Laws: Cases and Codes : U.S. Code : Title 15 : Section 78h
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U.S. Code as of:
01/19/04
Section 78h - Notes
SOURCE
(June 6, 1934, ch. 404, title I, Sec. 8, 48 Stat. 888; Aug. 23,
1935, ch. 614, Sec. 203(a), 49 Stat. 704; Pub. L. 94-29, Sec. 5,
June 4, 1975, 89 Stat. 109; Pub. L. 98-440, title I, Sec. 103, Oct.
3, 1984, 98 Stat. 1690; Pub. L. 103-325, title II, Sec. 204, Sept.
23, 1994, 108 Stat. 2199; Pub. L. 104-290, title I, Sec. 104(b),
Oct. 11, 1996, 110 Stat. 3423.)
AMENDMENTS
1996 - Pub. L. 104-290 redesignated subsecs. (b) and (c) as (a)
and (b), respectively, and struck out former subsec. (a) which
related to borrowing in ordinary course of business as broker or
dealer on any security, except exempted security, registered on
national securities exchange.
1994 - Subsec. (a). Pub. L. 103-325 inserted "or a small business
related security" after "mortgage related security" in last
sentence.
1984 - Subsec. (a). Pub. L. 98-440 inserted provision that no
person shall be deemed to have borrowed within the ordinary course
of business, within the meaning of this subsection, by reason of a
bona fide agreement for delayed delivery of a mortgage related
security under certain conditions.
1975 - Pub. L. 94-29, Sec. 5(1), substituted "any registered
broker or dealer, member of a national securities exchange, or
broker or dealer who transacts a business in securities through the
medium of any member of a national securities exchange" for "any
member of a national securities exchange, or any broker or dealer
who transacts a business in securities through the medium of any
such member" in provisions preceding subsec. (a).
Subsecs. (b) to (d). Pub. L. 94-29, Sec. 5(2), redesignated
subsecs. (c) and (d) as (b) and (c), respectively, and in subsec.
(c) as so redesignated inserted "or in contravention of such rules
and regulations as the Commissioner shall prescribe for the
protection of investors" after "written consent of such customer".
Former subsec. (b), which covered the maximum allowable aggregate
indebtedness of brokers, was struck out.
CHANGE OF NAME
Act Aug. 23, 1935, substituted "Board of Governors of the Federal
Reserve System" for "Federal Reserve Board".
EFFECTIVE DATE OF 1975 AMENDMENT
Amendment by Pub. L. 94-29 effective June 4, 1975, see section
31(a) of Pub. L. 94-29, set out as a note under section 78b of this
title.
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, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175,
64 Stat. 1265, set out under section 78d of this title.
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in sections 78f, 78o, 78o-3, 78hh of
this title; title 7 section 6d.
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