§ 78ddd. SIPC Fund

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. 1970

   Securities In rest or Protection Act of 1970

   Pub. L. 91–598 § 4 · 84 Stat. 1620

   Enacted · 15 U.S.C. § 78ddd

   Pub. L. 91–598, § 4, Dec. 30, 1970, 84 Stat. 1639

   Source evidence

   Code source credit
   Pub. L. 91–598, § 4, Dec. 30, 1970, 84 Stat. 1639

   Enacted provision · exact public law section
   SEC. 4. SIPC FUND. (a) In General.— (1) Establishment of fund.— SIPC shall establish a “SIPC Fund” (hereinafter in this Act referred to as the “fund”). All amounts received by SIPC (other than amounts paid directly to any lender pursuant to any pledge securing a borrowing by SIPC) shall be deposited in the fund, and all expenditures made by SIPC shall he made out of the fund. (2) Balance of the fund.— The balance of the fund at any time shall consist of the aggregate at such time of the following items: (A) Cash on hand or on deposit. (B) Amounts invested in United States Government or agency securities. (C) Confirmed lines of credit. (3) Confirmed lines of credit.— For purposes of this section, the amount of confirmed lines of credit as of any time is the aggregate amount which SIPC at such time has the right to borrow from banks and other financial institutions under confirmed lines of credit or other written agreements which provide that moneys so borrowed are to be repayable by SIPC not less than one year from the time of such borrowings (including, for purposes of determining when such moneys are repayable, all rights of extension, refunding, or renewal at the election of SIPC). (b) Initial Required Balance for Fund.— Within one hundred and twenty days from the date of enactment of this Act, the balance of the fund shall aggregate not less than $75,000,000, less any amounts expended from the fund within that period. (c) Assessments.— (1) Initial assessments.— Each member of SIPC shall pay to SIPC, or the collection agent for SIPC specified in section 9(a), on or before the one hundred and twentieth day following the date of enactment of this Act, an assessment equal to one-eighth of 1 per centum of the gross revenues from the securities business of such member during the calendar year 1969, or if the Commission shall determine that, for purposes of assessment pursuant to this paragraph, a lesser percentage of gross revenues from the securities business is appropriate for any class or classes of members (taking into account relevant factors, inchiding but not limited to types of business done and nature of securities sold), such lesser percentages as the Commission, by rule or regulation, shall establish for such class or classes, but in no event less than one-sixteenth of 1 per centum for any such class. In no event shall any assessment upon a member pursuant to this paragraph be less than $150. (2) General assessment authority.— SIPC shall, by bylaw or rule, impose upon its members such assessments as, after consultation with self-regulatory organizations, SIPC may deem necessary and appropriate to establish and maintain the fund and to repay any borrowings by SIPC. Any assessments so made shall be in conformity with contractual obligations made by SIPC in connection with any borrowing incurred by SIPC. Subject to paragraph (3) and subsection (d) (.1) (A), any such assessment, upon the members, or any one or more classes thereof, may, in whole or in part, be based upon or measured by (A) the amount of their gross revenues from the securities business, or (B) all or any of the following factors: the amount or composition of their gross revenues from the securities business, the number or dollar volume of transactions effected by them, the number of customer accounts maintained by them or the amounts of cash and securities in such accounts, their net capital, the nature of their activities (whether in the securities business or otherwise) and the consequent risks, or other relevant factors. (3) Limitations.— Notwithstanding any other provision of this Act (other than section 3(f) ) — (A) no assessment shall be made upon a member otherwise than pursuant to paragraph (1) or (2) of this subsection, (B) an assessment may be made under paragraph (2) of this subsection at a rate in excess of one-half of one per centum during any twelve-month period if SI PC determines, in accordance with a bylaw or rule, that such rate of assessment during such period will not have a material adverse effect on the financial condition of its members or their customers, except that no assessments shall be made pursuant to such paragraph upon a member which require payments during any such period which exceed in the aggregate one per centum of such member’s gross revenues from the securities business for such period, and (C) no assessment, shall include any charge based upon the member’s activities (i) in the distribution of shares of registered open end investment companies or unit investment trusts, (ii) in the sale of variable annuities, (iii) in the business of insurance, or (iv) in the business of rendering investment. advisory services to one or more registered investment companies or insurance company separate accounts. (d) Requirements Respecting Assessments and Lines of Credit.— (1) Assessments.— (A) ½ of 1 percent absessment.— Subject to subsection (c)(3), SIPC shall impose upon each of its members an assessment at a rate of not less than one-half of 1 per centum per annum of the gross revenues from the securities business of such member— (i) until the balance of the fund aggregates not less than $150,000,000 (or such other amount as the Commission may determine in the public interest), (ii) during any period when there is outstanding borrowing by SIPC pursuant to subsection (f) or subsection (g) of this section, and (iii) whenever the balance of the fund (exclusive of confirmed lines of credit) is below $100,000,000 (or such other amount as the Commission may determine in the public interest). (B) ¼ of 1 percent assessment.