Global Technologies Group, Inc. (GTGP)

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FINRA FORM 211
http://www.otcbb.com/aboutotcbb/forms/form211.pdf

6432. Compliance with the Information Requirements of SEA Rule 15c2-11
http://finra.complinet.com/en/display/display_main.html?rbid=2403&element_id=4412

What is Rule 15c2-11?
Rule 15c2-11 under the Securities and Exchange Act of 1934 (Exchange Act) governs the submission and publication of quotations by brokers and dealers for OTC equity securities. Specifically, the rule applies to a broker-dealer's initiation or resumption of quotations for such securities in any inter-dealer quotation system, including OTC Link. Pursuant to the Rule, brokers and dealers are required to review and maintain specified information about the issuer of the security before publishing a quotation for that security.
http://www.otcmarkets.com/traders-brokers/faq#traderfaq3

GOVERNMENT SECURITIES BROKERS AND DEALERS
http://www.sec.gov/about/laws/sea34.pdf
SEC. 15C. (a)(1)(A) It shall be unlawful for any government securities broker or government securities dealer (other than a registered broker or dealer or a financial institution) to make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce or attempt to induce the purchase or sale of, any government security unless such government securities broker or government securities dealer is registered in accordance with paragraph (2) of this subsection.
(B)(i) It shall be unlawful for any government securities broker or government securities dealer that is a registered broker or dealer or a financial institution to make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce or attempt to induce the purchase or sale of, any government security unless such government securities broker or government securities dealer has filed with the appropriate regulatory agency written notice that it is a government securities broker or government securities dealer. When such a government securities broker or government securities dealer ceases to act as such it shall file with the appropriate regulatory agency a written notice that it is no longer acting as a government securities broker or government securities dealer.
(ii) Such notices shall be in such form and contain such information concerning a government securities broker or government securities dealer that is a financial institution and any persons associated with such government securities broker or government securities dealer as the Board of Governors of the Federal Reserve System shall, by rule, after consultation with each appropriate regulatory agency (including the Commission), prescribe as necessary or appropriate in the public interest or for the protection of investors. Such notices shall be in such form and contain such information concerning a government securities broker or government securities dealer that is a registered broker or dealer and any persons associated with such government securities broker or government securities dealer as the Commission shall, by rule, prescribe as necessary or appropriate in the public interest or for the protection of investors.
(iii) Each appropriate regulatory agency (other than the Commission) shall make available to the Commission the notices which have been filed with it under this subparagraph, and the Commission shall maintain and make available to the public such notices and the notices it receives under this subparagraph.
(2) A government securities broker or a government securities dealer subject to the registration requirement of paragraph (1)(A) of this subsection may be registered by filing with the Commission an application for registration in such form and containing such information and documents concerning such government securities Sec. 15C SECURITIES EXCHANGE ACT OF 1934 270 broker or government securities dealer and any persons associated with such government securities broker or government securities dealer as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors. Within 45 days of the date of filing of such application (or within such longer period as to which the applicant consents), the Commission shall—
(A) by order grant registration, or
(B) institute proceedings to determine whether registration should be denied. Such proceedings shall include notice of the
grounds for denial under consideration and opportunity for hearing and shall be concluded within 120 days of the date of
the filing of the application for registration. At the conclusion of such proceedings, the Commission, by order, shall grant or deny such registration. The Commission may extend the time for the conclusion of such proceedings for up to 90 days if it finds good cause for such extension and publishes its reasons for so finding or for such longer period as to which the applicant consents. The Commission shall grant the registration of a government securities broker or a government securities dealer if the Commission finds that the requirements of this section are satisfied. The order granting registration shall not be effective until such government securities broker or government securities dealer has become a member of a national securities exchange registered under section 6 of this title, or a securities association registered under section 15A of this title, unless the Commission has exempted such government securities broker or government securities dealer, by rule or order, from such membership. The Commission shall deny such registration if it does not make such a finding or if it finds that if the applicant were so registered, its registration would be subject to suspension or revocation under sub- section (c) of this section.
(3) Any provision of this title (other than section 5 or paragraph
(1) of this subsection) which prohibits any act, practice, or course of business if the mails or any means or instrumentality of interstate commerce is used in connection therewith shall also prohibit any such act, practice, or course of business by any government securities broker or government securities dealer registered or having filed notice under paragraph (1) of this subsection or any person acting on behalf of such government securities broker or government securities dealer, irrespective of any use of the mails or any means or instrumentality of interstate commerce in connection therewith.
(4) No government securities broker or government securities
dealer that is required to register under paragraph (1)(A) and that is not a member of the Securities Investor Protection Corporation shall effect any transaction in any security in contravention of such rules as the Commission shall prescribe pursuant to this subsection to assure that its customers receive complete, accurate, and timely disclosure of the inapplicability of Securities Investor Protection Corporation coverage to their accounts.
(5) The Secretary of the Treasury (hereinafter in this section
referred to as the ‘‘Secretary’’), by rule or order, upon the Secretary’s own motion or upon application, may conditionally or un271 SECURITIES EXCHANGE ACT OF 1934 Sec. 15C conditionally exempt any government securities broker or government securities dealer, or class of government securities brokers or government securities dealers, from any provision of subsection (a), (b), or (d) of this section, other than subsection (d)(3), or the rules thereunder, if the Secretary finds that such exemption is consistent with the public interest, the protection of investors, and the purposes of this title.
