Page:United States Statutes at Large Volume 92 Part 1.djvu/323

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PUBLIC LAW 95-000—MMMM. DD, 1978

PUBLIC LAW 95-283—MAY 21, 1978 f

.,

92 STAT. 2 6 9

FlTNCTIOXS o r SELF-REGULATORY ORGANIZATIONS

SEC. 12. Section 13(a) of such Act (15 U.S.C. 7 8 i i i (a)), as redesignated by this Act, is amended to read as follows: " (a) COLLECTION AGENT.—Each self-regulatory organization shall act as collection agent for S I P C to collect the assessments payable by all members of S I P C for whom such self-regulatory organization is the examining authority, unless S I P C designates a self-regulatory organization other than the examining authority to act as collection agent for any member of S I P C who is a member of or participant in more than one self-regulatory organization. I f the only self-regulatory organization of which a member of S I P C is a member or in which it is a participant is a registered clearing agency that is not the examining authority for the member, S I P C may, nevertheless, designate such registered clearing agency as collection agent for the member or may require that payments be made directly to S I P C. The collection agent shall be obligated to remit to S I P C assessments made under section 4 only to the extent that payments of such assessment are 15 USC 78ddd. received by such collection agent. Members of S I P C who are not members of or Participants in a self-regulatory organization shall make payments directly to S I P C ". (b) Section 13(b) of such Act (15 U.S.C. 7 8 i i i (b)), as redesignated by this Act, is amended by inserting " and section 5(a)(2) " immediately after "section 5(a)(1) ". (c) Section 13(c) of such Act (15 U.S.C. 7 8 i i i (c)), as redesignated by this Act, is amended to read as follows: " (c) INSPECTIONS.—The self-regulatory organization of which a member of S I P C is a member or in which it is a participant shall inspect or examine such member for compliance with applicable financial responsibility rules, except that— " (1) if the self-regulatory organization is a registered clearing agency, the Commission may designate itself as responsible for the examination of such member for compliance with applicable financial responsibility rules; and " (2) if a member of S I P C is a member of or participant in more than one self-regulatory organization, the Commission, pursuant to section 17(d) of the 1934 Act, shall designate one of such 15 USC 78q, self-regulatory organizations or itself as responsible for the examination of such member for compliance with applicable financial responsibility rules.". (d) Section 13(f) of such Act (15 U.S.C. 7 8 i i i (f)), as redesignated by this Act, is amended to read as follows: " (f) F I N A N C I A L CONDITION OF MEMBERS.—The Commission may, by

such rules as it determines necessary or appropriate in the public interest and to carry out the purposes of this Act, require any self-regulatory organization to furnish S I P C with reports and records (or copies thereof) relating to the financial condition of members of or participants in such self-regulatory organization.". PROHIBITED ACTS

SEC. 13. (a) Section 14(a) of such Act (15 U.S.C. 7 8 j j j (a)), as redesignated by this Act, is amended— (1) by inserting " and penalty" immediately after "interest"; and

Rules,

Reports.