Page:United States Statutes at Large Volume 92 Part 1.djvu/308

 PUBLIC LAW 95-283—MAY 21, 1978

9 2 STAT. 2 5 4 Waiver.

Loans. Transaction fee.

15 USC 78o.

the assessment. S I P C may waive such penalty charge in whole or in part in circumstances where it considers such waiver appropriate.". (e) Section 4(f) of such Act (15 U.S.C. 7 8 d d d (f)) is amended by striking out "examining authority as". (f) Section 4(g) of such Act (15 U.S.C. 7 8 d d d (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 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 t r a d i n g account to an investment account shall be deemed a purchase at fair market v a l u e); 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 m 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 S I P C in the same manner as assessments impose^ pursuant to subsection (c) b u t without regard to the limits on such assessments, or in such other manner as the Commission may by rule provide.". (g) Section 4(i) of such Act (16 U.S.C. 7 8 d d d (i)) is amended to read as follows: " (i) CoNsoLroATED GROUP.—Except as otherwise provided by S I P C bylaw, gross revenues from the securities business of a member of S I P C 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 S I P C shall include those of any business to which such member has succeeded.". PROTECTION OF INVESTORS

SEC. 7. (a) Section 5(a) of such Act (15 U.S.C. 78eee(a)) is amended by striking out paragraph s (2) and (3) and inserting in lieu thereof the following new paragraph s: "(2)

ACTION BY SELF-REGUI^ATORY ORGANIZATION.—If

a

self-

regulatory organization has given notice to S I P C pursuant to subsection (a)(1) with respect to a broker or dealer, and such broker or dealer undertakes to liquidate or reduce its business either pursuant to the direction of a self-regulatory organization •or voluntarily, such self-regulatory organization may render such assistance or oversight to such broker or dealer as it considers a p p r o p r i a t e to protect the interests of customers of such broker or dealer. The assistance or oversight by a self-regulatory organization shall not be deemed the assumption or adoption by such self-regulatory organization of any obligation or liability to customers, other creditors, shareholders, or partners of the broker or dealer, and shall not prevent or act as a bar to any action by SIPC. " (3) ACTION BY SIPC.—If S I P C determines that— " (A) any member of S I P C (including any person who

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