(b)(1) The Secretary shall propose and adopt rules to effect the purposes of this title with respect to transactions in government securities effected by government securities brokers and government securities dealers as follows:
(A) Such rules shall provide safeguards with respect to the financial responsibility and related practices of government securities brokers and government securities dealers including, but not limited to, capital adequacy standards, the acceptance of custody and use of customers’ securities, the carrying and use of customers’ deposits or credit balances, and the transfer and control of government securities subject to repurchase agreements and in similar transactions.
(B) Such rules shall require every government securities broker and government securities dealer to make reports to
and furnish copies of records to the appropriate regulatory agency, and to file with the appropriate regulatory agency, annually or more frequently, a balance sheet and income statement certified by an independent public accountant, prepared on a calendar or fiscal year basis, and such other financial statements (which shall, as the Secretary specifies, be certified) and information concerning its financial condition as required by such rules.
(C) Such rules shall require records to be made and kept by government securities brokers and government securities
dealers and shall specify the periods for which such records shall be preserved.
(2) RISK ASSESSMENT FOR HOLDING COMPANY SYSTEMS.—
(A) OBLIGATIONS TO OBTAIN, MAINTAIN, AND REPORT INFORMATION.—
Every person who is registered as a government securities broker or government securities dealer under this section
shall obtain such information and make and keep such records as the Secretary by rule prescribes concerning the registered person’s policies, procedures, or systems for monitoring and controlling financial and operational risks to it resulting from the activities of any of its associated persons, other than a natural person. Such records shall describe, in the aggregate, each of the financial and securities activities conducted by, and customary sources of capital and funding of, those of its associated persons whose business activities are reasonably likely to have a material impact on the financial or operational condition of such registered person, including its capital, its liquidity, or its ability to conduct or finance its operations. The Secretary, by rule, may require summary reports of such information to be filed with the registered person’s appropriate regulatory agency no more frequently than quarterly.
(B) AUTHORITY TO REQUIRE ADDITIONAL INFORMATION.—If, as a result of adverse market conditions or based on reports Sec. 15C SECURITIES EXCHANGE ACT OF 1934 272 provided pursuant to subparagraph (A) of this paragraph or other available information, the appropriate regulatory agency reasonably concludes that it has concerns regarding the financial or operational condition of any government securities broker or government securities dealer registered under this section, such agency may require the registered person to make reports concerning the financial and securities activities of any of such person’s associated persons, other than a natural person, whose business activities are reasonably likely to have a material impact on the financial or operational condition of such registered person. The appropriate regulatory agency, in requiring reports pursuant to this subparagraph, shall specify the information required, the period for which it is required, the time and date on which the information must be furnished, and whether the information is to be furnished directly to the appropriate regulatory agency or to a self-regulatory organization with primary responsibility for examining the registered person’s financial and operational condition.
(C) SPECIAL PROVISIONS WITH RESPECT TO ASSOCIATED PERSONS SUBJECT TO FEDERAL BANKING AGENCY REGULATION.—
(i) COOPERATION IN IMPLEMENTATION.—In developing and implementing reporting requirements pursuant to subparagraph (A) of this paragraph with respect to associated persons subject to examination by or reporting requirementsof a Federal banking agency, the Secretary shall consult with and consider the views of each such Federal banking agency. If a Federal banking agency comments in writing on a proposed rule of the Secretary underthis paragraph that has been published for comment, the Secretary shall respond in writing to such written comment before adopting the proposed rule. The Secretary shall, at the request of a Federal banking agency, publish such comment and response in the Federal Register at the time of publishing the adopted rule.
(ii) USE OF BANKING AGENCY REPORTS.—A registered government securities broker or government securities dealer shall be in compliance with any recordkeeping or reporting requirement adopted pursuant to subparagraph (A) of this paragraph concerning an associated person that is subject to examination by or reporting requirements of a Federal banking agency if such government securities broker or government securities dealer utilizes for such recordkeeping or reporting requirement copies of reports filed by the associated person with the Federal banking agency pursuant to section 5211 of the Revised Statutes, section 9 of the Federal Reserve Act, section 7(a) of the Federal Deposit Insurance Act, section 10(b) of the Home Owners’ Loan Act, or section 8 of the Bank Holding Company Act of 1956. The Secretary may, however, by rule adopted pursuant to subparagraph (A), require any registered government securities broker or government securities dealer filing such reports with the appropriate regulatory agency to obtain, maintain, or report supplemental information if the Secretary makes an explicit finding, 273 SECURITIES EXCHANGE ACT OF 1934 Sec. 15C based on information provided by the appropriate regulatory agency, that such supplemental information is necessary to inform the appropriate regulatory agency regarding potential risks to such government securities broker or government securities dealer. Prior to requiring any such supplemental information, the Secretary shall first request the Federal banking agency to expand its reporting requirements to include such information.
(iii) PROCEDURE FOR REQUIRING ADDITIONAL INFORMATION.—
Prior to making a request pursuant to subparagraph (B) of this paragraph for information with respect to an associated person that is subject to examination by or reporting requirements of a Federal banking agency, the appropriate regulatory agency shall—
(I) notify such banking agency of the information required with respect to such associated person; and
(II) consult with such agency to determine whether the information required is available from such agency and for other purposes, unless the appropriate regulatory agency determines that any delay resulting from such consultation would be inconsistent with ensuring the financial and operational condition of the government securities broker or government securities dealer or the stability or integrity of the securities markets.
