§ 78d. Securities and Exchange Commission

Footnotes

1. 1 So in original. Probably should be “Notwithstanding”.
2. 2 So in original. Probably should be “(2)(A)(ii),”.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1934

   Pub. L. 73–404 · 48 Stat. 881

   Enacted · 15 U.S.C. § 78d

   June 6, 1934, ch. 404, title I, § 4, 48 Stat. 885

   Source evidence

   Code source credit
   June 6, 1934, ch. 404, title I, § 4, 48 Stat. 885

2. 1949

   Public Law not identified

   Substituted · 15 U.S.C. § 78d(b)

   Subsec. (b). Act Oct. 28, 1949, substituted “Classification Act of 1949” for “Classification Act of 1923”

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (b). Act Oct. 28, 1949, substituted “Classification Act of 1949” for “Classification Act of 1923”.

3. 1960

   Pub. L. 86–619 § 3 · 74 Stat. 407

   Changed · 15 U.S.C. § 78d(a)

   Pub. L. 86–619 increased the salary of each commissioner from $15,000 to $20,000 a year, and provided for continuation in office of a commissioner upon termination of his term until a successor is appointed and has qualified, not beyond expiration of next session of Congress subsequent to the expiration of said fixed term of office

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 86–619 increased the salary of each commissioner from $15,000 to $20,000 a year, and provided for continuation in office of a commissioner upon termination of his term until a successor is appointed and has qualified, not beyond expiration of next session of Congress subsequent to the expiration of said fixed term of office.

4. 1960

   Pub. L. 86–771 · 74 Stat. 913

   Changed · 15 U.S.C. § 78d(a)

   Pub. L. 86–771 authorized the chairman to receive an additional $500 a year

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 86–771 authorized the chairman to receive an additional $500 a year.

5. 1964

   Government Employees Salary Reform Act of 1964

   Pub. L. 88–426 title III § 305(20) · 78 Stat. 400

   Repealed · 15 U.S.C. § 78d(a)

   Pub. L. 88–426 repealed provisions which prescribed the compensation of the Chairman and the Commissioners

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 88–426 repealed provisions which prescribed the compensation of the Chairman and the Commissioners.

   Enacted provision · exact public law section
   (20) That part of the fourth sentence of section 4(a) of the Securities Exchange Act of 1934, as amended (74 Stat. 408 and 913; 15 U.S.C. 78d(a)), relating to the annual salaries of the Chairman and Commissioners of the Securities and Exchange Commission, which reads: “shall receive a salary at the rate of $20,000 a year, except that the Chairman shall receive additional salary at the rate of $500 a year and”.

6. 1983

   Pub. L. 98–38 § 1 · 97 Stat. 205

   Added · 15 U.S.C. § 78d(c); 15 U.S.C. § 78d(d)

   Pub. L. 98–38 added subsecs. (c) and (d)

   Source evidence

   Code amendment note
   Subsecs. (c), (d). Pub. L. 98–38 added subsecs. (c) and (d).

   Enacted provision · exact public law section
   Section 1. Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d) is amended by adding at the end thereof the following new subsections: “(c) Notwithstanding any other provision of law, in accordance with regulations which the Commission shall prescribe to prevent conflicts of interest, the Commission may accept payment and reimbursement, in cash or in kind, from non-Federal agencies, organizations, and individuals for travel, subsistence, and other necessary expenses incurred by Commission members and employees in attending meetings and conferences concerning the functions or activities of the Commission. Any payment or reimbursement accepted shall be credited to the appropriated funds of the Commission. The amount of travel, subsistence, and other necessary expenses for members and employees paid or reimbursed under this subsection may exceed per diem amounts established in offlcial travel regulations, but the Commission may include in its regulations under this subsection a limitation on such amounts. “(d) Notwithstanding any other provision of law, former employers of participants in the Commission’s professional fellows programs may pay such participants their actual expenses for relocation to Washington, District of Columbia, to facilitate their participation in such programs, and program participants may accept such payments.”.

7. 1987

   Securities and Exchange Commission Authorization Act of 1987

   Pub. L. 100–181 title III § 307 · 101 Stat. 1249

   Added · 15 U.S.C. § 78d(e)

   Pub. L. 100–181 added subsec. (e)

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 100–181 added subsec. (e).

