), and inserted references to
background, identity, residence, and citizenship of associates of
persons in subpar. (D).
Subsecs. (g), (h). Pub. L. 95-213, Sec. 203, added subsecs. (g)
and (h).
1976 - Subsec. (b). Pub. L. 94-210 substituted provisions
relating to exceptions for inconsistent rules and regulations, for
provisions relating to reporting requirements for carriers subject
to the provisions of section 20 of title 49, or other carriers
required to make reports of the same general character as those
required under section 20 of title 49.
1975 - Subsec. (f). Pub. L. 94-29 added subsec. (f).
1970 - Subsec. (d)(1). Pub. L. 91-567, Sec. 1(a), included equity
securities of insurance companies which would have been required to
be registered except for the exemption contained in section
78l(g)(2)(G) of this title, and substituted "5 per centum" for "10
per centum".
Subsec. (d)(5), (6). Pub. L. 91-567, Sec. 1(b), added par. (5)
and redesignated former par. (5) as (6).
Subsec. (e)(2). Pub. L. 91-567, Sec. 2, inserted provisions
empowering the Commission to make rules and regulations
implementing the paragraph in the public interest and for the
protection of investors.
1968 - Subsecs. (d), (e). Pub. L. 90-439 added subsecs. (d) and
(e).
1964 - Subsec. (a). Pub. L. 88-467 substituted provisions which
require the issuer of a security registered pursuant to section 78l
of this title to file reports with the Commission rather than with
the exchange and to furnish the exchange with duplicate originals
and prohibit the Commission from requiring the filing of any
material contract wholly executed before July 1, 1962 for former
provisions which required the issuer of a security registered on a
national securities exchange to file certain reports with the
exchange and to file duplicates with the Commission.
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.
CONSULTATION
Pub. L. 106-102, title II, Sec. 241, Nov. 12, 1999, 113 Stat.
1407, provided that:
"(a) In General. - The Securities and Exchange Commission shall
consult and coordinate comments with the appropriate Federal
banking agency before taking any action or rendering any opinion
with respect to the manner in which any insured depository
institution or depository institution holding company reports loan
loss reserves in its financial statement, including the amount of
any such loan loss reserve.
"(b) Definitions. - For purposes of subsection (a), the terms
'insured depository institution', 'depository institution holding
company', and 'appropriate Federal banking agency' have the same
meaning as given in section 3 of the Federal Deposit Insurance Act
[12 U.S.C. 1813]."
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in sections 77f, 77r, 77s, 77z-2,
77nnn, 78c, 78j-1, 78l, 78n, 78o, 78u-5, 78w, 78hh, 80a-8, 80a-29,
80a-54, 80a-63, 773, 7201, 7241, 7261, 7262, 7264, 7265, 7266 of
this title; title 7 section 12a; title 11 section 1145; title 12
section 1817; title 16 section 824c; title 18 section 1350; title
22 section 2197; title 26 sections 162, 952, 964; title 29 section
1343; title 43 section 1629c.
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