(iv) EXCLUSION FOR EXAMINATION REPORTS.—Nothing in this subparagraph shall be construed to permit the Secretary or an appropriate regulatory agency to require any registered government securities broker or government securities dealer to obtain, maintain, or furnish any examination report of any Federal banking agency or any supervisory recommendations or analysis contained therein.
(v) CONFIDENTIALITY OF INFORMATION PROVIDED.—No information provided to or obtained by an appropriate regulatory
agency from any Federal banking agency pursuant to a request under clause (iii) of this subparagraph regarding any associated person which is subject to examination by or reporting requirements of a Federal banking agency may be disclosed to any other person (other than a selfregulatory organization), without the prior written approval of the Federal banking agency. Nothing in this clause shall authorize the Secretary or any appropriate regulatory agency to withhold information from Congress, or prevent the Secretary or any appropriate regulatory agency from complying with a request for information from any other Federal department or agency requesting the information for purposes within the scope of its jurisdiction, or complying with an order of a court of the United States in an action brought by the United States or the Commission.
(vi) NOTICE TO BANKING AGENCIES CONCERNING FINANCIAL
AND OPERATIONAL CONDITION CONCERNS.—The Secretary or appropriate regulatory agency shall notify the Federal banking agency of any concerns of the Secretary or Sec. 15C SECURITIES EXCHANGE ACT OF 1934 274 the appropriate regulatory agency regarding significant financial or operational risks resulting from the activities of any government securities broker or government securities dealer to any associated person thereof which is subject to examination by or reporting requirements of the Federal banking agency.
(vii) DEFINITION.—For purposes of this subparagraph, the term ‘‘Federal banking agency’’ shall have the same meaning as the term ‘‘appropriate Federal banking agency’’ in section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. 1813(q)).
(D) EXEMPTIONS.—The Secretary by rule or order may exempt any person or class of persons, under such terms and conditions and for such periods as the Secretary shall provide in such rule or order, from the provisions of this paragraph, and the rules thereunder. In granting such exemptions, the Secretary shall consider, among other factors—
(i) whether information of the type required under this paragraph is available from a supervisory agency (as defined in section 1101(6) of the Right to Financial Privacy Act of 1978 (12 U.S.C. 3401(6))), a State insurance commission or similar State agency, the Commodity Futures Trading Commission, or a similar foreign regulator;
(ii) the primary business of any associated person;
(iii) the nature and extent of domestic or foreign regulation of the associated person’s activities;
(iv) the nature and extent of the registered person’s securities transactions; and
(v) with respect to the registered person and its associated persons, on a consolidated basis, the amount and proportion
of assets devoted to, and revenues derived from, activities in the United States securities markets.
(E) CONFORMITY WITH REQUIREMENTS UNDER SECTION 17(H).—In exercising authority pursuant to subparagraph (A) of this paragraph concerning information with respect to associated persons of government securities brokers and government securities dealers who are also associated persons of registered brokers or dealers reporting to the Commission pursuant to section 17(h) of this title, the requirements relating to such associated persons shall conform, to the greatest extent practicable, to the requirements under section 17(h).
(F) AUTHORITY TO LIMIT DISCLOSURE OF INFORMATION.— Notwithstanding any other provision of law, the Secretary and any appropriate regulatory agency shall not be compelled to disclose any information required to be reported under this paragraph, or any information supplied to the Secretary or any appropriate regulatory agency by any domestic or foreign regulatory agency that relates to the financial or operational condition of any associated person of a registered government securities broker or a government securities dealer. Nothing in this paragraph shall authorize the Secretary or any appropriate regulatory agency to withhold information from Congress, or prevent the Secretary or any appropriate regulatory agency from complying with a request for information from any other 275 SECURITIES EXCHANGE ACT OF 1934 Sec. 15C Federal department or agency requesting the information for purposes within the scope of its jurisdiction, or complying with an order of a court of the United States in an action brought by the United States or the Commission. For purposes of section 552 of title 5, United States Code, this paragraph shall be considered a statute described in subsection (b)(3)(B) of such section 552.
(3)(A) With respect to any financial institution that has filed notice as a government securities broker or government securities dealer or that is required to file notice under subsection (a)(1)(B), the appropriate regulatory agency for such government securities broker or government securities dealer may issue such rules and regulations with respect to transactions in government securities as may be necessary to prevent fraudulent and manipulative acts and practices and to promote just and equitable principles of trade. If the Secretary of the Treasury determines, and notifies the appropriate regulatory agency, that such rule or regulation, if implemented, would, or as applied does (i) adversely affect the liquidity or efficiency of the market for government securities; or (ii) impose any burden on competition not necessary or appropriate in furtherance of the purposes of this section, the appropriate regulatory agency shall, prior to adopting the proposed rule or regulation, find that such rule or regulation is necessary and appropriate in furtherance of the purposes of this section notwithstanding the Secretary’s determination.
(B) The appropriate regulatory agency shall consult with and consider the views of the Secretary prior to approving or amending a rule or regulation under this paragraph, except where the appropriate regulatory agency determines that an emergency exists requiring expeditious and summary action and publishes its reasons therefor. If the Secretary comments in writing to the appropriateregulatory agency on a proposed rule or regulation that has been published for comment, the appropriate regulatory agency shall respond in writing to such written comment before approving the proposed rule or regulation.
