Public Law 87–196

That section 19 of the

Securities and Exchange Commission.

Study.

48 Stat. 898.

15 USC 78s.

Securities Exchange Act of 1934 is amended by adding at the end mission thereof a new subsection as follows:

“(d)“(d)

The Commission is authorized and directed to make a study and investigation of the adequacy, for the protection of investors, of the rules of national securities exchanges and national securities associations, including rules for the expulsion, suspension, or disciplining of a member for conduct inconsistent with just and equitable principles of trade. The Commission shall report to the Congress on or

Report to Congress.

before January 3, 1963, the results of its study and investigation, together with its recommendations, including such recommendations for legislation as it deems advisable. The Commission is authorized to appoint, without regard to the civil service laws, rules, and regulations, such personnel as the Commission deems advisable to carry out such study and investigation and to fix their respective rates of compensation without regard to the Classification Act of 1949, as amended,

63 Stat. 954.

5 USC 1071 note.

but no such rate shall exceed $18,500 per annum. To carry out such study and investigation there is hereby authorized to be appropriated

Appropriation.

the sum of $750,000.”

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