Page:United States Statutes at Large Volume 92 Part 1.djvu/305

 PUBLIC LAW 95-283—MAY 21, 1978

92 STAT. 2 5 1

or section 3(a) (21), respectively, of the 1934 Act, o r similarly associated with any s e l f - r e ^ l a to r y organization or other securities industry group,". (b) Section 3(c)(5) of such Act (15 U.S.C. 78ccc(c)(5)) is amended to read as follows: " (5) COMPENSATION.—All matters relating to compensation of directors shall be as provided in the bylaws of S I P C ".

15 USC 78c.

BYLAWS AND RULES

SEC. 5. Section 3(e) of such Act (15 U.S.C. 78ccc(e)) is amended to read as follows: " (e) BYLAWS AND RULES. — " (1) PROPOSED BYLAW CHANGES.—The B o a r d of Directors of

S I P C shall file with the Commission a copy of any proposed bylaw or any proposed amendment to or repeal of any l>ylaw of J S I P C (hereinafter in this paragraph collectively referred to as a •proposed bylaw change'), accompanied by a concise general •statement of the basis and purpose of such proposed bylaw change. Each such proposed bylaw change shall take effect thirty days after the date of the filing of a copy thereof with the Commission, or upon such later date as S I P C may designate or such earlier date as the Commission may determine, unless— " (A) the Commission, by notice to S I P C setting forth the reasons therefor, disapproves such proposed bylaw change as being contrary to the public interest or contrary to the purposes of this Act; or " (B) the Commission finds that such proposed bylaw change involves a matter of such significant public interest that public comment should be obtained, in which case it may, after notifying S I P C in writing of such finding, require that the procedures set forth in paragraph (2) be followed with respect to such proposed bylaw change, in the same manner as if such proposed bylaw change were a proposed rule change within the meaning of such paragraph. " (2) PROPOSED RULE CHANGES.— " (A) F I L I N G OF PROPOSED RULE CHANGES.—The

Board

of Directors of S I P C shall file with the Commission, in accordance with such rules as the Commission may prescribe, a copy of any propased rule or any proposed amendment to or repeal of any rule of S I P C (hereinafter in this subsection collectively referred to as a 'proposed rule change'), accompanied by a concise general statement of the basis and purpose of such proposed I'ule change. The Notice. Commission shall, upon the filing of any proposed rule change, publish notice thereof, together with the terms of substance of such proposed rule change or a description of the subjects and issues involved. The Commission shall give interested persons an opportunity to submit written data, views, and arguments with respect to such proposed rule change. No proposed rule change shall take effect unless approved by the Commission or otherwise permitted in accordance with the provisions of this paragraph. " (B) ACTION BY THE COMMISSION.—Within thirty-five days

after the date of publication of notice of the filing of a proposed rule change, or within such longer period as the

39-194 O—SO—pt. 1

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