(C) In promulgating rules under this section, the appropriate regulatory agency shall consider the sufficiency and appropriateness of then existing laws and rules applicable to government securities brokers, government securities dealers, and persons associated with government securities brokers and government securities dealers.
(4) Rules promulgated and orders issued under this section shall—
(A) be designed to prevent fraudulent and manipulative acts and practices and to protect the integrity, liquidity, and efficiency of the market for government securities, investors, and the public interest; and (B) not be designed to permit unfair discrimination between customers, issuers, government securities brokers, or government securities dealers, or to impose any burden on competition not necessary or appropriate in furtherance of the purposes of this title.
(5) In promulgating rules and issuing orders under this section, the Secretary— Sec. 15C SECURITIES EXCHANGE ACT OF 1934 276
(A) may appropriately classify government securities brokers and government securities dealers (taking into account
relevant matters, including types of business done, nature of securities other than government securities purchased or sold, and character of business organization) and persons associated with government securities brokers and government securities dealers;
(B) may determine, to the extent consistent with paragraph (2) of this subsection and with the public interest, the protection of investors, and the purposes of this title, not to apply, in whole or in part, certain rules under this section, or to apply greater, lesser, or different standards, to certain classes of government securities brokers, government securities dealers, or persons associated with government securities brokers or government securities dealers;
(C) shall consider the sufficiency and appropriateness of then existing laws and rules applicable to government securities brokers, government securities dealers, and persons associated with government securities brokers and government securities dealers; and
(D) shall consult with and consider the views of the Commission and the Board of Governors of the Federal Reserve System, except where the Secretary determines that an emergency exists requiring expeditious or summary action and publishes its reasons for such determination.
(6) If the Commission or the Board of Governors of the Federal Reserve System comments in writing on a proposed rule of the Secretary that has been published for comment, the Secretary shall respond in writing to such written comment before approving the proposed rule.
(7) No government securities broker or government securities dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce or attempt to induce the purchase or sale of, any government security in contravention of any rule under this section.
(c)(1) With respect to any government securities broker or government securities dealer registered or required to register under subsection (a)(1)(A) of this section—
(A) The Commission, by order, shall censure, place limitations
on the activities, functions, or operations of, suspend for a period not exceeding 12 months, or revoke the registration of
such government securities broker or government securities dealer, if it finds, on the record after notice and opportunity for hearing, that such censure, placing of limitations, suspension, or revocation is in the public interest and that such government securities broker or government securities dealer, or any person associated with such government securities broker or government securities dealer (whether prior or subsequent to becoming so associated), has committed or omitted any act, or is subject to an order or finding, enumerated in subparagraph (A), (D), (E), (H), or (G) of paragraph (4) of section 15(b) of this title, has been convicted of any offense specified in subparagraph (B) of such paragraph (4) within 10 years of the commencement of the proceedings under this paragraph, or is n277 SECURITIES EXCHANGE ACT OF 1934 Sec. 15C joined from any action, conduct, or practice specified in subparagraph (C) of such paragraph (4).
(B) Pending final determination whether registration of any government securities broker or government securities dealer shall be revoked, the Commission, by order, may suspend such registration, if such suspension appears to the Commission, after notice and opportunity for hearing, to be necessary or appropriate in the public interest or for the protection of investors. Any registered government securities broker or registered government securities dealer may, upon such terms and conditions as the Commission may deem necessary in the public interest or for the protection of investors, withdraw from registration by filing a written notice of withdrawal with the Commission. If the Commission finds that any registered government securities broker or registered government securities dealer is no longer in existence or has ceased to do business as a government securities broker or government securities dealer, the Commission, by order, shall cancel the registration of such government securities broker or government
securities dealer.
(C) The Commission, by order, shall censure or place limitations
on the activities or functions of any person who is, or at the time of the alleged misconduct was, associated or seeking to become associated with a government securities broker or government securities dealer registered or required to register under subsection (a)(1)(A) of this section or suspend for a period not exceeding 12 months or bar any such person from being associated with such a government securities broker or government securities dealer, if the Commission finds, on the record after notice and opportunity for hearing, that such censure, placing of limitations, suspension, or bar is in the public interest and that such person has committed or omitted any act, or is subject to an order or finding, enumerated in subparagraph (A), (D), (E), (H), or (G) of paragraph (4) of section 15(b) of this title, has been convicted of any offense specified in subparagraph (B) of such paragraph (4) within 10 years of the commencement of the proceedings under this paragraph, or is enjoined from any action, conduct, or practice specified in subparagraph (C) of such paragraph (4).
(2)(A) With respect to any government securities broker or government securities dealer which is not registered or required to register under subsection (a)(1)(A) of this section, the appropriate regulatory agency for such government securities broker or government securities dealer may, in the manner and for the reasons specified in paragraph (1)(A) of this subsection, censure, place limitations on the activities, functions, or operations of, suspend for a period not exceeding 12 months, or bar from acting as a government securities broker or government securities dealer any such government securities broker or government securities dealer, and may sanction any person associated, seeking to become associated, or, at the time of the alleged misconduct, associated or seeking to become associated with such government securities broker or government securities dealer in the manner and for the reasons specified in paragraph (1)(C) of this subsection.