   Enacted provision · exact public law section
   Sec. 307. Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d) is amended by adding at the end thereof the following new subsection: “(e) Notwithstanding any other provision of law, whenever any fee is required to be paid to the Commission pursuant to any provision of the securities laws or any other law, the Commission may provide by rule that such fee shall be paid in a manner other than in cash.”.

8. 1990

   Securities and Exchange Commission Authorization Act of 1990

   Pub. L. 101–550 § 103 · 104 Stat. 2713

   1. Inserted · 15 U.S.C. § 78d(b)

      Pub. L. 101–550, § 103, inserted heading

   2. Amended · 15 U.S.C. § 78d(b)

      Pub. L. 101–550, § 103, designated existing provision as par. (1)

   3. Added · 15 U.S.C. § 78d(b)

      Pub. L. 101–550, § 103, added par. (2)

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 101–550, § 103, inserted heading, designated existing provision as par. (1) and inserted heading, and added par. (2).

   Enacted provision · exact public law section
   SEC. 103. LEASING AUTHORITY OF SECURITIES AND EXCHANGE COMMISSION. Section 4(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78d(b)) is amended— (1) by striking “(b)” and inserting the following: “(b) Appointment and Compensation of Staff and Leasing Authority.— “(1) Appointment and compensation.— and (2) by adding the end the following new paragraph: “(2) Leasing authority.— Notwithstanding any other provision Real property acquisition. of law, the Commission is authorized to enter directly into leases for real property for office, meeting, storage, and such other space as is necessary to carry out its functions, and shall be exempt from any General Services Administration space management regulations or directives.”.

9. 1990

   International Securities Enforcement Cooperation Act of 1990

   Pub. L. 101–550 § 207 · 104 Stat. 2713

   Added · 15 U.S.C. § 78d(f)

   Pub. L. 101–550, § 207, added subsec. (f)

   Source evidence

   Code amendment note
   Subsec. (f). Pub. L. 101–550, § 207, added subsec. (f).

   Enacted provision · exact public law section
   SEC. 207. REIMBURSEMENT OF EXPENSES INCURRED IN PROVIDING ASSISTANCE TO A FOREIGN SECURITIES AUTHORITY. Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d) is amended by adding at the end thereof the following new subsection: “(f) Reimbursement of Expenses for Assisting Foreign Securities Authorities.— Notwithstanding any other provision of law, the Commission may accept payment and reimbursement, in cash or in kind, from a foreign securities authority, or made on behalf of such authority, for necessary expenses incurred by the Commission, its members, and employees in carrying out any investigation pursuant to section 21(a)(2) of this title or in providing any other assistance to a foreign securities authority. Any payment or reimbursement accepted shall be considered a reimbursement to the appropriated funds of the Commission.”.

10. 1996

    Capital Markets Efficiency Act of 1996

    Pub. L. 104–290 title IV § 406 · 110 Stat. 3416

    Inserted · 15 U.S.C. § 78d(e)

    Pub. L. 104–290 inserted before period at end “and the Commission may also specify the time that such fee shall be determined and paid relative to the filing of any statement or document with the Commission”

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 104–290 inserted before period at end “and the Commission may also specify the time that such fee shall be determined and paid relative to the filing of any statement or document with the Commission”.

    Enacted provision · exact public law section
    SEC. 406. TIME FOR PAYMENT. Section 4(e) of the Securities Exchange Act of 1934 (15 U.S.C. 78d(e)) is amended by inserting before the period at the end thereof the following: “and the Commission may also specify the time that such fee shall be determined and paid relative to the filing of any statement or document with the Commission”.

11. 1998

    Securities Litigation Uniform Standards Act of 1998

    Pub. L. 105–353 title II § 203 · 112 Stat. 3227

    1. Added · 15 U.S.C. § 78d(b)(2); 15 U.S.C. § 78d(b)(3)

       Pub. L. 105–353 added par. (2)

    2. Redesignated · 15 U.S.C. § 78d(b)(2); 15 U.S.C. § 78d(b)(3)

       Pub. L. 105–353 redesignated former par. (2) as (3)

    Source evidence

    Code amendment note
    Subsec. (b)(2), (3). Pub. L. 105–353 added par. (2) and redesignated former par. (2) as (3).