— During any period during which— (i) the balance of the fund (exclusive of confirmed lines of credit) aggregates less than $150,000,000 (or such other amount as the Commission has determined under paragraph (2)(B)), or (ii) SIPC is required under paragraph (2) (B) to phase out of the fund all confirmed lines of credit, SIPC shall endeavor to make assessments in such a manner that the aggregate assessments payable by its members during such period shall not be less than one-fourth of 1 per centum per annum of the aggregate gross revenues from the securities business for such members during such period. (2) Lines of credit.— (A) $50,000,000 limit after 1973.— After December 31, 1973, confirmed lines of credit shall not constitute more than $50,000,000 of the balance of the fund. (B) Phaseout requirement.— When the balance of the fund aggregates $150,000,000 (or such other amount as the Commission may determine in the public interest) SIPC shall phase out of the fund all confirmed lines of credit. (e) Prior Trusts; Overpayments and Underpayments.— (1) Prior trusts— There may be contributed and transferred at any time to SIPC any funds held by any trust established by a Self-regulatory organization prior to January 1, 1970, and the amounts so contributed and transferred shall be applied, as may be determined by SI PC with approval of the Commission, as a reduction in the amounts payable pursuant to assessments made or to be made by SIPC upon members of such self-regulatory organization pursuant to subsection (c)(2). No such reduction shall be made at any time when there is outstanding any borrowing by SIPC pursuant to subsection (g) of this section or any borrowings under confirmed lines of credit. (2) Overpayments.— To the extent that any payment by a member exceeds the maximum rate permitted by subsection (c)of this section, the excess shall not be recoverable except against future payments by such member in accordance with a bylaw or rule of SIPC. (3) Underpayments.— If a member fails to pay when due all or any part of an assessment made upon such member, the unpaid portion thereof shall bear interest at such rate as may be determined by SIPC by bylaw or rule. (f) Borrowing Authority.— SIPC shall have the power to borrow moneys and to evidence such borrowed moneys by the issuance of bonds, notes, or other evidences of indebtedness, all upon such terms and conditions as the Board of Directors may determine in the case of a borrowing other than pursuant to subsection (g) of this section, or as may be prescribed by the Commission in the case of a borrowing pursuant to subsection (g). The interest payable on a borrowing pursuant to subsection (g) shall be equal to the interest payable on the related notes or other obligations issued by the Commission to the Secretary of the Treasury. To secure the payment of the principal of, and interest and premium, if any, on, all bonds, notes, or other evidences of indebtedness so issued, SIPC may make agreements with respect to the amount of future assessments to be made upon members and may pledge all or any part of the assets of SIPC and of the assessments made or to be made upon members. Any such pledge of future assessments shall (subject to any prior pledge) be valid and binding from the time that it is made, and the assessments so pledged and thereafter received by SIPC, or any examining authority as collection agent for SIPC, shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of such pledge shall be valid and binding against all parties having claims of any kind against SIPC or such collection agent whether pursuant to this Act, in tort, contract or otherwise, irrespective of whether such parties have notice thereof. During any period when a borrowing by SIPC pursuant to subsection (g) of this section is outstanding, no pledge of any assessment upon a member to secure any bonds, notes, or other evidences of indebtedness issued other than pursuant to subsection (g) of this section shall be effective as to the excess of the payments under the assessment on such member during any twelve-month period over one-fourth of 1 per centum of such member’s gross revenues from the securities business for such period. Neither the instrument by which a pledge is authorized or created, nor any statement or other document relative thereto, need be filed or recorded in any State or other jurisdiction. The Commission may by rule or regulation provide for the filing of any instrument by which a pledge or borrowing is authorized or created, but the failure to make or any defect in any such filing shall not affect the validity of such pledge or borrowing. (g) SEC Loans to SIPC.