CITE

    15 USC Sec. 80b-11                                          01/05/2009

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS
    SUBCHAPTER II - INVESTMENT ADVISERS

HEAD

    Sec. 80b-11. Rules, regulations, and orders of Commission

STATUTE

    (a) Power of Commission
      The Commission shall have authority from time to time to make,
    issue, amend, and rescind such rules and regulations and such
    orders as are necessary or appropriate to the exercise of the
    functions and powers conferred upon the Commission elsewhere in
    this subchapter. For the purposes of its rules or regulations the
    Commission may classify persons and matters within its jurisdiction
    and prescribe different requirements for different classes of
    persons or matters.
    (b) Effective date of regulations
      Subject to the provisions of chapter 15 of title 44 and
    regulations prescribed under the authority thereof, the rules and
    regulations of the Commission under this subchapter, and amendments
    thereof, shall be effective upon publication in the manner which
    the Commission shall prescribe, or upon such later date as may be
    provided in such rules and regulations.
    (c) Orders of Commission after notice and hearing; type of notice
      Orders of the Commission under this subchapter shall be issued
    only after appropriate notice and opportunity for hearing. Notice
    to the parties to a proceeding before the Commission shall be given
    by personal service upon each party or by registered mail or
    certified mail or confirmed telegraphic notice to the party's last
    known business address. Notice to interested persons, if any, other
    than parties may be given in the same manner or by publication in
    the Federal Register.
    (d) Good faith compliance with rules and regulations
      No provision of this subchapter imposing any liability shall
    apply to any act done or omitted in good faith in conformity with
    any rule, regulation, or order of the Commission, notwithstanding
    that such rule, regulation, or order may, after such act or
    omission, be amended or rescinded or be determined by judicial or
    other authority to be invalid for any reason.

SOURCE

    (Aug. 22, 1940, ch. 686, title II, Sec. 211, 54 Stat. 855; Pub. L.
    86-507, Sec. 1(16), June 11, 1960, 74 Stat. 201; Pub. L. 86-750,
    Sec. 14, Sept. 13, 1960, 74 Stat. 888; Pub. L. 100-181, title VII,
    Sec. 705, Dec. 4, 1987, 101 Stat. 1264.)

AMENDMENTS

      1987 - Subsec. (b). Pub. L. 100-181 substituted "chapter 15 of
    title 44" for "the Federal Register Act".
      1960 - Subsec. (a). Pub. L. 86-750 inserted "functions and".
      Subsec. (c). Pub. L. 86-507 inserted "or certified mail" after
    "registered mail".

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.