    Enacted provision · exact public law section
    SEC. 203. COMMISSION PROFESSIONAL ECONOMISTS. Section 4(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78d(b)) is amended— (1) by redesignating paragraph (2) as paragraph (3); and (2) by inserting after paragraph (1) the following: “(2) Economists.— “(A) Commission authority.— Notwithstanding the provisions of chapter 51 of title 5, United States Code, the Commission is authorized— “(i) to establish its own criteria for the selection of such professional economists as the Commission deems necessary to carry out the work of the Commission; “(ii) to appoint directly such professional economists as the Commission deems qualified; and “(iii) to fix and adjust the compensation of any professional economist appointed under this paragraph, without regard to the provisions of chapter 54 of title 5, United States Code, or subchapters II, III, or VIII of chapter 53, of title 5, United States Code. “(B) Limitation on compensation.— No base compensation fixed for an economist under this paragraph may exceed the pay for Level IV of the Executive Schedule, and no payments to an economist appointed under this paragraph shall exceed the limitation on certain payments in section 5307 of title 5, United States Code. “(C) Other benefits.— All professional economists appointed under this paragraph shall remain within the existing civil service system with respect to employee benefits.”.

12. 2002

    Investor and Capital Markets Fee Relief Act

    Pub. L. 107–123 § 8(d)(2) · 115 Stat. 2390

    1. Added · 15 U.S.C. § 78d(b)(1); 15 U.S.C. § 78d(b)(2)

       Pub. L. 107–123 added pars. (1) and (2)

    2. Struck · 15 U.S.C. § 78d(b)(1); 15 U.S.C. § 78d(b)(2)

       Pub. L. 107–123 struck out former pars. (1) and (2), which authorized the Commission to appoint and compensate officers, attorneys, examiners, and other experts as needed, and to select, appoint, and compensate professional economists

    Source evidence

    Code amendment note
    Subsec. (b)(1), (2). Pub. L. 107–123 added pars. (1) and (2) and struck out former pars. (1) and (2), which authorized the Commission to appoint and compensate officers, attorneys, examiners, and other experts as needed, and to select, appoint, and compensate professional economists.

    Enacted provision · exact public law section
    (2) Amendment to securities exchange act of 1934.— Section 4(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78d(b)) is amended by striking paragraphs (1) and (2) and inserting the following: “(1) Appointment and compensation.— The Commission shall appoint and compensate officers, attorneys, economists, examiners, and other employees in accordance with section 4802 of title 5, United States Code. “(2) Reporting of information.— In establishing and adjusting schedules of compensation and benefits for officers, attorneys, economists, examiners, and other employees of the Commission under applicable provisions of law, the Commission shall inform the heads of the agencies referred to under section 1206 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1833b) and Congress of such compensation and benefits and shall seek to maintain comparability with such agencies regarding compensation and benefits. ” .

13. 2010

    Investor Protection and Securities Reform Act of 2010

    Pub. L. 111–203 § 915 · 124 Stat. 1376

    Added · 15 U.S.C. § 78d(g)

    Pub. L. 111–203, § 915, added subsec. (g)

    Source evidence

    Code amendment note
    Subsec. (g). Pub. L. 111–203, § 915, added subsec. (g).

