15 U.S.C. 78o: Registration and regulation of brokers and dealers

2022

• Pub. L. 117–328 added par. (13). (Consolidated Appropriations Act, 2023) Law text · (b)

2015

• Pub. L. 114–94 substituted "case of a bank, a savings and loan holding company (as defined in section 1467a of title 12)," for "case of bank". (Fixing America's Surface Transportation Act" or the "FAST Act) Law text · (d)

2012

• Pub. L. 112–106, §601(b), substituted "300 persons, or, in the case of bank or a bank holding company, as such term is defined in section 1841 of title 12, 1,200 persons" for "three hundred". (Jumpstart Our Business Startups Act) Law text · (d)
• Pub. L. 112–106, §305(d)(1), added par. (2) and redesignated former pars. (2) and (3) as (3) and (4), respectively. (Jumpstart Our Business Startups Act) Law text · (i)

2010

• Pub. L. 111–203, §985(b)(5)(A)(ii), in concluding provisions, inserted "The order granting registration shall not be effective until such broker or dealer has become a member of a registered securities association, or until such broker or dealer has become a member of a national sec… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §985(b)(5)(A)(i), struck out "The order granting registration shall not be effective until such broker or dealer has become a member of a registered securities association, or until such broker or dealer has become a member of a national securities exchange if su… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §975(g)(1), inserted "municipal advisor," after "municipal securities dealer" in subpars. (B)(ii) and (C). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §766(d)(1), inserted "security-based swap dealer, major security-based swap participant," after "government securities dealer,". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §766(d)(2), substituted "broker, dealer, security-based swap dealer, or a major security-based swap participant" for "broker or dealer". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §925(a)(1), substituted ", or bar any such person from being associated with a broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization," for ", or bar such person… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §975(g)(2), inserted "broker, dealer, or" before "municipal securities dealer" in par. (1)(B) and in two places in par. (2)(B). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (c)
• Pub. L. 111–203, §929L(3), struck out "otherwise than on a national securities exchange of which it is a member" after "commercial bills)". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (c)
• Pub. L. 111–203, §762(d)(4)(A), struck out "(as defined in section 206B of the Gramm-Leach-Bliley Act)," after "security-based swap agreement". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (c)
• Pub. L. 111–203, §762(d)(4)(B), struck out "(as defined in section 206B of the Gramm-Leach-Bliley Act)" after "security-based swap agreement". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (c), (C)
• Pub. L. 111–203, §713(a), added subpar. (C). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (c)
• Pub. L. 111–203, §942(a), inserted subsec. heading, designated existing provisions as par. (1), inserted par. heading, inserted ", other than any class of asset-backed securities," after "securities of each class", and added par. (2). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (d)
• Pub. L. 111–203, §929X(c), added subsec. (e) and redesignated former subsecs. (e) to (g) as (f) to (h), respectively. Former subsec. (h) redesignated (i) relating to limitations on State law. (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (e), (f), (g), (h)
• Pub. L. 111–203, §929X(c)(1), redesignated subsec. (h) as (i). Former subsec. (i), relating to rulemaking to extend requirements to new hybrid products, redesignated (j). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (i)
• Pub. L. 111–203, §929X(c)(1), redesignated subsec. (i), relating to rulemaking to extend requirements to new hybrid products, as (j). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (j)
• Pub. L. 111–203, §762(d)(4)(C), (D), redesignated subsec. (i), relating to limitation on Commission authority, as (j) and struck out "(as defined in section 206B of the Gramm-Leach-Bliley Act)" after "security-based swap agreements". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (j)
• Pub. L. 111–203, §913(g)(1), added subsec. (k) relating to standard of conduct and subsec. (l) relating to other matters. (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (k), (l)
• Pub. L. 111–203, §173(c), added subsec. (k) relating to registration or succession to a United States broker or dealer and subsec. (l) relating to termination of a United States broker or dealer. (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (k), (l)
• Pub. L. 111–203, §913(h)(1), added subsec. (m). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (m)
• Pub. L. 111–203, §919, added subsec. (n). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (n)
• Pub. L. 111–203, §921(a), added subsec. (o). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (o)