Sec. 15C SECURITIES EXCHANGE ACT OF 1934 278
(B) In addition, where applicable, such appropriate regulatory agency may, in accordance with section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818), section 5 of the Home Owners’ Loan Act of 1933 (12 U.S.C. 1464), or section 407 of the National Housing Act (12 U.S.C. 1730), enforce compliance by such government securities broker or government securities dealer or any person associated, seeking to become associated, or, at the time of the alleged misconduct, associated or seeking to become associated with such government securities broker or government securities dealer with the provisions of this section and the rules thereunder.
(C) For purposes of subparagraph (B) of this paragraph, any violation of any such provision shall constitute adequate basis or the issuance of any order under section 8(b) or 8(c) of the Federal Deposit Insurance Act, section 5(d)(2) or 5(d)(3) of the Home Owners’ Loan Act of 1933, or section 407(e) or 407(f) of the National Housing Act, and the customers of any such government securities broker or government securities dealer shall be deemed, respectively, ‘‘depositors’’ as that term is used in section 8(c) of the Federal Deposit Insurance Act, ‘‘savings account holders’’ as that term is used in section 5(d)(3) of the Home Owners’ Loan Act of 1933, or ‘‘insured members’’ as that term is used in section 407(f) of the National Housing Act.
(D) Nothing in this paragraph shall be construed to affect in any way the powers of such appropriate regulatory agency to proceed against such government securities broker or government securities dealer under any other provision of law.
(E) Each appropriate regulatory agency (other than the Commission) shall promptly notify the Commission after it has imposed any sanction under this paragraph on a government securities broker or government securities dealer, or a person associated with a government securities broker or government securities dealer, and the Commission shall maintain, and make available to the public, a record of such sanctions and any sanctions imposed by it under this subsection.
(3) It shall be unlawful for any person as to whom an order entered pursuant to paragraph (1) or (2) of this subsection suspending or barring him from being associated with a government securities broker or government securities dealer is in effect willfully to become, or to be, associated with a government securities broker or government securities dealer without the consent of the appropriate regulatory agency, and it shall be unlawful for any government securities broker or government securities dealer to permit such a person to become, or remain, a person associated with it without the consent of the appropriate regulatory agency, if such government securities broker or government securities dealer
knew, or, in the exercise of reasonable care should have known, of such order.
(d)(1) All records of a government securities broker or government securities dealer are subject at any time, or from time to time, to such reasonable periodic, special, or other examinations by representatives of the appropriate regulatory agency for such government securities broker or government securities dealer as such appropriate regulatory agency deems necessary or appropriate in 279 SECURITIES EXCHANGE ACT OF 1934 Sec. 15C the public interest, for the protection of investors, or otherwise in furtherance of the purposes of this title.
(2) Information received by an appropriate regulatory agency, the Secretary, or the Commission from or with respect to any government securities broker, government securities dealer, any person associated with a government securities broker or government securities dealer, or any other person subject to this section or rules promulgated thereunder, may be made available by the Secretary or the recipient agency to the Commission, the Secretary, the Department of Justice, the Commodity Futures Trading Commission, any appropriate regulatory agency, any self-regulatory organization, or any Federal Reserve Bank.
(3) GOVERNMENT SECURITIES TRADE RECONSTRUCTION.—
(A) FURNISHING RECORDS.—Every government securities
broker and government securities dealer shall furnish to the Commission on request such records of government securities transactions, including records of the date and time of execution of trades, as the Commission may require to reconstruct trading in the course of a particular inquiry or investigation being conducted by the Commission for enforcement or surveillance purposes. In requiring information pursuant to this paragraph, the Commission shall specify the information required, the period for which it is required, the time and date on which the information must be furnished, and whether the information is to be furnished directly to the Commission, to the Federal Reserve Bank of New York, or to an appropriate regulatory agency or self-regulatory organization with responsibility for examining the government securities broker or government securities dealer. The Commission may require that such information be furnished in machine readable form notwithstanding any limitation in subparagraph (B). In utilizing its authority to require information in machine readable form, the Commission shall minimize the burden such requirement may place on small government securities brokers and dealers.
(B) LIMITATION; CONSTRUCTION.—The Commission shall not utilize its authority under this paragraph to develop regular reporting requirements, except that the Commission may require information to be furnished under this paragraph as frequently as necessary for particular inquiries or investigations for enforcement or surveillance purposes. This paragraph shall not be construed as requiring, or as authorizing the Commission to require, any government securities broker or government securities dealer to obtain or maintain any information for purposes of this paragraph which is not otherwise maintained by such broker or dealer in accordance with any other provision of law or usual and customary business practice. The Commission shall, where feasible, avoid requiring any information to be furnished under this paragraph that the Commission may obtain from the Federal Reserve Bank of New York.
(C) PROCEDURES FOR REQUIRING INFORMATION.—At the time the Commission requests any information pursuant to subparagraph (A) with respect to any government securities broker or government securities dealer for which the Commission Sec. 15C SECURITIES EXCHANGE ACT OF 1934 280 is not the appropriate regulatory agency, the Commission shall notify the appropriate regulatory agency for such government securities broker or government securities dealer and, upon request, furnish to the appropriate regulatory agency any information supplied to the Commission.