    Enacted provision · exact public law section
    SEC. 915. OFFICE OF THE INVESTOR ADVOCATE.   Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d) is amended by adding at the end the following: “(g) Office of the Investor Advocate.— “(1) Office established.— There is established within the Commission the Office of the Investor Advocate (in this subsection referred to as the ‘Office’). “(2) Investor advocate.— “(A) In general.— The head of the Office shall be the Investor Advocate, who shall— “(i) report directly to the Chairman; and “(ii) be appointed by the Chairman, in consultation with the Commission, from among individuals having experience in advocating for the interests of investors in securities and investor protection issues, from the perspective of investors. “(B) Compensation.— The annual rate of pay for the Investor Advocate shall be equal to the highest rate of annual pay for other senior executives who report to the Chairman of the Commission. “(C) Limitation on service.— An individual who serves as the Investor Advocate may not be employed by the Commission— “(i) during the 2-year period ending on the date of appointment as Investor Advocate; or “(ii) during the 5-year period beginning on the date on which the person ceases to serve as the Investor Advocate. “(3) Staff of office.— The Investor Advocate, after consultation with the Chairman of the Commission, may retain or employ independent counsel, research staff, and service staff, as the Investor Advocate deems necessary to carry out the functions, powers, and duties of the Office. “(4) Functions of the investor advocate.— The Investor Advocate shall— “(A) assist retail investors in resolving significant problems such investors may have with the Commission or with self-regulatory organizations; “(B) identify areas in which investors would benefit from changes in the regulations of the Commission or the rules of self-regulatory organizations; “(C) identify problems that investors have with financial service providers and investment products; “(D) analyze the potential impact on investors of— “(i) proposed regulations of the Commission; and “(ii) proposed rules of self-regulatory organizations registered under this title; and “(E) to the extent practicable, propose to the Commission changes in the regulations or orders of the Commission and to Congress any legislative, administrative, or personnel changes that may be appropriate to mitigate problems identified under this paragraph and to promote the interests of investors. “(5) Access to documents.— The Commission shall ensure that the Investor Advocate has full access to the documents of the Commission and any self-regulatory organization, as necessary to carry out the functions of the Office. “(6) Annual reports.— “(A) Report on objectives.— “(i) In general.— Not later than June 30 of each year after 2010, the Investor Advocate shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the objectives of the Investor Advocate for the following fiscal year. “(ii) Contents.— Each report required under clause (i) shall contain full and substantive analysis and explanation. “(B) Report on activities.— “(i) In general.— Not later than December 31 of each year after 2010, the Investor Advocate shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the activities of the Investor Advocate during the immediately preceding fiscal year. “(ii) Contents.— Each report required under clause (i) shall include— “(I) appropriate statistical information and full and substantive analysis; “(II) information on steps that the Investor Advocate has taken during the reporting period to improve investor services and the responsiveness of the Commission and self-regulatory organizations to investor concerns; “(III) a summary of the most serious problems encountered by investors during the reporting period; “(IV) an inventory of the items described in subclause (III) that includes— “(aa) identification of any action taken by the Commission or the self-regulatory organization and the result of such action; “(bb) the length of time that each item has remained on such inventory; and “(cc) for items on which no action has been taken, the reasons for inaction, and an identification of any official who is responsible for such action; “(V) recommendations for such administrative and legislative actions as may be appropriate to resolve problems encountered by investors; and “(VI) any other information, as determined appropriate by the Investor Advocate. “(iii) Independence.— Each report required under this paragraph shall be provided directly to the Committees listed in clause (i) without any prior review or comment from the Commission, any commissioner, any other officer or employee of the Commission, or the Office of Management and Budget. “(iv) Confidentiality.— No report required under clause (i) may contain confidential information. “(7) Regulations.— The Commission shall, by regulation, establish procedures requiring a formal response to all recommendations submitted to the Commission by the Investor Advocate, not later than 3 months after the date of such submission.” .

    Effective date note
    Amendment by sections 915, 919D, and 965 of Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking. Pub. L. 111–203, title IX, § 991(e)(2), July 21, 2010, 124 Stat. 1955, provided that: “The amendment made by this subsection [amending this section] shall take effect on October 1, 2011.”

14. 2010

    Investor Protection and Securities Reform Act of 2010

    Pub. L. 111–203 § 919D · 124 Stat. 1376

    Added · 15 U.S.C. § 78d(g)(8)

    Pub. L. 111–203, § 919D, added par. (8)

    Source evidence

    Code amendment note
    Subsec. (g)(8). Pub. L. 111–203, § 919D, added par. (8).

    Enacted provision · exact public law section
    SEC. 919D. OMBUDSMAN.   Section 4(g) of the Securities Exchange Act of 1934, as added by section 914, is amended by adding at the end the following: “(8) Ombudsman.— “(A) Appointment.— Not later than 180 days after the date on which the first Investor Advocate is appointed under paragraph (2)(A)(i), the Investor Advocate shall appoint an Ombudsman, who shall report directly to the Investor Advocate. “(B) Duties.— The Ombudsman appointed under subparagraph (A) shall— “(i) act as a liaison between the Commission and any retail investor in resolving problems that retail investors may have with the Commission or with self-regulatory organizations; “(ii) review and make recommendations regarding policies and procedures to encourage persons to present questions to the Investor Advocate regarding compliance with the securities laws; and “(iii) establish safeguards to maintain the confidentiality of communications between the persons described in clause (ii) and the Ombudsman. “(C) Limitation.— In carrying out the duties of the Ombudsman under subparagraph (B), the Ombudsman shall utilize personnel of the Commission to the extent practicable. Nothing in this paragraph shall be construed as replacing, altering, or diminishing the activities of any ombudsman or similar office of any other agency. “(D) Report.— The Ombudsman shall submit a semiannual report to the Investor Advocate that describes the activities and evaluates the effectiveness of the Ombudsman during the preceding year. The Investor Advocate shall include the reports required under this section in the reports required to be submitted by the Inspector Advocate under paragraph (6).” .

