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omission, be amended or rescinded or be determined by judicial or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.