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United States Code (Last Updated: May 24, 2014) |
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Title 15. COMMERCE AND TRADE |
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Chapter 2B. SECURITIES EXCHANGES |
§ 78q. Records and reports
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(a) Rules and regulations (1) Every national securities exchange, member thereof, broker or dealer who transacts a business in securities through the medium of any such member, registered securities association, registered broker or dealer, registered municipal securities dealer municipal advisor,, of title 12), a State insurance commission or similar State agency, the Commodity Futures Trading Commission, or a similar foreign regulator; (B) the primary business of any associated person; (C) the nature and extent of domestic or foreign regulation of the associated person’s activities; (D) the nature and extent of the registered person’s securities activities; and (E) with respect to the registered person and its associated persons, on a consolidated basis, the amount and proportion of assets devoted to, and revenues derived from, activities in the United States securities markets. (5) Authority to limit disclosure of information Notwithstanding any other provision of law, the Commission shall not be compelled to disclose any information required to be reported under this subsection, or any information supplied to the Commission by any domestic or foreign regulatory agency that relates to the financial or operational condition of any associated person of a registered broker, dealer, government securities broker, government securities dealer, or municipal securities dealer. Nothing in this subsection shall authorize the Commission to withhold information from Congress, or prevent the Commission from complying with a request for information from any other Federal department or agency requesting the information for purposes within the scope of its jurisdiction, or complying with an order of a court of the United States in an action brought by the United States or the Commission. For purposes of section 552 of title 5, this subsection shall be considered a statute described in subsection (b)(3)(B) of such section 552. In prescribing regulations to carry out the requirements of this subsection, the Commission shall designate information described in or obtained pursuant to subparagraph (B) or (C) of paragraph (3) of this subsection as confidential information for purposes of section 78x(b)(2) of this title.
(i) Authority to limit disclosure of information Notwithstanding any other provision of law, the Commission shall not be compelled to disclose any information required to be reported under subsection (h) or (i) 6 of this section or any information supplied to the Commission by any domestic or foreign regulatory agency that relates to the financial or operational condition of any associated person of a broker or dealer, investment bank holding company, or any affiliate of an investment bank holding company. Nothing in this subsection shall authorize the Commission to withhold information from Congress, or prevent the Commission from complying with a request for information from any other Federal department or agency or any self-regulatory organization requesting the information for purposes within the scope of its jurisdiction, or complying with an order of a court of the United States in an action brought by the United States or the Commission. For purposes of section 552 of title 5, this subsection shall be considered a statute described in subsection (b)(3)(B) of such section 552. In prescribing regulations to carry out the requirements of this subsection, the Commission shall designate information described in or obtained pursuant to subparagraphs (A), (B), and (C) of subsection (i)(5) 6 of this section as confidential information for purposes of section 78x(b)(2) of this title.
(j) Coordination of examining authorities (1) Elimination of duplication The Commission and the examining authorities, through cooperation and coordination of examination and oversight activities, shall eliminate any unnecessary and burdensome duplication in the examination process.
(2) Coordination of examinations The Commission and the examining authorities shall share such information, including reports of examinations, customer complaint information, and other nonpublic regulatory information, as appropriate to foster a coordinated approach to regulatory oversight of brokers and dealers that are subject to examination by more than one examining authority.
(3) Examinations for cause At any time, any examining authority may conduct an examination for cause of any broker or dealer subject to its jurisdiction.
(4) Confidentiality (A) In general Section 78x of this title shall apply to the sharing of information in accordance with this subsection. The Commission shall take appropriate action under section 78x(c) of this title to ensure that such information is not inappropriately disclosed.
(B) Appropriate disclosure not prohibited Nothing in this paragraph authorizes the Commission or any examining authority to withhold information from the Congress, or prevent the Commission or any examining authority from complying with a request for information from any other Federal department or agency requesting the information for purposes within the scope of its jurisdiction, or complying with an order of a court of the United States in an action brought by the United States or the Commission.
