§80b–11. Rules, regulations, and orders of Commission

(a) Power of Commission

The Commission shall have authority from time to time to make, issue, amend, and rescind such rules and regulations and such orders as are necessary or appropriate to the exercise of the functions and powers conferred upon the Commission elsewhere in this subchapter. For the purposes of its rules or regulations the Commission may classify persons and matters within its jurisdiction and prescribe different requirements for different classes of persons or matters.

(b) Effective date of regulations

Subject to the provisions of chapter 15 of title 44 and regulations prescribed under the authority thereof, the rules and regulations of the Commission under this subchapter, and amendments thereof, shall be effective upon publication in the manner which the Commission shall prescribe, or upon such later date as may be provided in such rules and regulations.

(c) Orders of Commission after notice and hearing; type of notice

Orders of the Commission under this subchapter shall be issued only after appropriate notice and opportunity for hearing. Notice to the parties to a proceeding before the Commission shall be given by personal service upon each party or by registered mail or certified mail or confirmed telegraphic notice to the party's last known business address. Notice to interested persons, if any, other than parties may be given in the same manner or by publication in the Federal Register.

(d) Good faith compliance with rules and regulations

No provision of this subchapter imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule, regulation, or order of the Commission, notwithstanding that such rule, regulation, or order may, after such act or omission, be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.

(Aug. 22, 1940, ch. 686, title II, §211, 54 Stat. 855 ; Pub. L. 86–507, §1(16), June 11, 1960, 74 Stat. 201 ; Pub. L. 86–750, §14, Sept. 13, 1960, 74 Stat. 888 ; Pub. L. 100–181, title VII, §705, Dec. 4, 1987, 101 Stat. 1264 .)

Amendments

1987-Subsec. (b). Pub. L. 100–181 substituted "chapter 15 of title 44" for "the Federal Register Act".

1960-Subsec. (a). Pub. L. 86–750 inserted "functions and".

Subsec. (c). Pub. L. 86–507 inserted "or certified mail" after "registered mail".

Transfer of Functions

For transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title.

Cross References

Rules and regulations under-

Investment Company Act of 1940, see section 80a–37 of this title.

Public Utility Holding Company Act of 1935, see section 79t of this title.

Securities Act of 1933, see section 77s of this title.

Securities Exchange Act of 1934, see sections 78c and 78w of this title.

Trust Indenture Act of 1939, see section 77sss of this title.

Section Referred to in Other Sections

This section is referred to in section 80b–3 of this title.