— In the event that the fund is or may reasonably appear to be insufficient for the purposes of this Act, the Commission is authorized to make loans to SIPC. At the time of appli-cation for, and as a condition to, any such loan, SI PC shall file with the Commission a statement with respect to the anticipated use of the proceeds of the loan. If the Commission determines that such loan is necessary for the protection of customers of brokers or dealers and the maintenance of confidence in the United States securities markets and that SIPC has submitted a plan which provides as reasonable an assurance of prompt repayment as may be feasible under the circumstances, then the Commission shall so certify to the Secretary of the Treasury, and issue notes or other obligations to the Secretary of the Treasury pursuant to subsection (h). If the Commission determines that the amount or time for payment of the assessments pursuant to such plan would not satisfactorily provide for the repayment of such loan, it may, by rules and regulations, impose upon the purchaser’s of equity securities in transactions on national securities exchanges and in the over-the-counter markets a transaction fee in such amount as at any time or from time to time it may determine to be appropriate, but not exceeding one-fiftieth of 1 per centum of the purchase price of the securities. No such fee shall be imposed on a transaction (as defined by rules or regulations of the Commission) of less than $5,000. For the purposes of the next preceding sentence, (A) the fee shall be based upon the total dollar amount of each purchase; (B) the fee. shall not apply to any purchase on a national securities exchange or in an over- the-counter market by or for the account of a broker or dealer registered under section 15(b) of the 1984 Act or a member of a national 78 Stat. 570. 15 USC 78o. securities exchange unless such purchase is for an investment account of such broker, dealer, or member (and for this purpose any transfer from a trading account to an investment account shall be deemed a purchase at fair market value); and (C) the Commission by rules and regulations may exempt any transaction in the over-the-counter markets in order to provide for the assessment of fees on purchasers in transactions in those markets on a basis comparable to the assessment of fees on purchasers in transactions on national securities exchanges. Such fee shall be collected by the broker or dealer effecting the transaction for or with the purchaser and shall be paid to SIPC in the same manner as assessments imposed pursuant to subsection (c). (h) SEC Notes Issued to Treasury.— To enable the Commission to make loans under subsection (g), the Commission is authorized to issue to the Secretary of the Treasury notes or other obligations in an aggregate amount of not to exceed $1,000,800,000, in such forms and denominations, bearing such maturities, and subject to such terms and conditions, as may be prescribed by the Secretary of the Treasury. Such notes or other obligations shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States of comparable maturities during the month preceding the issuance of the notes or other obligations. The Secretary of the Treasury may reduce the interest rate if he determines such reduction to be in the national interest. The Secretary of the Treasury is authorized and directed to purchase any notes and other obligations issued hereunder and for that purpose he is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as amended, and the purposes 40 Stat. 288. 31 USC 774. for which securities may be issued under that Act, as amended, are extended to include any purchase of such notes and obligations. The Secretary of the Treasury may at any time sell any of the notes or other obligations acquired by him under this subsection. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes or other obligations shall be treated as public debt transactions of the United States. (i) “Gross Revenues“ Defined.— (1) In general.— For purposes of this Act, the term “gross revenues from the securities business” means the sum of (but without duplication) : (A) commissions earned in connection with transactions in securities effected for customers as agent (net of commissions paid to other brokers and dealers in connection with such transactions) and markups in respect of purchases or sales of securities as principal, (B) charges for executing or clearing transactions in securities for other brokers and dealers, (C) the net realized gain, if any, from principal transactions in securities in trading accounts, (D) the net profit, if any, from the management of or participation in the underwriting or distribution of securities, (E) interest earned on customers’ securities accounts, (F) fees for investment advisory services (except when rendered to one or more registered investment companies or insurance company separate accounts) or account supervision in respect of securities, (G) fees for the solicitation of proxies with respect to, or tenders or exchanges of, securities, (H) income from service charges or other surcharges in respect of securities, (I) except as otherwise provided by rule or regulation of the Commission, dividends and interest received on securities in investment accounts of the broker or dealer, (J) fees in connection with put, call, and other option transactions in securities, and (K) fees and other income for all other investment banking services. Such term does not include revenues received by a broker or dealer in connection with the distribution of shares of a registered open end investment company or unit investment trust or revenues derived by a broker or dealer from the sale of variable annuities or from the conduct of the business of insurance. (2) Consolidated group.— Except as otherwise provided by SI PC by bylaw or rule, gross revenues from the securities business of a broker or dealer shall be computed on a consolidated basis for such broker or dealer and all its subsidiaries, and the operations of a broker or dealer shall include those of any business to which such broker or dealer has succeeded. (3) Meaning of terms not defined.— HIPC may by bylaw or rule define all terms used in this subsection insofar as such definitions are not inconsistent with the provisions of this subsection.