(D) CONSULTATION.—Within 90 days after the date of enactment of this paragraph, and annually thereafter, or upon the request of any other appropriate regulatory agency, the Commission shall consult with the other appropriate regulatory agencies to determine the availability of records that may be required to be furnished under this paragraph and, for those records available directly from the other appropriate regulatory agencies, to develop a procedure for furnishing such records expeditiously upon the Commission’s request.
(E) EXCLUSION FOR EXAMINATION REPORTS.—Nothing in this paragraph shall be construed so as to permit the Commission to require any government securities broker or government securities dealer to obtain, maintain, or furnish any examination report of any appropriate regulatory agency other than the Commission or any supervisory recommendations or analysis contained in any such examination report.
(F) AUTHORITY TO LIMIT DISCLOSURE OF INFORMATION.— Notwithstanding any other provision of law, the Commission
and the appropriate regulatory agencies shall not be compelled to disclose any information required or obtained under this
paragraph. Nothing in this paragraph shall authorize the Commission or any appropriate regulatory agency to withhold information from Congress, or prevent the Commission or any appropriate regulatory agency from complying with a request for information from any other Federal department or agency requesting information for purposes within the scope of its jurisdiction, or from complying with an order of a court of the United States in an action brought by the United States, the Commission, or the appropriate regulatory agency. For purposes of section 552 of title 5, United States Code, this subparagraph shall be considered a statute described in subsection (b)(3)(B) of such section 552.
(e)(1) It shall be unlawful for any government securities broker or government securities dealer registered or required to register with the Commission under subsection (a)(1)(A) to effect any transaction in, or induce or attempt to induce the purchase or sale of, any government security, unless such government securities broker or government securities dealer is a member of a national securities exchange registered under section 6 of this title or a securities association registered under section 15A of this title.
(2) The Commission, after consultation with the Secretary, by rule or order, as it deems consistent with the public interest and the protection of investors, may conditionally or unconditionally exempt from paragraph (1) of this subsection any government securities broker or government securities dealer or class of government securities brokers or government securities dealers specified in such rule or order.
(f) LARGE POSITION REPORTING.— 281 SECURITIES EXCHANGE ACT OF 1934 Sec.
15C (1) REPORTING REQUIREMENTS.—The Secretary may adopt rules to require specified persons holding, maintaining, or controlling large positions in to-be-issued or recently issued Treasury securities to file such reports regarding such positions as the Secretary determines to be necessary and appropriate for the purpose of monitoring the impact in the Treasury securities market of concentrations of positions in Treasury securities and for the purpose of otherwise assisting the Commissionin the enforcement of this title, taking into account any impact of such rules on the efficiency and liquidity of the Treasury securities market and the cost to taxpayers of funding the Federal debt. Unless otherwise specified by the Secretary, reports required under this subsection shall be filed with the Federal Reserve Bank of New York, acting as agent for the Secretary. Such reports shall, on a timely basis, be provided directly to the Commission by the person with whom they are filed.
(2) RECORDKEEPING REQUIREMENTS.—Rules under this subsection may require persons holding, maintaining, or controlling large positions in Treasury securities to make and keep for prescribed periods such records as the Secretary determines are necessary or appropriate to ensure that such persons can comply with reporting requirements under this subsection.
(3) AGGREGATION RULES.—Rules under this subsection—
(A) may prescribe the manner in which positions and accounts shall be aggregated for the purpose of this subsection, including aggregation on the basis of common ownership or control; and
(B) may define which persons (individually or as a group) hold, maintain, or control large positions.
(4) DEFINITIONAL AUTHORITY; DETERMINATION OF REPORTING
THRESHOLD.—
(A) In prescribing rules under this subsection, the Secretary may, consistent with the purpose of this subsection, define terms used in this subsection that are not otherwise defined in section 3 of this title.
(B) Rules under this subsection shall specify—
(i) the minimum size of positions subject to reporting under this subsection, which shall be no less than the size that provides the potential for manipulation or control of the supply or price, or the cost of financing arrangements, of an issue or the portion thereof that is available for trading;
(ii) the types of positions (which may include financing arrangements) to be reported;
(iii) the securities to be covered; and
(iv) the form and manner in which reports shall be transmitted, which may include transmission in machine readable form.
(5) EXEMPTIONS.—Consistent with the public interest and the protection of investors, the Secretary by rule or order may exempt in whole or in part, conditionally or unconditionally, any person or class of persons, or any transaction or class of transactions, from the requirements of this subsection.
Sec. 15C SECURITIES EXCHANGE ACT OF 1934 282 80 So in original. Probably should be ‘‘15A(b)(7)’’.
(6) LIMITATION ON DISCLOSURE OF INFORMATION.—Notwithstanding any other provision of law, the Secretary and the Commission shall not be compelled to disclose any information required to be kept or reported under this subsection. Nothing in this subsection shall authorize the Secretary or the Commission to withhold information from Congress, or prevent the Secretary or the Commission from complying with a request for information from any other Federal department or agency requesting information for purposes within the scope of its jurisdiction, or from complying with an order of a court of the United States in an action brought by the United States, the Secretary, or the Commission. For purposes of section 552 of title 5, United States Code, this paragraph shall be considered a statute described in subsection (b)(3)(B) of such section 552.
(g)(1) Nothing in this section except paragraph (2) of this subsection shall be construed to impair or limit the authority underany other provision of law of the Commission, the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Secretary of Housing and Urban Development, and the Government National Mortgage Association.
