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U.S. Code as of:
01/19/04
Section 78d-1. Delegation of functions by Commission
(a) Authorization; functions delegable; eligible persons;
application of other laws
In addition to its existing authority, the Securities and
Exchange Commission shall have the authority to delegate, by
published order or rule, any of its functions to a division of the
Commission, an individual Commissioner, an administrative law
judge, or an employee or employee board, including functions with
respect to hearing, determining, ordering, certifying, reporting,
or otherwise acting as to any work, business, or matter. Nothing in
this section shall be deemed to supersede the provisions of section
556(b) of title 5, or to authorize the delegation of the function
of rulemaking as defined in subchapter II of chapter 5 of title 5,
with reference to general rules as distinguished from rules of
particular applicability, or of the making of any rule pursuant to
section 78s(c) of this title.
(b) Right of review; procedure
With respect to the delegation of any of its functions, as
provided in subsection (a) of this section, the Commission shall
retain a discretionary right to review the action of any such
division of the Commission, individual Commissioner, administrative
law judge, employee, or employee board, upon its own initiative or
upon petition of a party to or intervenor in such action, within
such time and in such manner as the Commission by rule shall
prescribe. The vote of one member of the Commission shall be
sufficient to bring any such action before the Commission for
review. A person or party shall be entitled to review by the
Commission if he or it is adversely affected by action at a
delegated level which (1) denies any request for action pursuant to
section 77h(a) or section 77h(c) of this title or the first
sentence of section 78l(d) of this title; (2) suspends trading in a
security pursuant to section 78l(k) of this title; or (3) is
pursuant to any provision of this chapter in a case of
adjudication, as defined in section 551 of title 5, not required by
this chapter to be determined on the record after notice and
opportunity for hearing (except to the extent there is involved a
matter described in section 554(a)(1) through (6) of such title 5).
(c) Finality of delegated action
If the right to exercise such review is declined, or if no such
review is sought within the time stated in the rules promulgated by
the Commission, then the action of any such division of the
Commission, individual Commissioner, administrative law judge,
employee, or employee board, shall, for all purposes, including
appeal or review thereof, be deemed the action of the Commission.
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