Sec. 2. Necessity for regulations as provided in this title Sec. 3. Definitions and application of title Sec. 4. Securities and Exchange Commission Sec. 4A. Delegation of functions by Commission Sec. 4B. Transfer of functions with respect to assignment of personnel to Sec. 17. Accounts and records, examinations of exchanges, members, and others 178 Sec. 17A. National system for clearance and settlement of securities transactions 187 Sec. 17B. Automated quotation for penny stocks 195 Sec. 18. Liability for misleading statements 196 Sec. 19. Registration, responsibilities, and oversight of self-regulatory organizations 197 Sec. 20. Liability of controlling persons and persons who aid and abet violations 206 Sec. 20A. Liability to contemporaneous traders for insider trading 207 Sec. 21. Investigations; injunctions and prosecution of offenses Sec. 21E. Application of safe harbor for forward-looking statements 232 Sec. 22. Hearings by Commission 235 Sec. 23. Rules, regulations, and orders; annual reports Sec. 27A. Special provision relating to statute of limitations on private causes of action Sec. 30A. Prohibited foreign trade practices by issuers 245 Sec. 3. Power to make particular exemptions regarding holding companies, subsidiary companies, and affiliates 272 Sec. 4. Transactions by unregistered holding companies 274 Sec. 5. Registration of holding companies 274 Sec. 6. Unlawful security transactions by registered holding and subsidiary companies 276 Sec. Sec. 8. Acquiring interest in electric and gas utility companies serving same territory 7. Declarations by registered holding and subsidiary companies in respect of security transactions 277 279 Sec. 9. Acquisition of securities and utility assets and other interests 280 281 Sec. 11. Simplification of holding-company systems 283 Sec. 12. Intercompany loans; dividends; security transactions; sale of utility assets; proxies; other transactions Sec. 18. Investigations; injunctions, enforcement of title, and prosecution of offenses 296 Sec. 19. Hearings by Commission 297 iv Sec. 27. Liability of controlling persons; preventing compliance with title 301 Sec. 28. Unlawful representations 302 Sec. 29. Penalties 302 Sec. 30. Study of public-utility and investment companies 302 Sec. 31. Hiring and leasing authority of the Commission 303 Sec. 32. Exempt wholesale generators 303 Sec. 33. Treatment of foreign utilities 307 Sec. 305. Securities required to be registered under Securities Act 325 Sec. 306. Securities not registered under Securities Act 327 Sec. 307. Qualification of indentures covering securities not required to be registered 328 Sec. 308. Integration of procedure with Securities Act and other Acts Sec. 314. Reports by obligor; evidence of compliance with indenture provisions 342 Sec. 315. Duties and responsibility of the trustee 347 Sec. 316. Directions and waivers by bondholders; prohibition of impairment of holder's right to payment 349 Sec. 317. Special powers of trustee; duties of paying agents Sec. 322. Court review of orders; jurisdiction of offenses and suits Sec. 7. Transactions by unregistered investment companies 384 386 Sec. 9. Ineligibility of certain affiliated persons and underwriters Sec. 16. Changes in board of directors; provisions relative to strict trusts Sec. 19. Dividends 406 408 411 416 Sec. 20. Proxies; voting trusts; circular ownership 416 Sec. 21. Loans 417 Sec. 22. Distribution, redemption, and repurchase of redeemable securities 417 419 420 Sec. 25. Plans of reorganization 423 Sec. 28. Face-amount certificate companies Sec. 26. Unit investment trusts Sec. 27. Periodic payment plans Sec. 29. Bankruptcy of face-amount certificate companies Sec. 30. Periodic and other reports; reports of affiliated persons 430 437 437 440 Sec. 32. Accountants and auditors 442 Sec. 33. Filing of documents with Commission in civil actions 443 Sec. 34. Destruction and falsification of reports and records Sec. 38. Rules, regulations, and orders; general powers of Commission 446 Sec. 39. Rules and regulations; procedure for issuance Sec. 46. Annual reports of Commission; employees of the Commission Sec. 48. Liability of controlling persons; preventing compliance with title Sec. 54. Election to be regulated as a business development company 454 Sec. 55. Functions and activities of business development companies Sec. 60. Functions and activities of business development companies Sec. 65. Liability of controlling persons; preventing compliance with title Sec. 204A. Prevention of misuse of nonpublic information Sec. 214. Jurisdiction of offenses and suits Sec. 216. Annual reports of Commission Sec. 217. Penalties Sec. 218. Hiring and leasing authority of the Commission Sec. 219. Separability of provisions Sec. 220. Short title Sec. 221. Effective date Sec. 222. State regulation of investment advisers 494 495 495 495 496 496 496 496 496 SECURITIES INVESTOR PROTECTION ACT OF 1970 Sec. 1. Short title 501 Sec. 2. Application of Securities Exchange Act of 1934 Sec. 5. Protection of customers Sec. 6. General provisions of a liquidation proceeding Sec. 8. Special provisions of a liquidation proceeding Sec. 10. Direct payment procedure Sec. 11. SEC functions Sec. 12. Examining authority functions Sec. 13. Functions of self-regulatory organizations Sec. 14. Prohibited acts Sec. 15. Miscellaneous provisions Sec. 16. Definitions Temporary Reporting Provisions: Market Reform Act of 1990, Section 8 539 Penny Stock Reform Act of 1990 (Title V of the Securities Enforcement Remedies and Penny Stock Reform Act of 1990), Sections 504(b) and 510 541 Appendix: Title 5, United States Code, Sections 551-557, 704-706 .... 545 587 Title 11, United States Code, Sections 1109(a), 1125, 1129(d), 1145 592 596 Act of October 28, 1974, Section 111 (12 U.S.C. 250) 597 Export-Import Bank Act of 1945, Section 18(c)(3) (12 U.S.C. 635i-6) 598 599 Federal Home Loan Mortgage Corporation Act, Section 306 (a), (g) (12 600 National Housing Act, Sections 302(c)(1), 304(d)-(e), 311 (12 U.S.C. 1717(c)(1), 1719(d)-(e), 1723c) 601 Housing and Community Development Act of 1992, Section 1542 (12 604 Bank Holding Company Act of 1956, Section 2 (12 U.S.C. 1841) 607 617 Right to Financial Privacy Act of 1978 (12 U.S.C. 3401nt-3422) 620 Federal Deposit Insurance Corporation Improvement Act of 1991, Sections 401-407 (12 U.S.C. 4401-4407) 640 Reorganization Plan Number 10 of 1950 (15 U.S.C. 78d note) 645 Omnibus Small Business Capital Formation Act of 1980, Sections 502, 503, 504, 506 (15 U.S.C. 80c-80c-3) 647 Liability Risk Retention Act of 1986, Sections 2(a)(4), 5 (15 U.S.C. 3901, 3904) 649 Federal Water Power Act 651 Title 18, United States Code, Sections 152, 471-473, 474A, 494, 495, 510, 513, 1001, 1341-1343, 3571-3574, 6001-6004 652 Higher Education Act of 1965, Section 439(1) (20 U.S.C. 1087-2()) 666 668 669 Asian Development Bank Act, Section 11 (22 U.S.C. 285h) African Development Bank Act, Section 1341 (22 U.S.C. 290i–9) 670 671 672 673 vii |