(2) Notwithstanding any other provision of this title, the Commission shall not have any authority to make investigations of, require the filing of a statement by, or take any other action under this title against a government securities broker or government securities dealer, or any person associated with a government securities broker or government securities dealer, for any violation or threatened violation of the provisions of this section, other than subsection (d)(3) [83] or the rules or regulations thereunder, unless the Commission is the appropriate regulatory agency for such government securities broker or government securities dealer. Nothing in the preceding sentence shall be construed to limit the authority of the Commission with respect to violations or threatened violations of any provision of this title other than this section (except subsection (d)(3)), the rules or regulations under any such other provision, or investigations pursuant to section 21(a)(2) of this title to assist a foreign securities authority.
(h) EMERGENCY AUTHORITY.—The Secretary may, by order, take any action with respect to a matter or action subject to regulation by the Secretary under this section, or the rules of the Secretary under this section, involving a government security or a market therein (or significant portion or segment of that market), that the Commission may take under section 12(k)(2) with respect to transactions in securities (other than exempted securities) or a market therein (or significant portion or segment of that market).
(June 6, 1934, ch. 404, title I, Sec. 15C, as added Oct. 28, 1986, Pub. L. 99-571, title I, Sec. 101, 100 Stat. 3208; amended Dec. 4, 1987, Pub. L. 100-181, title VIII, Sec. 801(a), 101 Stat. 1265; Aug. 9, 1989, Pub. L. 101-73, title VII, Sec. 744(u)(3), 103 Stat. 441; Oct. 16, 1990, Pub. L. 101-432, Sec. 4(b), 104 Stat. 970; Nov. 15, 990, Pub. L. 101-550, title II, Sec. 203(c), 104 Stat. 2718; Dec. 17, 1993, 283 SECURITIES EXCHANGE ACT OF 1934 Sec. 15C Pub. L. 103-202, title I, Sec. 102-104, 106(a), 108, 109(b)(1), (c), 107 Stat. 2345, 2346, 2349, 2351-2353; Nov. 3, 1998, Pub. L. 105-353,
title III, Sec. 301(b)(10), 112 Stat. 3236; Pub. L. 107-204, title VI, Sec. 604(c)(1)(B), July 30, 2002, 116 Stat. 796; Pub. L. 108-458, title VII, Sec. 7803(d), Dec. 17, 2004, 118 Stat. 3863; Pub. L. 111- 203, title III, Sec. 376(3), title IX, Secs. 929F(b), 985(b)(6), July 21, 2010, 124 Stat. 1569, 1854, 1934.)

REFERENCES IN TEXT The Federal Reserve Act, referred to in text, is act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended, which is classified principally to chapter 3 (Sec. 221 et seq.) of U.S. Code Title 12, Banks and Banking.
The Federal Deposit Insurance Act, referred to in text, is act Sept. 21, 1950, ch. 967, Sec. 2, 64 Stat. 873, as amended, which is classified generally to chapter 16 (Sec. 1811 et seq.) of U.S. Code Title 12, Banks and Banking.
The Home Owners Loan Act of 1933, referred to in text, is act June 13, 1933, ch. 64, 48 Stat. 128, as amended, now known as the Home Owners’ Loan Act, which is classified generally to chapter 12 (Sec. 1461 et seq.) of U.S. Code Title 12, Banks and Banking. Section 5(d)(2) or 5(d)(3) of such Act was amended generally by Pub. L. 101-73, title III, Sec. 301, Aug. 9, 1989, 103 Stat. 282, and, as so amended, no longer relates to issuance of orders nor contains the term ‘‘savings account holders’’.

The Bank Holding Company Act of 1956, referred to in text, is act May 9, 1956, ch. 240, 70 Stat. 133, as amended, which is classified principally to chapter 17 (Sec. 1841 et seq.) of U.S. Code Title 12, Banks and Banking.
The Right to Financial Privacy Act of 1978, referred to in text, is title XI of Pub. L. 95-630, Nov. 10, 1978, 92 Stat. 3697, as amended, which is classified generally to chapter 35 (Sec. 3401 et seq.) of U.S. Code Title 12, Banks and Banking. Section 1101(6) of such Act was redesignated section 1101(7) by Pub. L. 101-73, title IX, Sec. 941(1), Aug. 9, 1989, 103 Stat. 496.
The National Housing Act, referred to in text, is act June 27, 1934, ch. 847, 48 Stat. 1246, as amended, which is classified generally to chapter 13 (Sec. 1701 et seq.) of U.S. Code Title 12, Banks and Banking. Section 407 of such Act was repealed by Pub. L. 101-73, title IV, Sec. 407, Aug. 9, 1989, 103 Stat. 363.

AMENDMENTS 2010 — Subsec. (a)(2). Pub. L. 111-203, Sec. 985(b)(6), amended par. (2) generally.
Subsec. (c)(1)(C). Pub. L. 111-203, Sec. 929F(b)(1), substituted ‘‘any person who is, or at the time of the alleged misconduct was, associated or seeking to become associated’’ for ‘‘any person associated, or seeking to become associated,’’.
Subsec. (c)(2)(A). Pub. L. 111-203, Sec. 923F(b)(2)(A), inserted ‘‘, seeking to become associated, or, at the time of the
Sec. 15C SECURITIES EXCHANGE ACT OF 1934 284 alleged misconduct, associated or seeking to become associated’’ after ‘‘any person associated’’.