2006

• Pub. L. 109–291 inserted "nationally recognized statistical rating organization," after "transfer agent,". (Credit Rating Agency Reform Act of 2006) Law text · (b), (C)

2002

• Pub. L. 107–204, §604(a)(1), added subpar. (F) and struck out former subpar. (F) which read as follows: "is subject to an order of the Commission entered pursuant to paragraph (6) of this subsection (b) barring or suspending the right of such person to be associated with a broker… (Sarbanes-Oxley Act of 2002) Law text · (b)
• Pub. L. 107–204, §604(a)(2), added subpar. (H). (Sarbanes-Oxley Act of 2002) Law text · (b)
• Pub. L. 107–204, §604(c)(1)(B)(ii), substituted ", or is subject to an order or finding," for "or omission". (Sarbanes-Oxley Act of 2002) Law text · (b)
• Pub. L. 107–204, §604(c)(1)(B)(i), substituted "(H), or (G)" for "or (G)". See 1990 Amendment note for subsec. (b)(6) below. (Sarbanes-Oxley Act of 2002) Law text · (b)

2000

• Pub. L. 106–554, §1(a)(5) [title II, §203(a)(1)], added par. (11). (Consolidated Appropriations Act, 2001) Law text · (b)
• Pub. L. 106–554, §1(a)(5) [title II, §203(b)], added par. (12). (Consolidated Appropriations Act, 2001) Law text · (b)
• Pub. L. 106–554, §1(a)(5) [title III, §303(e)], amended par. (1) generally. Prior to amendment, par. (1) consisted of subpars. (A) to (E) prohibiting use of mails or instrumentality of interstate commerce for transactions in securities by manipulative, deceptive, or other fraudulent… (Consolidated Appropriations Act, 2001) Law text · (c)
• Pub. L. 106–554, §1(a)(5) [title II, §206(h)], designated existing provisions as subpar. (A) and added subpar. (B). (Consolidated Appropriations Act, 2001) Law text · (c)
• Pub. L. 106–554, §1(a)(5) [title III, §303(f)], added subsec. (i) relating to limitation on Commission authority. (Consolidated Appropriations Act, 2001) Law text · (i)

1999

• Pub. L. 106–102 added subsec. (i) relating to rulemaking to extend requirements to new hybrid products. (Gramm-Leach-Bliley Act) Law text · (i)

1998

• Pub. L. 105–353, §301(b)(8)(A), realigned margins. (Securities Litigation Uniform Standards Act of 1998) Law text · (c)
• Pub. L. 105–353, §301(b)(8)(B), substituted "effecting" for "affecting" in introductory provisions. (Securities Litigation Uniform Standards Act of 1998) Law text · (h)
• Pub. L. 105–353, §301(b)(8)(C), inserted "or" after semicolon at end. (Securities Litigation Uniform Standards Act of 1998) Law text · (h)
• Pub. L. 105–353, §301(b)(8)(D), substituted "maintained" for "maintains". (Securities Litigation Uniform Standards Act of 1998) Law text · (h)
• Pub. L. 105–353, §301(b)(8)(E), substituted "associated" for "association". (Securities Litigation Uniform Standards Act of 1998) Law text · (h)

1996

• Pub. L. 104–290 added subsec. (h). (National Securities Markets Improvement Act of 1996) Law text · (h)

1995

• Pub. L. 104–67 added par. (8). Law text · (c)

1993

• Pub. L. 103–202, §109(b)(2), inserted "The order granting registration shall not be effective until such broker or dealer has become a member of a registered securities association, or until such broker or dealer has become a member of a national securities exchange if such broke… · (b)
• Pub. L. 103–202, §106(b)(2)(B), inserted "or government securities broker or government securities dealer registered (or required to register) under section 78o–5(a)(1)(A) of this title" after "No registered broker or dealer" in introductory provisions. · (b)
• Pub. L. 103–202, §105(b), inserted subpar. designation "(A)" after "(1)", substituted "contrivance." along with subpar. designation "(B)" and "No municipal securities dealer" for "contrivance, and no municipal securities dealer", substituted "contrivance." along with subpar. (C), su… · (c)
• Pub. L. 103–202, §105(a), inserted subpar. designation "(A)" after "(2)", substituted "fictitious quotation." along with subpar. designation "(B)" and "No municipal securities dealer" for "fictitious quotation, and no municipal securities dealer", substituted "fictitious quotation."… · (c)
• Pub. L. 103–202, §110, added par. (7). · (c)