(5) “Examining authority” defined For purposes of this subsection, the term “examining authority” means a self-regulatory organization registered with the Commission under this chapter (other than a registered clearing agency) with the authority to examine, inspect, and otherwise oversee the activities of a registered broker or dealer.
References In Text
This chapter, referred to in subsecs. (a)(1), (b), (d)(1)(A), (B), (e)(2), (g), and (j)(5), was in the original “this title”. See References in Text note set out under section 78a of this title.
The Sarbanes-Oxley Act of 2002, referred to in subsec. (e)(1)(A), is Pub. L. 107–204,
Subchapter VIII of chapter 3 of title 12, referred to in subsec. (h)(3)(B), was in the original “section 9 of the Federal Reserve Act”, meaning section 9 of act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended, which is classified generally to subchapter VIII (§ 321 et seq.) of chapter 3 of Title 12, Banks and Banking.
Section 3401(6) of title 12, referred to in subsec. (h)(4)(A), was redesignated section 3401(7) of title 12 by Pub. L. 101–73, title IX, § 941(1),
Subsection (i) of this section, referred to in subsec. (i), was repealed, and subsec. (j) was redesignated (i), by Pub. L. 111–203, § 617(a). See 2010 Amendment note below.
Amendments
2010—Subsec. (a)(1). Pub. L. 111–203, § 975(h), inserted “municipal advisor,” after “municipal securities dealer”.
Subsec. (b)(1)(B). Pub. L. 111–203, § 985(b)(7), substituted “give notice to” for “gives notice to”.
Subsec. (e)(1)(A). Pub. L. 111–203, § 982(e)(2), substituted “independent public accounting firm, or by a registered public accounting firm if the firm is required to be registered under the Sarbanes-Oxley Act of 2002,” for “registered public accounting firm”.
Subsec. (f)(1)(A). Pub. L. 111–203, § 929D(1), substituted “securities that are missing, lost, counterfeit, stolen, or cancelled” for “missing, lost, counterfeit, or stolen securities”.
Subsec. (f)(1)(B). Pub. L. 111–203, § 929D(2), substituted “stolen, cancelled, or reported in such other manner as the Commission, by rule, may prescribe” for “or stolen”.
Subsec. (f)(2). Pub. L. 111–203, § 929S, in first sentence, substituted “registered clearing agency, registered securities information processor, national securities exchange, and national securities association” for “and registered clearing agency,” and, in second sentence, substituted “clearing agency, securities information processor, national securities exchange, or national securities association,” for “or clearing agency,”.
Subsecs. (i) to (k). Pub. L. 111–203, § 617(a), redesignated subsecs. (j) and (k) as (i) and (j), respectively, and struck out former subsec. (i) which related to supervision of investment bank holding companies and recordkeeping and reporting requirements.
2006—Subsec. (a)(1). Pub. L. 109–291 inserted “nationally recognized statistical rating organization,” after “registered transfer agent,” and inserted at end “Any report that a nationally recognized statistical rating organization is required by Commission rules under this paragraph to make and disseminate to the Commission shall be deemed furnished to the Commission.”
2004—Subsec. (f)(4)(A). Pub. L. 108–386, § 8(f)(5), struck out “and banks operating under the Code of Law for the District of Columbia” before semicolon.
Subsec. (f)(4)(B). Pub. L. 108–386, § 8(f)(6), struck out “or a bank operating under the Code of Law for the District of Columbia” before semicolon.
2002—Subsecs. (e)(1)(A), (i)(3)(A)(ii). Pub. L. 107–204 substituted “a registered public accounting firm” for “an independent public accountant”.
2000—Subsec. (b). Pub. L. 106–554, § 1(a)(5) [title II, § 204(5)], which directed amendment of subsec. (b) by adding at the end pars. (2) to (4)(B), was executed by making the addition after par. (1), to reflect the probable intent of Congress.
