---
kind: "section"
citation: "15 U.S.C. § 77uuu"
title: "15"
title_heading: "Commerce and Trade"
number: "77uuu"
heading: "Special powers of the Commission"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/77uuu"
units:
  - "Chapter 2A — Securities and Trust Indentures"
  - "Subchapter III — Trust Indentures"
---

# §77uuu. Special powers of the Commission

- (a) **Investigatory powers—** For the purpose of any investigation or any other proceeding which, in the opinion of the [Commission](/usc/15/77ccc.md?p=15), is necessary and proper for the enforcement of this subchapter, any member of the [Commission](/usc/15/77ccc.md?p=15), or any officer thereof designated by it, is empowered to administer oaths and affirmations, subpena witnesses, compel their attendance, take evidence, and require the production of any books, papers, correspondence, memoranda, contracts, [agreements](/usc/15/7a.md?p=2), or other records which the [Commission](/usc/15/77ccc.md?p=15) deems relevant or material to the inquiry. Such attendance of witnesses and the production of any such books, papers, correspondence, memoranda, contracts, [agreements](/usc/15/7a.md?p=2), or other records may be required from any place in the United States or in any [Territory](/usc/15/77b.md?p=a-6) at any designated place of investigation or hearing. In addition, the [Commission](/usc/15/77ccc.md?p=15) shall have the powers with respect to investigations and hearings, and with respect to the enforcement of, and offenses and violations under, this subchapter and rules and regulations and orders prescribed under the authority thereof, provided in sections [77t](/usc/15/77t.md) and [77v(b)](/usc/15/77v.md?p=b), (c) of this title.
- (b) **Availability of reports from other offices; restrictions—** The Treasury Department, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Reserve Banks, and the Federal Deposit Insurance Corporation are authorized, under such conditions as they may prescribe, to make available to the [Commission](/usc/15/77ccc.md?p=15) such reports, records, or other information as they may have available with respect to trustees or prospective trustees under [indentures](/usc/15/77ccc.md?p=7) qualified or to be qualified under this subchapter, and to make through their examiners or other employees for the use of the [Commission](/usc/15/77ccc.md?p=15), examinations of such trustees or prospective trustees. Every such trustee or prospective trustee shall, as a condition precedent to qualification of such [indenture](/usc/15/77ccc.md?p=7), consent that reports of examinations by Federal, [State](/usc/15/77ccc.md?p=14), Territorial, or District authorities may be furnished by such authorities to the [Commission](/usc/15/77ccc.md?p=15) upon request therefor.

  Notwithstanding any provision of this subchapter, no report, record, or other information made available to the [Commission](/usc/15/77ccc.md?p=15) under this subsection, no report of an examination made under this subsection for the use of the [Commission](/usc/15/77ccc.md?p=15), no report of an examination made of any trustee or prospective trustee by any Federal, [State](/usc/15/77ccc.md?p=14), Territorial, or District authority having jurisdiction to examine or supervise such trustee, no report made by any such trustee or prospective trustee to any such authority, and no correspondence between any such authority and any such trustee or prospective trustee, shall be divulged or made known or available by the [Commission](/usc/15/77ccc.md?p=15) or any member, officer, agent, or employee thereof, to any [person](/usc/15/77b.md?p=a-2) other than a member, officer, agent, or employee of the [Commission](/usc/15/77ccc.md?p=15): Provided, That the [Commission](/usc/15/77ccc.md?p=15) may make available to the Attorney General of the United States, in confidence, any information obtained from such records, reports of examination, other reports, or correspondence, and deemed necessary by the [Commission](/usc/15/77ccc.md?p=15), or requested by him, for the purpose of enabling him to perform his duties under this subchapter.

- (c) **Investigation of prospective trustees—** Any investigation of a prospective trustee, or any proceeding or requirement for the purpose of obtaining information regarding a prospective trustee, under any provision of this subchapter, shall be limited—
  - (1) to determining whether such prospective trustee is qualified to act as trustee under the provisions of subsection (b) of [section 77jjj of this title](/usc/15/77jjj.md);
  - (2) to requiring the inclusion in the [registration statement](/usc/15/77b.md?p=a-8) or [application](/usc/15/77ccc.md?p=8) of information with respect to the eligibility of such prospective trustee under paragraph (1) of subsection (a) of [section 77jjj of this title](/usc/15/77jjj.md); and
  - (3) to requiring the inclusion in the [registration statement](/usc/15/77b.md?p=a-8) or [application](/usc/15/77ccc.md?p=8) of the most recent published report of condition of such prospective trustee, as described in paragraph (2) of subsection (a) of [section 77jjj of this title](/usc/15/77jjj.md), or, if the [indenture](/usc/15/77ccc.md?p=7) does not contain the provision with respect to combined capital and surplus authorized by the last sentence of paragraph (2) of subsection (a) of [section 77jjj of this title](/usc/15/77jjj.md), to determining whether such prospective trustee is eligible to act as such under paragraph (2) of subsection (a) of [section 77jjj of this title](/usc/15/77jjj.md).
- (d) **Appointment and compensation of employees; lease and allocation of real property—** The provisions [section 78d(b) of this title](/usc/15/78d.md?p=b) shall be applicable with respect to the power of the [Commission](/usc/15/77ccc.md?p=15)—
  - (1) to appoint and fix the compensation of such employees as may be necessary for carrying out its functions under this subchapter, and
  - (2) to lease and allocate such real property as may be necessary for carrying out its functions under this subchapter.

## Source credit

(May 27, 1933, ch. 38, title III, § 321, as added Aug. 3, 1939, ch. 411, 53 Stat. 1174; amended Pub. L. 101–550, title I, § 104(b), Nov. 15, 1990, 104 Stat. 2714.)

## Notes

### Editorial Notes

### Amendments

1990—Subsec. (d). Pub. L. 101–550 amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: “The provisions of section 78d(b) of this title shall be applicable with respect to the power of the Commission to appoint and fix the compensation of such officers, attorneys, examiners, and other experts, and such other officers and employees, as may be necessary for carrying out its functions under this subchapter.”

### Executive Documents

### 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, §§ 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title.

### Exception as to Transfer of Functions

Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions of officers, agencies and employees of Department of the Treasury to Secretary of the Treasury, made by Reorg. Plan No. 26 of 1950, § 1, eff. July 31, 1950, 15 F.R. 4935, 64 Stat. 1280. See section 321(c)(2) of Title 31, Money and Finance.