Subsec. (c)(2)(B). Pub. L. 111-203, Sec. 929F(b)(2)(B), inserted ‘‘, seeking to become associated, or, at the time of the
alleged misconduct, associated or seeking to become associated’’ after ‘‘any person associated’’.
Subsec. (g)(1). Pub. L. 111-203, Sec. 376(3), struck out ‘‘the Director of the Office of Thrift Supervision, the Federal Savings
and Loan Insurance Corporation,’’ after ‘‘the Federal Deposit Insurance Corporation,’’.
2004 — Subsec. (h). Pub. L. 108-458, Sec. 7803(d), added subsec. (h).
2002 — Subsec. (c)(1)(A), (C). Pub. L. 107-204 substituted ‘‘, or is subject to an order or finding,’’ for ‘‘or omission’’ and ‘‘(H), or (G)’’ for ‘‘or (G)’’.
1998 — Subsec. (f)(5). Pub. L. 105-353 substituted ‘‘class of persons’’ for ‘‘class or persons’’.
1993 — Subsec. (a)(2)(ii). Pub. L. 103-202, Sec. 109(b)(1), inserted ‘‘The order granting registration shall not be effective
until such government securities broker or government securities dealer has become a member of a national securities exchange registered under section 6 of this title, or a securities association registered under section 15A of this title, unless the Commission has exempted such government securities broker or government securities dealer, by rule or order, from such membership.’’ before ‘‘The Commission may extend’’.
Subsec. (a)(4). Pub. L. 103-202, Sec. 108(2), added par. (4).
Former par. (4) redesignated (5).
Pub. L. 103-202, Sec. 103(b)(1), inserted reference to subsection (d)(3) of this section.
Subsec. (a)(5). Pub. L. 103-202, Sec. 108(1), redesignated par. (4) as (5).
Subsec. (b)(3) to (7). Pub. L. 103-202, Sec. 106(a), added par. (3) and redesignated former pars. (3) to (6) as (4) to (7),
respectively.
Subsec. (d)(2). Pub. L. 103-202, Sec. 109(c), amended par.
(2) generally. Prior to amendment, par. (2) read as follows: ‘‘Information received by any appropriate regulatory agency or the Secretary from or with respect to any government securities broker or government securities dealer or with respect to any person associated therewith may be made available by the Secretary or the recipient agency to the Commission, the Secretary, any appropriate regulatory agency, and any self-regulatory organization.’’
Subsec. (d)(3). Pub. L. 103-202, Sec. 103(a), added par. (3).
Subsec. (f). Pub. L. 103-202, Sec. 104(2), added subsec. (f).
Former subsec. (f) redesignated (g).
Subsec. (f)(2). Pub. L. 103-202, Sec. 103(b)(2), inserted ‘‘, other than subsection (d)(3) of this section’’ after ‘‘threatened
violation of the provisions of this section’’ and ‘‘(except subsection (d)(3) of this section)’’ after ‘‘other than this section’’.
Subsec. (g). Pub. L. 103-202, Sec. 104(1), redesignated subsec.
(f) as (g). 285 SECURITIES EXCHANGE ACT OF 1934 Sec. 15D Pub. L. 103-202, Sec. 102, struck out subsec. (g) which
read as follows:
‘‘(1) The authority of the Secretary to issue orders and to propose and adopt rules under this section shall terminate on
October 1, 1991. ‘‘(2) All orders and rules - ‘‘(A) which have been issued or adopted by the Secretary, and
‘‘(B) which are in effect on the date specified in paragraph (1), shall continue in effect according to their terms.’’
1990 — Subsec. (b)(2) to (6). Pub. L. 101-432 added par. (2) and redesignated former pars. (2) to (5) as (3) to (6), respectively. Subsec. (c)(1)(A), (C). Pub. L. 101-550, Sec. 203(c)(1), substituted ‘‘(A), (D), (E), or (G)’’ for ‘‘(A), (D), or (E)’’.
Subsec. (f)(2). Pub. L. 101-550, Sec. 203(c)(2), substituted ‘‘the rules or regulations under any such other provision, or investigations pursuant to section 21(a)(2) of this title to assist a foreign securities authority’’ for ‘‘or the rules or regulations under any such other provision’’.
1989 — Subsec. (f)(1). Pub. L. 101-73 substituted ‘‘Director of the Office of Thrift Supervision’’ for ‘‘Federal Home Loan
Bank Board’’.
1987 — Subsec. (a)(1)(B)(i). Pub. L. 100-181 substituted ‘‘When such’’ for ‘‘When’’.
EFFECTIVE DATE OF 2010 AMENDMENT
Amendment by Pub. L. 111-203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L.
111-203. Amendment by section 376(3) of Pub. L. 111-203 effective on the transfer date (July 21, 2011, with extension of 18 months after July 21, 2010, permitted in certain instances), see section 351 of Pub. L. 111-203.
Amendment by section 929F(b) of Pub. L. 111-203 effective 1 day after July 21, 2010, see section 4 of Pub. L. 111-203.
EFFECTIVE DATE Section effective 270 days after Oct. 28, 1986, see section 401 of Pub. L. 99-571.
TRANSFER OF FUNCTIONS
Federal Savings and Loan Insurance Corporation abolished and functions transferred, see sections 401 to 406 of Pub.
L. 101-73.