Pub. L. 106–554, § 1(a)(5) [title II, § 204(1) to (4), (6)], inserted subsec. heading, inserted par. (1) designation and heading before “All”, substituted “prior to conducting any such examination of a—” for “prior to conducting any such examination of a”, inserted subpar. (A) designation before “registered clearing”, added subpar. (B), designated last sentence as par. (4)(C) and substituted “Nothing in the proviso in paragraph (1)” for “Nothing in the proviso to the preceding sentence”.
1999—Subsecs. (i) to (k). Pub. L. 106–102 added subsecs. (i) and (j) and redesignated former subsec. (i) as (k).
1998—Subsec. (g). Pub. L. 105–353 substituted “Board of Governors of the Federal Reserve System” for “Federal Reserve Board” in first sentence.
1996—Subsec. (i). Pub. L. 104–290 added subsec. (i).
1990—Subsec. (h). Pub. L. 101–432 added subsec. (h).
1987—Subsec. (c)(2). Pub. L. 100–181, § 321(1), substituted new par. (2) for former par. (2) which read as follows: “The appropriate regulatory agency for a clearing agency, transfer agent, or municipal securities dealer for which the Commission is not the appropriate regulatory agency shall file with the Commission notice of the commencement of any proceeding and a copy of any order entered by such appropriate regulatory agency against such clearing agency, transfer agent, or municipal securities dealer, and the Commission shall file with such appropriate regulatory agency notice of the commencement of any proceeding and a copy of any order entered by the Commission against such clearing agency, transfer agent, or municipal securities dealer.”
Subsec. (f)(1)(A). Pub. L. 100–181, § 801(b), substituted “securities issued pursuant to chapter 31 of title 31” for “government securities”.
Subsec. (f)(2). Pub. L. 100–181, § 321(2), inserted at end “Notwithstanding any other provision of law, in providing identification and processing functions, the Attorney General shall provide the Commission and self-regulatory organizations designated by the Commission with access to all criminal history record information.”
Subsec. (f)(3)(A). Pub. L. 100–181, § 321(3), substituted “paragraph (1)” for “paragraphs (1) and (2)”.
1986—Subsec. (c)(4). Pub. L. 99–571, § 102(h), added par. (4).
Subsec. (f)(1). Pub. L. 99–571, § 102(i)(1), inserted “government securities broker, government securities dealer,” in introductory provisions and in subpar. (A).
Subsec. (f)(1)(A). Pub. L. 99–571, § 102(i)(2), inserted “and, in the case of government securities, to the Secretary of the Treasury”.
Subsec. (f)(3). Pub. L. 99–571, § 102(i)(3), designated existing provisions as subpar. (A) and added subpar. (B).
1975—Subsec. (a). Pub. L. 94–29 designated existing provisions as par. (1), expanded the coverage to require registered municipal securities dealers, the Municipal Securities Rulemaking Board, registered securities information processors, and registered clearing agencies to make and keep such records, to furnish copies thereof, and to make such reports as the Commission may prescribe and clarified the Commission’s authority to require the dissemination of reports submitted pursuant to the rules of the Commission, and added pars. (2) and (3).
Subsecs. (b) to (g). Pub. L. 94–29 added subsecs. (b) to (f) and redesignated former subsec. (b) as (g).
1938—Subsec. (a). Act
1936—Subsec. (a). Act
Effective Date Of Amendment
Amendment by sections 929D, 929S, 982(e)(2), and 985(b)(7) of Pub. L. 111–203 effective 1 day after
Pub. L. 111–203, title VI, § 617(b),
[For definition of “transfer date” as used in section 617(b) of Pub. L. 111–203, set out above, see section 5301 of Title 12, Banks and Banking.]
Amendment by section 975(h) of Pub. L. 111–203 effective
Amendment by Pub. L. 108–386 effective
Amendment by Pub. L. 99–571 effective 270 days after
Amendment by Pub. L. 94–29 effective
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, §§ 1, 2, eff.