118 STAT. 3862 PUBLIC LAW 108–458—DEC. 17, 2004 (1) EXTENSION OF AUTHORITY.—Section 12(k)(2) of the Secu- rities Exchange Act of 1934 (15 U.S.C. 78l(k)(2)) is amended to read as follows: ‘‘(2) EMERGENCY ORDERS.— ‘‘(A) IN GENERAL.—The Commission, in an emergency, may by order summarily take such action to alter, supple- ment, suspend, or impose requirements or restrictions with respect to any matter or action subject to regulation by the Commission or a self-regulatory organization under the securities laws, as the Commission determines is nec- essary in the public interest and for the protection of investors— ‘‘(i) to maintain or restore fair and orderly securi- ties markets (other than markets in exempted securi- ties); ‘‘(ii) to ensure prompt, accurate, and safe clearance and settlement of transactions in securities (other than exempted securities); or ‘‘(iii) to reduce, eliminate, or prevent the substan- tial disruption by the emergency of— ‘‘(I) securities markets (other than markets in exempted securities), investment companies, or any other significant portion or segment of such markets; or ‘‘(II) the transmission or processing of securi- ties transactions (other than transactions in exempted securities). ‘‘(B) EFFECTIVE PERIOD.—An order of the Commission under this paragraph shall continue in effect for the period specified by the Commission, and may be extended. Except as provided in subparagraph (C), an order of the Commis- sion under this paragraph may not continue in effect for more than 10 business days, including extensions. ‘‘(C) EXTENSION.—An order of the Commission under this paragraph may be extended to continue in effect for more than 10 business days if, at the time of the extension, the Commission finds that the emergency still exists and determines that the continuation of the order beyond 10 business days is necessary in the public interest and for the protection of investors to attain an objective described in clause (i), (ii), or (iii) of subparagraph (A). In no event shall an order of the Commission under this paragraph continue in effect for more than 30 calendar days. ‘‘(D) SECURITY FUTURES.—If the actions described in subparagraph (A) involve a security futures product, the Commission shall consult with and consider the views of the Commodity Futures Trading Commission. ‘‘(E) EXEMPTION.—In exercising its authority under this paragraph, the Commission shall not be required to comply with the provisions of— ‘‘(i) section 19(c); or ‘‘(ii) section 553 of title 5, United States Code.’’. (c) CONSULTATION; DEFINITION OF EMERGENCY.—Section 12(k)(6) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(k)(6)) is amended to read as follows: ‘‘(6) CONSULTATION.—Prior to taking any action described in paragraph (1)(B), the Commission shall consult with and VerDate 11-MAY-2000 13:54 Nov 10, 2005 Jkt 029194 PO 00000 Frm 00396 Fmt 6580 Sfmt 6581 C:\STATUTES\2004\29194PT4.001 APPS10 PsN: 29194PT4
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