15 U.S.C. § 78ggg — SEC functions

(a) Administrative procedure — When the SEC makes rules under sections 78ccc(e)(3) and 78iii(f), it must give proper notice and a chance for interested people to comment or be heard, following the rulemaking steps in section 553 of title 5. But holding a hearing doesn't stop the SEC from adopting the rule once the notice period ends. The SEC does not have to hold this on a formal court-like record. (b) Enforcement of actions — If SIPC refuses to spend its money or otherwise act to protect customers of a member, the SEC can go to the federal district court where SIPC's main office is located and ask for an order forcing SIPC to do its job under this chapter, plus any other relief the court thinks fits the purpose of this chapter. (c) Examinations and reports — (1) The SEC can examine and inspect SIPC and require it to hand over any reports or records the SEC thinks are necessary or appropriate to protect the public or carry out this chapter's purpose. (2) After each fiscal year ends, SIPC must send the SEC a written report on its business and the powers it exercised that year, including financial statements showing its financial position and how it used its funds. An independent accountant, chosen by SIPC and approved by the SEC, must review those financial statements and attach their own report. The SEC then sends this report to the President and Congress, adding any comments it wants.