2. 1978

   Securities Investor Protection Act Amendments of 1978

   Pub. L. 95–283 § 6(a) · 92 Stat. 249

   1. Substituted · 15 U.S.C. § 78ddd(a)

      Pub. L. 95–283, § 6(a), in par. (2) substituted “Except as otherwise provided in this section, the” for “The”, in par. (2)(C) inserted provisions for inapplicability to other lines of credit

   2. Added · 15 U.S.C. § 78ddd(a)

      Pub. L. 95–283, § 6(a), in par. (2) added par. (4)

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 95–283, § 6(a), in par. (2) substituted “Except as otherwise provided in this section, the” for “The”, in par. (2)(C) inserted provisions for inapplicability to other lines of credit, and added par. (4).

   Enacted provision · exact public law section
   (a) Section 4(a) such Act (15 U.S.C. 78ddd(a)) is amended— (1) in paragraph (2), by striking out “The” and inserting in lieu thereof “Except as otherwise provided in this section, the”; (2) by amending paragraph (2)(C) to read as follows: “(C) Such confirmed lines of credit as SIPC may from time to time maintain, other than those maintained pursuant to paragraph (4).”; and (3) by adding at the end thereof the following new paragraph: “(4) Other lines.— SIPC may maintain such other confirmed lines of credit as it considers necessary or appropriate, and such other confirmed lines of credit shall not be included in the balance of the fund, but amounts received from such lines of credit may be disbursed by SIPC under this Act as though such amounts were part of the fund.”.

3. 1978

   Securities Investor Protection Act Amendments of 1978

   Pub. L. 95–283 § 6(b) · 92 Stat. 249

   Struck · 15 U.S.C. § 78ddd(c)

   Pub. L. 95–283, § 6(b), in par. (2) struck out “or rule” after “bylaw”, and in par. (3) struck out reference to section 78ccc(f) of this title in introductory text and “or rule” after “bylaw” in subpar. (B)

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 95–283, § 6(b), in par. (2) struck out “or rule” after “bylaw”, and in par. (3) struck out reference to section 78ccc(f) of this title in introductory text and “or rule” after “bylaw” in subpar. (B).

   Enacted provision · exact public law section
   (b) Section 4(c) of such Act (15 U.S.C. 78ddd(c)) is amended— (1) by striking out “or rule” each place it appears; and (2) in paragraph (3), by striking out “(other than section 3(f))”:,

4. 1978

   Securities Investor Protection Act Amendments of 1978

   Pub. L. 95–283 § 6(c) · 92 Stat. 249

   Added · 15 U.S.C. § 78ddd(d)(1)(C)

   Pub. L. 95–283, § 6(c), added subpar. (C)

   Source evidence

   Code amendment note
   Subsec. (d)(1)(C). Pub. L. 95–283, § 6(c), added subpar. (C).

   Enacted provision · exact public law section
   (c) Section 4(d)(1) of such Act (15 U.S.C. 78ddd(d)(1)) is amended by adding at the end thereof the following new subparagraph: “(C) Minimum assessment.— The minimum assessment imposed upon each member of SIPC shall be $25 per annum through the year ending December 31, 1979, and thereafter shall be the amount, from time to time set by SIPC bylaw, but in no event shall the minimum assessment be greater than $150 per annum.”.

