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Securities Investor Protection Act of 1970

Securities Investor Protection Act of 1970

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Published by ibkent
The Securities Investor Protection Act of 1970 created SIPC - the organization empowered to protect investors.
The Securities Investor Protection Act of 1970 created SIPC - the organization empowered to protect investors.

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Published by: ibkent on Aug 17, 2011
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SECURITIES INVESTOR PROTECTION ACT OF 197015 U.S.C. §78aaa-111, as amended through December 4, 1987
*/
SECTION
Page
78aaa
.
Short
 
title
..........................................................................................................................................7
78bbb
.
Application of Securities Exchange Act of 1934
...........................................................................7
78ccc
.
Securities Investor Protection Corporation
.................................................................................7(a)Creation and membership......................................................................................................7(1)Creation....................................................................................................................7(2)Membership.............................................................................................................7(A)Members of SIPC........................................................................................7(B)Commission review.....................................................................................8(C)Additional members....................................................................................8(D)Disclosure...................................................................................................8(b)Powers...................................................................................................................................8(c)Board of Directors...............................................................................................................10(1)Functions................................................................................................................10(2)Number and appointment......................................................................................10(3)Chairman and vice chairman..................................................................................10(4)Terms.....................................................................................................................10(5)Compensation.......................................................................................................11(d)Meetings of Board..............................................................................................................11(e)Bylaws and rules.................................................................................................................11(1)Proposed bylaw changes........................................................................................11(2)Proposed rule changes............................................................................................12(A)Filing of proposed rule changes.................................................................12(B)Action by the Commission.......................................................................12(C)Proceedings...............................................................................................12(D)Grounds for approval ordisapproval.............................................................................................13(E)Exception..................................................................................................13(3)Action required by Commission...........................................................................13
78ddd
.
SIPC Fund
......................................................................................................................................14(a)In general.............................................................................................................................14(1)Establishment of Fund...........................................................................................14(2)Balance of the Fund...............................................................................................14(3)Confirmed lines of credit.......................................................................................14(4)Other lines.............................................................................................................14 
*/
This text is as compiled in the 1988 edition of Title 15 of the United States Code, with footnotes indicating somediscrepancies between the Code and Statutes at Large.
 
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(b)Initial required balance for fund..........................................................................................14(c)Assessments.......................................................................................................................15(1)Initial assessments.................................................................................................15(2)General assessment authority................................................................................15(3)Limitations.............................................................................................................15(d)Requirements respecting assessments andlines of credit..........................................................................................................16(1)Assessments..........................................................................................................16(A)1/2 of 1 percent assessment......................................................................16(B)1/4 of 1 percent assessment......................................................................16(C)Minimum assessment...............................................................................17(2)Lines of credit........................................................................................................17(A)$50,000,000 limit after 1973....................................................................17(B)Phaseout requirement...............................................................................17(e)Prior trusts; overpayments andunderpayments......................................................................................................17(1)Prior trusts.............................................................................................................17(2)Overpayments.......................................................................................................17(3)Underpayments.....................................................................................................18(f)Borrowing authority...........................................................................................................18(g)SEC loans to SIPC..............................................................................................................19(h)SEC notes issued to Treasury.............................................................................................19(i)Consolidated group.............................................................................................................20
78eee
.
Protection of customers
.................................................................................................................20(a)Determination of need of protection...................................................................................20(1)Notice to SIPC.......................................................................................................20(2)Action by self-regulatory organization..................................................................20(3)Action by SIPC......................................................................................................21(4)Effect of other pending actions...............................................................................21(b)Court action.........................................................................................................................21(1)Issuance of protective decree.................................................................................21(2)Jurisdiction and powers of court............................................................................22(A)Exclusive jurisdiction................................................................................22(B)Stay of pending actions............................................................................22(3)Appointment of trustee and attorney....................................................................23(4)Removal to bankruptcy court................................................................................23(5)Compensation for services and reimburse-ment of expenses......................................................................................24(A)Allowances in general...............................................................................24(B)Application for allowances......................................................................24
 
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(C)Recommendations of SIPC and awardingof allowances..........................................................................................24(D)Applicable restrictions..............................................................................25(E)Charge against estate.................................................................................25(6)Disinterestedness...................................................................................................25(A)Standards..................................................................................................25(B)Hearing.....................................................................................................25(c)SEC participation in proceedings........................................................................................26(d)SIPC participation..............................................................................................................26
78fff 
.
General provisions of a liquidation proceeding
........................................................................26(a)Purposes.............................................................................................................................26(b)Application of title 11........................................................................................................27(c)Determination of customer status.......................................................................................27(d)Apportionment...................................................................................................................27(e)Costs and expenses of administration..................................................................................27
78fff-1.Powers and duties of a trustee
......................................................................................................28(a)Trustee powers...................................................................................................................28(b)Trustee duties.....................................................................................................................28(c)Reports by trustee to court................................................................................................28(d)Investigations.....................................................................................................................29
78fff-2.Special provisions of a liquidation proceeding
...........................................................................29(a)Notice and claims................................................................................................................29(1)Notice of proceedings............................................................................................29(2)Statement of claim.................................................................................................29(3)Time limitations....................................................................................................30(4)Effect on claims.....................................................................................................30(b)Payments to customers......................................................................................................30(c)Customer related property.................................................................................................31(1)Allocation of customer property...........................................................................31(2)Delivery of customer name securities....................................................................32(3)Recovery of transfers............................................................................................32(d)Purchase of securities.........................................................................................................32(e)Closeouts............................................................................................................................32(1)In general................................................................................................................32(2)Net profit or loss...................................................................................................33(3)Registered clearing agencies...................................................................................33(4)"Customer" defined...............................................................................................34(f)Transfer of customer accounts...........................................................................................34

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