Page:United States Statutes at Large Volume 92 Part 1.djvu/303

 PUBLIC LAW 95-283—MAY 21, 1978

92 STAT. 249

Public Law 95-283 95th Congress An Act To amend the Securities Investor Protection Act of 1970.

May 21, 1978 [H.R. 8331]

Be it enacted by the Senate and House of Representatives of the Securities United States of America in Congress assembled, SHORT TITLE

1. This Act may be cited as the "Securities Investor Protection Act Amendments of 1978". SECTION

Investor Protection Ad; Amendments of 1978. 15 USC 78aaa note.

M E M B E R S H I P OF SIPC

SEC. 2. (a) Section 3(a) of the Securities Investor Protection Act of 1970 (15 U.S.C. 78ccc(a)) is amended to read as follows: "(a)

C R E A T I O N AND M E M B E R S H I P. —

"(1) CREATION.—There is hereby established a body corporate to be known as the 'Securities Investor Protection Corporation' (hereafter in this Act referred to as 'SIPC'). SIPC shall be a nonprofit corporation and shall have succession until dissolved by Act of the Congress. SIPC shall— "(A) not be an agency or establishment of the United States Government; and "(B) except as otherwise provided in this Act, be subject to, and have all the powers conferred upon a nonprofit corporation by, the District of Columbia Nonprofit Corporation Act (D.C. Code, section 29-1001 and fol.). "(2) MEMBERSHIP.— "(A) MEMBERS OF

SIPC.—SIPC shall be a membership corporation the members of which shall be all persons registered as brokers or dealers under section 15(b) of the 1934 15 USC 78o. Act, other than— " (i) persons whose principal business, in the determination of SIPC, taking into account business of affiliated entities, is conducted outside the United States and its territories and possessions; and "(ii) persons whose business as a broker or dealer consists exclusively of (I) the distribution of shares of registered open end investment companies or unit investment trusts, (II) the sale of variable annuities, ( III) the business of insurance, or (IV) the business of rendering investment advisory services to one or more registered investment companies or insurance company separate accounts. " (B) COMMISSION REVIEW.—SIPC shall file with the Commission a copy of any determination made pursuant to subparagraph (A)(i). Within thirty days after the date of such filing, or within such longer period as the Commission may designate of not more than ninety days after such date if it finds such longer period to be appropriate and publishes its reasons for so finding, the Commission shall, consistent