1990

• Pub. L. 101–550, §203(a)(1), inserted "or of a substantially equivalent crime by a foreign court of competent jurisdiction" after "misdemeanor". · (b)
• Pub. L. 101–550, §203(a)(2), inserted "any substantially equivalent activity however denominated by the laws of the relevant foreign government," after "burglary,". · (b)
• Pub. L. 101–550, §203(a)(3), inserted "foreign person performing a function substantially equivalent to any of the above," after "transfer agent," and "or any substantially equivalent foreign statute or regulation" before semicolon at end. · (b)
• Pub. L. 101–550, §203(a)(4), inserted ", or substantially equivalent activity however denominated by the laws of the relevant foreign government" after "securities". · (b)
• Pub. L. 101–550, §203(a)(5), inserted "or a violation of a substantially equivalent foreign statute" after "title 18". · (b)
• Pub. L. 101–550, §203(a)(6), inserted "foreign person performing a function substantially equivalent to any of the above," after "transfer agent,", "or any substantially equivalent foreign statute or regulation" after "Commodity Exchange Act" wherever appearing, and "foreign enti… · (b)
• Pub. L. 101–550, §203(a)(7), added subpar. (G). · (b)
• Pub. L. 101–429, §504(a), amended par. (6) generally. Prior to amendment, par. (6) read as follows: "The Commission, by order, shall censure or place limitations on the activities or functions of any person associated, seeking to become associated, or, at the time of the alleged mis… · (b)
• Pub. L. 101–550, §203(c)(1), which directed amendment of subsec. (b)(6) by substituting "(A), (D), (E), or (G)" for "(A), (D), or (E)", was executed by making the substitution both before and after the general amendment of subsec. (b)(6) by Pub. L. 101–429, §504(a), which was effective 12 months af… · (b)
• Pub. L. 101–429, §505, added subsec. (g). · (g)

1988

• Pub. L. 100–704 added subsec. (f). · (f)

1987

• Pub. L. 100–181, §317(1), substituted "fiduciary, transfer agent, or" for "fiduciary, or any". · (b)
• Pub. L. 100–181, §317(2), added subpar. (C) and struck out former subpar. (C) which read as follows: "is permanently or temporarily enjoined by order, judgment, or decree of any court of competent jurisdiction from acting as an investment adviser, underwriter, broker, dealer, ent… · (b)
• Pub. L. 100–181, §317(3), substituted "seeking to become associated, or, at the time of the alleged misconduct, associated or seeking to become associated" for "or seeking to become associated," in first sentence. · (b)
• Pub. L. 100–181, §317(4), substituted "78q–1(b)(4)(A)" for "78q–1(b)(4)(B)". · (b)

1986

• Pub. L. 99–571, §102(e)(1), inserted "or with any other appropriate regulatory agency". · (b)
• Pub. L. 99–571, §102(e)(2), inserted "government securities broker, government securities dealer,". · (b)
• Pub. L. 99–571, §102(e)(3), substituted "municipal securities dealer, government securities broker, or government securities dealer," for "or municipal securities dealer,". · (b)
• Pub. L. 99–571, §102(e)(4), substituted "any registered broker or dealer" for "any broker or dealer required to register pursuant to this chapter" and struck out "an exempted security" after "other than". · (b)
• Pub. L. 99–571, §102(f), inserted "(other than a government securities broker or government securities dealer, except a registered broker or dealer)" and "(except a government security)". · (c)

1984

• Pub. L. 98–376, §6(b)(1), substituted "fiduciary, or any entity or person required to be registered under the Commodity Exchange Act (7 U.S.C. 1 et seq.)" for "or fiduciary". · (b)
• Pub. L. 98–376, §6(b)(2), inserted "entity or person required to be registered under the Commodity Exchange Act," and "entity or person required to be registered under such Act". · (b)
• Pub. L. 98–376, §6(b)(3), inserted "the Commodity Exchange Act,". · (b), (E)
• Pub. L. 98–376, §4, inserted reference to section 78n of this title and "and any person who was a cause of the failure to comply due to an act or omission the person knew or should have known would contribute to the failure to comply,". · (c)