    Effective date note
    Amendment by sections 915, 919D, and 965 of Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking. Pub. L. 111–203, title IX, § 991(e)(2), July 21, 2010, 124 Stat. 1955, provided that: “The amendment made by this subsection [amending this section] shall take effect on October 1, 2011.”

15. 2010

    Investor Protection and Securities Reform Act of 2010

    Pub. L. 111–203 § 965 · 124 Stat. 1376

    Added · 15 U.S.C. § 78d(h)

    Pub. L. 111–203, § 965, added subsec. (h)

    Source evidence

    Code amendment note
    Subsec. (h). Pub. L. 111–203, § 965, added subsec. (h).

    Enacted provision · exact public law section
    SEC. 965. COMPLIANCE EXAMINERS.   Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d) is amended by adding at the end the following: “(h) Examiners.— “(1) Division of trading and markets.— The Division of Trading and Markets of the Commission, or any successor organizational unit, shall have a staff of examiners who shall— “(A) perform compliance inspections and examinations of entities under the jurisdiction of that Division; and “(B) report to the Director of that Division. “(2) Division of investment management.— The Division of Investment Management of the Commission, or any successor organizational unit, shall have a staff of examiners who shall— “(A) perform compliance inspections and examinations of entities under the jurisdiction of that Division; and “(B) report to the Director of that Division.” .

    Effective date note
    Amendment by sections 915, 919D, and 965 of Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking. Pub. L. 111–203, title IX, § 991(e)(2), July 21, 2010, 124 Stat. 1955, provided that: “The amendment made by this subsection [amending this section] shall take effect on October 1, 2011.”

16. 2010

    Investor Protection and Securities Reform Act of 2010

    Pub. L. 111–203 § 991(e)(1) · 124 Stat. 1376

    Added · 15 U.S.C. § 78d(i)

    Pub. L. 111–203, § 991(e)(1), added subsec. (i)

    Source evidence

    Code amendment note
    Subsec. (i). Pub. L. 111–203, § 991(e)(1), added subsec. (i).

    Enacted provision · exact public law section
    (1) Amendment.— Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d), as amended by this Act, is amended by adding at the end the following: “(i) Securities and Exchange Commission Reserve Fund.— “(1) Reserve fund established.— There is established in the Treasury of the United States a separate fund, to be known as the ‘Securities and Exchange Commission Reserve Fund’ (referred to in this subsection as the ‘Reserve Fund’). “(2) Reserve fund amounts.— “(A) In general.— Except as provided in subparagraph (B), any registration fees collected by the Commission under section 6(b) of the Securities Act of 1933 (15 U.S.C. 77f(b)) or section 24(f) of the Investment Company Act of 1940 (15 U.S.C. 80a-24(f)) shall be deposited into the Reserve Fund. “(B) Limitations.— For any 1 fiscal year— “(i) the amount deposited in the Fund may not exceed $50,000,000; and “(ii) the balance in the Fund may not exceed $100,000,000. “(C) Excess fees.— Any amounts in excess of the limitations described in subparagraph (B) that the Commission collects from registration fees under section 6(b) of the Securities Act of 1933 (15 U.S.C. 77f(b)) or section 24(f) of the Investment Company Act of 1940 (15 U.S.C. 80a-24(f)) shall be deposited in the General Fund of the Treasury of the United States and shall not be available for obligation by the Commission. “(3) Use of amounts in reserve fund.— The Commission may obligate amounts in the Reserve Fund, not to exceed a total of $100,000,000 in any 1 fiscal year, as the Commission determines is necessary to carry out the functions of the Commission. Any amounts in the reserve fund shall remain available until expended. Deadline. Notification. Not later than 10 days after the date on which the Commission obligates amounts under this paragraph, the Commission shall notify Congress of the date, amount, and purpose of the obligation. “(4) Rule of construction.— Amounts collected and deposited in the Reserve Fund shall not be construed to be Government funds or appropriated monies and shall not be subject to apportionment for the purpose of chapter 15 of title 31, United States Code, or under any other authority.” .

    Effective date note
    Amendment by sections 915, 919D, and 965 of Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking. Pub. L. 111–203, title IX, § 991(e)(2), July 21, 2010, 124 Stat. 1955, provided that: “The amendment made by this subsection [amending this section] shall take effect on October 1, 2011.”