5. 1978

   Securities Investor Protection Act Amendments of 1978

   Pub. L. 95–283 § 6(d) · 92 Stat. 249

   Substituted · 15 U.S.C. § 78ddd(e)

   Pub. L. 95–283, § 6(d), in par. (2) substituted “be recoverable only against future payments by such member, except as otherwise provided by SIPC bylaw” for “not be recoverable except against future payments by such member in accordance with a bylaw or rule of SIPC”, and in par. (3) substituted provisions authorizing interest and penalty charges to be imposed by SIPC bylaw and amount of penalty charge, for provisions authorizing interest to be imposed by SIPC bylaw or rule

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 95–283, § 6(d), in par. (2) substituted “be recoverable only against future payments by such member, except as otherwise provided by SIPC bylaw” for “not be recoverable except against future payments by such member in accordance with a bylaw or rule of SIPC”, and in par. (3) substituted provisions authorizing interest and penalty charges to be imposed by SIPC bylaw and amount of penalty charge, for provisions authorizing interest to be imposed by SIPC bylaw or rule.

   Enacted provision · exact public law section
   (d) Section 4(e) of such Act (15 U.S.C. 78ddd(e)) is amended— (1) by amending paragraph (2) to read as follows: “(2) Overpayments.— To the extent that any payment by a member exceeds the maximum rate permitted by subsection (c) of this section, the excess shall be recoverable only against future payments by such member, except as otherwise provided by SIPC bylaw.”; and (2) by amending paragraph (3) to read as follows: “(3) Underpayments.— If a member fails to pay when due Penalty charge. all or any part of an assessment made upon such member, the unpaid portion thereof shall bear interest at such rate as may be determined by SIPC bylaw and, in addition to such interest, SIPC may impose such penalty charge as may be determined by SIPC bylaw. Any such penalty charge imposed upon a SIPC member shall not exceed 25 per centum of any unpaid portion of Waiver. the assessment. SIPC may waive such penalty charge in whole or in part in circumstances where it considers such waiver appropriate.”.

6. 1978

   Securities Investor Protection Act Amendments of 1978

   Pub. L. 95–283 § 6(e) · 92 Stat. 249

   Struck · 15 U.S.C. § 78ddd(f)

   Pub. L. 95–283, § 6(e), struck out “examining authority as” before “collection agent for SIPC, shall immediately be subject”

   Source evidence

   Code amendment note
   Subsec. (f). Pub. L. 95–283, § 6(e), struck out “examining authority as” before “collection agent for SIPC, shall immediately be subject”.

   Enacted provision · exact public law section
   (e) Section 4(f) of such Act (15 U.S.C. 78ddd(f)) is amended by striking out “examining authority as”.

7. 1978

   Securities Investor Protection Act Amendments of 1978

   Pub. L. 95–283 § 6(f) · 92 Stat. 249

   1. Redesignated · 15 U.S.C. § 78ddd(g)

      Pub. L. 95–283, § 6(f), redesignated cls. (A) to (C) as (1) to (3), respectively, and, as so redesignated, in cl. (2) struck out applicability to a member of a national securities exchange and in cl. (3) substituted provisions relating to exemptions by rule of transactions in the over-the-counter market or on any national securities exchange, for provisions relating to exemptions by rules and regulations of transactions in the over-the-counter market

   2. Inserted · 15 U.S.C. § 78ddd(g)

      Pub. L. 95–283, § 6(f), inserted provisions authorizing the collection of fees by such other persons as designated by the Commission by rule for such purpose, and provisions relating to limits on manner of payment of fees

   Source evidence

   Code amendment note
   Subsec. (g). Pub. L. 95–283, § 6(f), redesignated cls. (A) to (C) as (1) to (3), respectively, and, as so redesignated, in cl. (2) struck out applicability to a member of a national securities exchange and in cl. (3) substituted provisions relating to exemptions by rule of transactions in the over-the-counter market or on any national securities exchange, for provisions relating to exemptions by rules and regulations of transactions in the over-the-counter market, and inserted provisions authorizing the collection of fees by such other persons as designated by the Commission by rule for such purpose, and provisions relating to limits on manner of payment of fees.

