Page:United States Statutes at Large Volume 84 Part 2.djvu/322

 1652

78 Stat. 565. 15 USC 78c.

5 2 Stat. 890. 48 sta^.^8^7'; 52 Stat. 1076.' 15 USC 78q.

PUBLIC LAW 91-598-DEC. 30, 1970

[84 STAT.

customer (subject to subsection (f)(1), to the extent that such payments are made out of advances from S I P C under such subsection) insofar as such obligations are ascertainable from the books and records of the debtor or are otherwise established to the satisfaction of the trustee, whether or not such customer shall have filed formal proof of such claim. For that purpose the court among other things shall— (1) in respect of claims relating to securities or cash, authorize the trustee to make payment out of moneys made available to the trustee by S I P C notwithstanding the fact that there shall not have been any showing or determination that there are sufficient funds of the debtor available to make such payment; and (2) in respect of claims relating to, or net equities based upon, securities of a class and series of an issuer, which are ascertainable from the books and records of the debtor or are otherwise established to the satisfaction of the trustee, authorize the trustee to deliver securities of such class and series if and to the extent available to satisfy such claims in whole or in part, with partial deliveries to be made pro rata to the greatest extent considered practicable by the trustee. Any payment or delivery of property pursuant to this subsection may be conditioned upon the trustee requiring claimants to execute in a form to be determined by the trustee, appropriate receipts, supporting affidavits, and assignments, but shall be without prejudice to the right of any claimant to file formal proof of claim within the period specified in subsection (e) for any balance of securities or cash to which he may deem himself entitled. (h) PROOF OF CLAIM BY ASSOCIATES AND OTHERS.—The provisions of this section permitting discharge of obligations of the debtor to pay cash or to deliver securities without formal proof of claim shall not apply to any person "associated" with the debtor as defined in section 3(,a) (18) of the 1934 Act, to any beneficial owner of 5 per centum or jnore of the voting stock of the debtor, or to any member of the immediate family of any of the foregoing. (i) KEPORTS BY TRUSTEE TO COURT.—All reports to the court by a trustee (other than reports required to be filed pursuant to section 167(3) of the Bankruptcy Act) shall be in such form and detail as, having due regard to the requirements of section 17 of the 1934 Act and the rules and regulations thereunder and the magnitude of items ^^^ trausactions involved in connection with the operations of a broker or dealer, the Commission shall determine by rules and regulations to present fairly the results of such proceeding as at the dates or for the periods covered by such reports. (j) EFFECT OF ACT ON CLAIMS.—Except as otherwise provided in this section, nothing in this section shall limit the right of any person to establish by formal proof such claims as such person may have to payment, or to delivery of specific securities, without resort to moneys advanced by S I P C to the trustee. SEC. 7. SEC FUNCTIONS. (a) ADMINISTRATIVE PROCEDURE.—Determinations of the Commis-

80 Stat. 383.

5 USC 551.

sion, for purposes of making rules or regulations pursuant to section 3(e) and section 9(f) shall be after appropriate notice and opportunity for a hearing, and for submission of views of interested persons, in accordance with the rulemaking procedures specified, in section 553 of title 5, United States Code, but the holding of a hearing shall not prevent adoption of any such rule or regulation upon expiration of the notice period specified in subsection (d) of such section and shall not be required to be on a record within the meaning of subchapter II of chapter 5 of such title.