17. 2016

    SEC Small Business Advocate Act of 2016

    Pub. L. 114–284 § 2(a) · 130 Stat. 1447

    Added · 15 U.S.C. § 78d(j)

    Pub. L. 114–284 added subsec. (j)

    Source evidence

    Code amendment note
    Subsec. (j). Pub. L. 114–284 added subsec. (j).

    Enacted provision · exact public law section
    (a) Office of the Advocate for Small Business Capital Formation.— Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d) is amended by adding at the end the following: “(j) Office of the Advocate for Small Business Capital Formation.— “(1) Office established.— There is established within the Commission the Office of the Advocate for Small Business Capital Formation (hereafter in this subsection referred to as the ‘Office’). “(2) Advocate for small business capital formation.— “(A) In general.— The head of the Office shall be the Advocate for Small Business Capital Formation, who shall— “(i) report directly to the Commission; and “(ii) be appointed by the Commission, from among individuals having experience in advocating for the interests of small businesses and encouraging small business capital formation. “(B) Compensation.— The annual rate of pay for the Advocate for Small Business Capital Formation shall be equal to the highest rate of annual pay for other senior executives who report directly to the Commission. “(C) No current employee of the commission.— An individual may not be appointed as the Advocate for Small Business Capital Formation if the individual is currently employed by the Commission. “(3) Staff of office.— The Advocate for Small Business Capital Formation, after consultation with the Commission, may retain or employ independent counsel, research staff, and service staff, as the Advocate for Small Business Capital Formation determines to be necessary to carry out the functions of the Office. “(4) Functions of the advocate for small business capital formation.— The Advocate for Small Business Capital Formation shall— “(A) assist small businesses and small business investors in resolving significant problems such businesses and investors may have with the Commission or with self-regulatory organizations; “(B) identify areas in which small businesses and small business investors would benefit from changes in the regulations of the Commission or the rules of self-regulatory organizations; “(C) identify problems that small businesses have with securing access to capital, including any unique challenges to minority-owned and women-owned small businesses; “(D) analyze the potential impact on small businesses and small business investors of— “(i) proposed regulations of the Commission that are likely to have a significant economic impact on small businesses and small business capital formation; and “(ii) proposed rules that are likely to have a significant economic impact on small businesses and small business capital formation of self-regulatory organizations registered under this title; “(E) conduct outreach to small businesses and small business investors, including through regional roundtables, in order to solicit views on relevant capital formation issues; “(F) to the extent practicable, propose to the Commission changes in the regulations or orders of the Commission and to Congress any legislative, administrative, or personnel changes that may be appropriate to mitigate problems identified under this paragraph and to promote the interests of small businesses and small business investors; “(G) consult with the Investor Advocate on proposed recommendations made under subparagraph (F); and “(H) advise the Investor Advocate on issues related to small businesses and small business investors. “(5) Access to documents.— The Commission shall ensure that the Advocate for Small Business Capital Formation has full access to the documents and information of the Commission and any self-regulatory organization, as necessary to carry out the functions of the Office. “(6) Annual report on activities.— “(A) In general.— Not later than December 31 of each year after 2015, the Advocate for Small Business Capital Formation shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the activities of the Advocate for Small Business Capital Formation during the immediately preceding fiscal year. “(B) Contents.— Each report required under subparagraph (A) shall include— “(i) appropriate statistical information and full and substantive analysis; “(ii) information on steps that the Advocate for Small Business Capital Formation has taken during the reporting period to improve small business services and the responsiveness of the Commission and self-regulatory organizations to small business and small business investor concerns; “(iii) a summary of the most serious issues encountered by small businesses and small business investors, including any unique issues encountered by minority-owned and women-owned small businesses and their investors, during the reporting period; “(iv) an inventory of the items summarized under clause (iii) (including items summarized under such clause for any prior reporting period on which no action has been taken or that have not been resolved to the satisfaction of the Advocate for Small Business Capital Formation as of the beginning of the reporting period covered by the report) that includes— “(I) identification of any action taken by the Commission or the self-regulatory organization and the result of such action; “(II) the length of time that each item has remained on such inventory; and “(III) for items on which no action has been taken, the reasons for inaction, and an identification of any official who is responsible for such action; “(v) recommendations for such changes to the regulations, guidance and orders of the Commission and such legislative actions as may be appropriate to resolve problems with the Commission and self-regulatory organizations encountered by small businesses and small business investors and to encourage small business capital formation; and “(vi) any other information, as determined appropriate by the Advocate for Small Business Capital Formation. “(C) Confidentiality.— No report required by subparagraph (A) may contain confidential information. “(D) Independence.— Each report required under subparagraph (A) shall be provided directly to the committees of Congress listed in such subparagraph without any prior review or comment from the Commission, any commissioner, any other officer or employee of the Commission, or the Office of Management and Budget. “(7) Regulations.— The Commission shall establish procedures requiring a formal response to all recommendations submitted to the Commission by the Advocate for Small Business Capital Formation, not later than 3 months after the date of such submission. “(8) Government-business forum on small business capital formation.— The Advocate for Small Business Capital Formation shall be responsible for planning, organizing, and executing the annual Government-Business Forum on Small Business Capital Formation described in section 503 of the Small Business Investment Incentive Act of 1980 (15 U.S.C. 80c–1). “(9) Rule of construction.— Nothing in this subsection may be construed as replacing or reducing the responsibilities of the Investor Advocate with respect to small business investors.” .

