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U.S. Code as of:
01/19/04
Section 78w. Rules, regulations, and orders; annual reports
(a) Power to make rules and regulations; considerations; public
disclosure
(1) The Commission, the Board of Governors of the Federal Reserve
System, and the other agencies enumerated in section 78c(a)(34) of
this title shall each have power to make such rules and regulations
as may be necessary or appropriate to implement the provisions of
this chapter for which they are responsible or for the execution of
the functions vested in them by this chapter, and may for such
purposes classify persons, securities, transactions, statements,
applications, reports, and other matters within their respective
jurisdictions, and prescribe greater, lesser, or different
requirements for different classes thereof. No provision of this
chapter imposing any liability shall apply to any act done or
omitted in good faith in conformity with a rule, regulation, or
order of the Commission, the Board of Governors of the Federal
Reserve System, other agency enumerated in section 78c(a)(34) of
this title, or any self-regulatory organization, notwithstanding
that such rule, regulation, or order may thereafter be amended or
rescinded or determined by judicial or other authority to be
invalid for any reason.
(2) The Commission and the Secretary of the Treasury, in making
rules and regulations pursuant to any provisions of this chapter,
shall consider among other matters the impact any such rule or
regulation would have on competition. The Commission and the
Secretary of the Treasury shall not adopt any such rule or
regulation which would impose a burden on competition not necessary
or appropriate in furtherance of the purposes of this chapter. The
Commission and the Secretary of the Treasury shall include in the
statement of basis and purpose incorporated in any rule or
regulation adopted under this chapter, the reasons for the
Commission's or the Secretary's determination that any burden on
competition imposed by such rule or regulation is necessary or
appropriate in furtherance of the purposes of this chapter.
(3) The Commission and the Secretary, in making rules and
regulations pursuant to any provision of this chapter, considering
any application for registration in accordance with section 78s(a)
of this title, or reviewing any proposed rule change of a
self-regulatory organization in accordance with section 78s(b) of
this title, shall keep in a public file and make available for
copying all written statements filed with the Commission and the
Secretary and all written communications between the Commission or
the Secretary and any person relating to the proposed rule,
regulation, application, or proposed rule change: Provided,
however, That the Commission and the Secretary shall not be
required to keep in a public file or make available for copying any
such statement or communication which it may withhold from the
public in accordance with the provisions of section 552 of title 5.
(b) Omitted
(c) Procedure for adjudication
The Commission, by rule, shall prescribe the procedure applicable
to every case pursuant to this chapter of adjudication (as defined
in section 551 of title 5) not required to be determined on the
record after notice and opportunity for hearing. Such rules shall,
as a minimum, provide that prompt notice shall be given of any
adverse action or final disposition and that such notice and the
entry of any order shall be accompanied by a statement of written
reasons.
(d) Cease-and-desist procedures
Within 1 year after October 15, 1990, the Commission shall
establish regulations providing for the expeditious conduct of
hearings and rendering of decisions under section 78u-3 of this
title, section 77h-1 of this title, section 80a-9(f) of this title,
and section 80b-3(k) of this title.
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