   Enacted provision · exact public law section
   Loans.Transaction fee.(f) Section 4(g) of such Act (15 U.S.C. 78ddd(g)) is amended by striking out the last two sentences and inserting in lieu thereof the following: “For the purposes of the next preceding sentence, (1) the fee shall be based upon the total dollar amount of each purchase; (2) the fee shall not apply to any purchase on a national securities exchange or in an over-the-counter market by or for the account of a 15 USC 78o. broker or dealer registered under section 15(b) of the 1934 Act unless such purchase is for an investment account of such broker or dealer (and for this purpose any transfer from a trading account to an investment account shall be deemed a purchase at fair market value); and (3) the Commission may, by rule, exempt any transaction in the over-the-counter markets or on any national securities exchange where necessary to provide for the assessment of fees on purchasers in transactions in such markets and exchanges on a comparable basis. Such fee shall be collected by the broker or dealer effecting the transaction for or with the purchaser, or by such other person as provided by the Commission by rule, and shall be paid to SIPC in the same manner as assessments imposed pursuant to subsection (c) but without regard to the limits on such assessments, or in such other manner as the Commission may by rule provide.”.

8. 1978

   Securities Investor Protection Act Amendments of 1978

   Pub. L. 95–283 § 6(g) · 92 Stat. 249

   1. Substituted · 15 U.S.C. § 78ddd(i)

      Pub. L. 95–283, § 6(g), substituted “Consolidated group” for “ ‘Gross revenues’ defined” in heading

   2. Redesignated · 15 U.S.C. § 78ddd(i)

      Pub. L. 95–283, § 6(g), redesignated par. (2) as entire section and, as so redesignated

   3. Substituted · 15 U.S.C. § 78ddd(i)

      Pub. L. 95–283, § 6(g), substituted provisions relating to computations by a member, for provisions relating to computations by a broker or dealer. Pars. (1) and (3), which generally defined term “gross revenues” and authorized the SIPC to define all other terms used in this subsec., respectively, were struck out

   Source evidence

   Code amendment note
   Subsec. (i). Pub. L. 95–283, § 6(g), substituted “Consolidated group” for “ ‘Gross revenues’ defined” in heading, redesignated par. (2) as entire section and, as so redesignated, substituted provisions relating to computations by a member, for provisions relating to computations by a broker or dealer. Pars. (1) and (3), which generally defined term “gross revenues” and authorized the SIPC to define all other terms used in this subsec., respectively, were struck out.

   Enacted provision · exact public law section
   (g) Section 4(i) of such Act (15 U.S.C. 78ddd(i)) is amended to read as follows: “(i) Consolidated Group.— Except as otherwise provided by SIPC bylaw, gross revenues from the securities business of a member of SIPC shall be computed on a consolidated basis for such member and all its subsidiaries (other than the foreign subsidiaries of such member), and the operations of a member of SIPC shall include those of any business to which such member has succeeded.”.

9. 2010

   Investor Protection and Securities Reform Act of 2010

   Pub. L. 111–203 § 929V(a) · 124 Stat. 1376

   Substituted · 15 U.S.C. § 78ddd(d)(1)(C)

   Pub. L. 111–203, § 929V(a), substituted “0.02 percent of the gross revenues from the securities business of such member of SIPC” for “$150 per annum”

   Source evidence

   Code amendment note
   Subsec. (d)(1)(C). Pub. L. 111–203, § 929V(a), substituted “0.02 percent of the gross revenues from the securities business of such member of SIPC” for “$150 per annum”.

   Enacted provision · exact public law section
   (a) Increasing the Minimum Assessment Paid by SIPC Members.— Section 4(d)(1)(C) of the Securities Investor Protection Act of 1970 (15 U.S.C. 78ddd(d)(1)(C)) is amended by striking “$150 per annum” and inserting the following: “0.02 percent of the gross revenues from the securities business of such member of SIPC”.

   Effective date note
   Amendment by 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.

10. 2010

    Investor Protection and Securities Reform Act of 2010

    Pub. L. 111–203 § 929C · 124 Stat. 1376

    Substituted · 15 U.S.C. § 78ddd(h)

    Pub. L. 111–203, § 929C, substituted “$2,500,000,000” for “$1,000,000,000” in first sentence

    Source evidence

    Code amendment note
    Subsec. (h). Pub. L. 111–203, § 929C, substituted “$2,500,000,000” for “$1,000,000,000” in first sentence.

    Enacted provision · exact public law section
    SEC. 929C. INCREASING THE BORROWING LIMIT ON TREASURY LOANS.   Section 4(h) of the Securities Investor Protection Act of 1970 (15 U.S.C. 78ddd(h)) is amended in the first sentence, by striking “$1,000,000,000” and inserting “$2,500,000,000”.

    Effective date note
    Amendment by 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.

14 of 14 references resolved to an enrolled provision