18. 2018

    Small Business Access to Capital After a Natural Disaster Act

    Pub. L. 115–141 div. S title IX § 902 · 132 Stat. 348

    Substituted · 15 U.S.C. § 78d(j)(4)(C); 15 U.S.C. § 78d(6)(B)(iii)

    Pub. L. 115–141 substituted “minority-owned small businesses, women-owned small businesses, and small businesses affected by hurricanes or other natural disasters” for “minority-owned and women-owned small businesses”

    Source evidence

    Code amendment note
    Subsec. (j)(4)(C), (6)(B)(iii). Pub. L. 115–141 substituted “minority-owned small businesses, women-owned small businesses, and small businesses affected by hurricanes or other natural disasters” for “minority-owned and women-owned small businesses”.

    Enacted provision · exact public law section
    SEC. 902. EXPANDING ACCESS TO CAPITAL FOR SMALL BUSINESSES IMPACTED BY A NATURAL DISASTER.   Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d) is amended— (1) in subsection (j)(4)(C), by striking “minority-owned and women-owned small businesses” and inserting “minority-owned small businesses, women-owned small businesses, and small businesses affected by hurricanes or other natural disasters”; and (2) in subsection (j)(6)(B)(iii), by striking “minority-owned and women-owned small businesses” and inserting “minority-owned small businesses, women-owned small businesses, and small businesses affected by hurricanes or other natural disasters”.

19. 2022

    Financial Data Transparency Act of 2022

    Pub. L. 117–263 div. E title LVIII § 5822 · 136 Stat. 2395

    Added · 15 U.S.C. § 78d(k)

    Pub. L. 117–263 added subsec. (k)

    Source evidence

    Code amendment note
    Subsec. (k). Pub. L. 117–263 added subsec. (k).

    Enacted provision · exact public law section
    SEC. 5822. OPEN DATA PUBLICATION BY THE SECURITIES AND EXCHANGE COMMISSION.   Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d) is amended by adding at the end the following: “(k) Open Data Publication.— All public data assets published by the Commission under the securities laws and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203; 124 Stat. 1376) shall be— “(1) made available as an open Government data asset (as defined in section 3502 of title 44, United States Code); “(2) freely available for download; “(3) rendered in a human-readable format; and “(4) accessible via application programming interface where appropriate.” .

20. 2025

    Pub. L. 119–21 title III § 30003(a) · 139 Stat. 126

    1. Redesignated · 15 U.S.C. § 78d(i)(k)

       Pub. L. 119–21 redesignated subsecs. (j) and (k) as (i) and (j), respectively

    2. Struck · 15 U.S.C. § 78d(i)(k)

       Pub. L. 119–21 struck out former subsec. (i) which related to the establishment of the Securities and Exchange Commission Reserve Fund and amounts therein

    Unresolved: Pub. L. 119–21 was not found in the local Statutes at Large index.

    Source evidence

    Code amendment note
    Subsecs. (i) to (k). Pub. L. 119–21 redesignated subsecs. (j) and (k) as (i) and (j), respectively, and struck out former subsec. (i) which related to the establishment of the Securities and Exchange Commission Reserve Fund and amounts therein.

19 of 25 references resolved to an enrolled provision · 3 partial · 3 unresolved