1983

• Pub. L. 98–38, §3(a)(1), added par. (8) and struck out former par. (8), which had directed that, in addition to the fees and charges authorized by par. (7) of this subsection, each registered broker or dealer not a member of a registered securities association pay to the Commission … · (b)
• Pub. L. 98–38, §3(a)(2), added par. (9) and struck out former par. (9), which had provided that no broker or dealer subject to par. (8) of this subsection could effect any transaction in, or induce the purchase or sale of, any security (otherwise than on a national securities exchan… · (b)

1977

• Pub. L. 95–213 authorized the Commission to define, for purposes of this subsection, term "held of record". · (d)

1975

• Pub. L. 94–29, §11(1), amended section catchline.
• Pub. L. 94–29, §11(2), required registration with the Commission of all persons utilizing an exchange's facilities to effect transactions. · (a)
• Pub. L. 94–29, §11(2), expanded coverage to include municipal securities dealers, permitted nonbank municipal securities dealers and brokers to register company departments or divisions conducting municipal securities activities rather than the company of which the department or divisi… · (b)
• Pub. L. 94–29, §11(3), expanded the Commission's authority to define devices, contrivances, acts, and practices deemed manipulative, deceptive, and otherwise fraudulent for municipal securities dealers as well as for brokers and dealers. · (c)
• Pub. L. 94–29, §11(3), expanded the Commission's authority to define quotations deemed to be fictitious for municipal securities dealers as well as for brokers and dealers. · (c)
• Pub. L. 94–29, §11(3), inserted requirement that rules and regulations be promulgated no later than Sept. 1, 1975, establishing minimum financial responsibility requirements for all brokers and dealers. · (c)
• Pub. L. 94–29, §11(4), substituted provisions authorizing the Commission to regulate trading activities of market makers other than specialists registered on a national securities exchange for provisions authorizing the Commission summarily to suspend trading, otherwise than on a na… · (c)
• Pub. L. 94–29, §11(5), added par. (6). · (c)
• Pub. L. 94–29, §11(6), added subsec. (e). · (e)

1970

• Pub. L. 91–598 extended Commission's rulemaking power to both the exchange and the over-the-counter markets, striking out "otherwise than on a national securities exchange" before "in contravention of such rules and regulations" and substituting "shall prescribe" for "may prescribe"… · (c)

1964

• Pub. L. 88–467, §6(a), designated existing provisions as par. (1) and added par. (2). · (a)
• Pub. L. 88–467, §6(b), designated first par. as (1) and substituted "persons associated with such broker or dealer" for "person directly or indirectly controlling or controlled by, or under direct or indirect common control with, such broker or dealer,". · (b)
• Pub. L. 88–467, §6(b), designated second par. as (2) and substituted "associated with the applicant" for "directly or indirectly controlling or controlled by, or under direct or indirect common control with, the applicant". · (b)
• Pub. L. 88–467, §6(b), designated third par. as (3) and substituted "effective date of the registration" for "effective date thereof". · (b)
• Pub. L. 88–467, §6(b), added par. (4). · (b)
• Pub. L. 88–467, §6(b), designated first sentence of fourth par, as (5), provided for censure and for suspension for period not exceeding twelve months, substituted the language "that such broker or dealer, whether prior or subsequent to becoming such, or any person associated with s… · (b)
• Pub. L. 88–467, §6(b), designated second through fifth sentences of fourth par. as (6) and, in provision constituting first sentence of par. (6) substituted "any registration under this subsection" for "any such registration" and inserted "(which may consist solely of affidavits and… · (b)
• Pub. L. 88–467, §6(b), added pars. (7) to (10). · (b)
• Pub. L. 88–467, §6(c), added pars. (4) and (5). · (c), (5)
• Pub. L. 88–467, §6(d), substituted provisions which require every issuer filing a registration statement under the Securities Act of 1933 to file for the fiscal year in which the registration statement becomes effective such reports as may be required by the Commission under section 78… · (d)