---
kind: "section"
citation: "15 U.S.C. § 78bb"
title: "15"
title_heading: "Commerce and Trade"
number: "78bb"
heading: "Effect on existing law"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/78bb"
units:
  - "Chapter 2B — Securities Exchanges"
---

# §78bb. Effect on existing law

- (a) **Limitation on judgments—**
  - (1) **In general—** No [person](/usc/15/78c.md?p=a-9) permitted to maintain a suit for damages under the provisions of this chapter shall recover, through satisfaction of judgment in 1 or more actions, a total amount in excess of the actual damages to that [person](/usc/15/78c.md?p=a-9) on account of the act complained of. Except as otherwise specifically provided in this chapter, nothing in this chapter shall affect the jurisdiction of the [securities](/usc/15/78c.md?p=a-10) [commission](/usc/15/78c.md?p=a-15) (or any agency or officer performing like functions) of any [State](/usc/15/78c.md?p=a-16) over any [security](/usc/15/78c.md?p=a-10) or any [person](/usc/15/78c.md?p=a-9) insofar as it does not conflict with the provisions of this chapter or the rules and regulations under this chapter.
  - (2) **Rule of construction—** Except as provided in [subsection (f)](#f), the rights and remedies provided by this chapter shall be in addition to any and all other rights and remedies that may exist at law or in equity.
  - (3) **State bucket shop laws—** No [State](/usc/15/78c.md?p=a-16) law which prohibits or regulates the making or promoting of wagering or gaming contracts, or the operation of “bucket shops” or other similar or related activities, shall invalidate—
    - (A) any put, call, straddle, option, privilege, or other [security](/usc/15/78c.md?p=a-10) subject to this chapter (except any [security](/usc/15/78c.md?p=a-10) that has a pari-mutuel payout or otherwise is determined by the [Commission](/usc/15/78c.md?p=a-15), acting by rule, regulation, or order, to be appropriately subject to such laws), or apply to any activity which is incidental or related to the offer, [purchase](/usc/15/78c.md?p=a-13), sale, exercise, settlement, or closeout of any such [security](/usc/15/78c.md?p=a-10);
    - (B) any [security-based swap](/usc/15/78c.md?p=a-68-A) between [eligible contract participants](/usc/15/78c.md?p=a-65); or
    - (C) any [security-based swap](/usc/15/78c.md?p=a-68-A) effected on a national [securities](/usc/15/78c.md?p=a-10) [exchange](/usc/15/78c.md?p=a-1) registered pursuant to [section 78f(b) of this title](/usc/15/78f.md?p=b).
  - (4) **Other State provisions—** No provision of [State](/usc/15/78c.md?p=a-16) law regarding the offer, sale, or distribution of [securities](/usc/15/78c.md?p=a-10) shall apply to any transaction in a [security-based swap](/usc/15/78c.md?p=a-68-A) or a [security futures product](/usc/15/78c.md?p=a-56), except that this paragraph may not be construed as limiting any [State](/usc/15/78c.md?p=a-16) antifraud law of general applicability. A [security-based swap](/usc/15/78c.md?p=a-68-A) may not be regulated as an insurance contract under any provision of [State](/usc/15/78c.md?p=a-16) law.
- (b) **Modification of disciplinary procedures—** Nothing in this chapter shall be construed to modify existing law with regard to the binding effect (1) on any [member](/usc/15/78c.md?p=a-3-A) of or [participant](/usc/15/78c.md?p=a-24) in any [self-regulatory organization](/usc/15/78c.md?p=a-26) of any action taken by the authorities of such organization to settle disputes between its [members](/usc/15/78c.md?p=a-3-A) or [participants](/usc/15/78c.md?p=a-24), (2) on any [municipal securities dealer](/usc/15/78c.md?p=a-30) or [municipal securities broker](/usc/15/78c.md?p=a-31) of any action taken pursuant to a procedure established by the [Municipal Securities](/usc/15/78c.md?p=a-29) Rulemaking [Board](/usc/15/78c.md?p=a-73) to settle disputes between [municipal securities dealers](/usc/15/78c.md?p=a-30) and [municipal securities brokers](/usc/15/78c.md?p=a-31), or (3) of any action described in paragraph (1) or (2) on any [person](/usc/15/78c.md?p=a-9) who has agreed to be bound thereby.
- (c) **Continuing validity of disciplinary sanctions—** The stay, setting aside, or modification pursuant to [section 78s(e) of this title](/usc/15/78s.md?p=e) of any disciplinary sanction imposed by a [self-regulatory organization](/usc/15/78c.md?p=a-26) on a [member](/usc/15/78c.md?p=a-3-A) thereof, [person associated with a member](/usc/15/78c.md?p=a-21), or [participant](/usc/15/78c.md?p=a-24) therein, shall not affect the validity or force of any action taken as a result of such sanction by the [self-regulatory organization](/usc/15/78c.md?p=a-26) prior to such stay, setting aside, or modification: Provided, That such action is not inconsistent with the provisions of this chapter or the rules or regulations thereunder. The rights of any [person](/usc/15/78c.md?p=a-9) acting in good faith which arise out of any such action shall not be affected in any way by such stay, setting aside, or modification.
- (d) **Physical location of facilities of registered clearing agencies or registered transfer agents not to subject changes in beneficial or record ownership of securities to State or local taxes—** No [State](/usc/15/78c.md?p=a-16) or political subdivision thereof shall impose any tax on any change in beneficial or record ownership of [securities](/usc/15/78c.md?p=a-10) effected through the [facilities](/usc/15/78c.md?p=a-2) of a registered [clearing agency](/usc/15/78c.md?p=a-23-A) or registered [transfer agent](/usc/15/78c.md?p=a-25) or any nominee thereof or custodian therefor or upon the delivery or transfer of [securities](/usc/15/78c.md?p=a-10) to or through or receipt from such agency or agent or any nominee thereof or custodian therefor, unless such change in beneficial or record ownership or such transfer or delivery or receipt would otherwise be taxable by such [State](/usc/15/78c.md?p=a-16) or political subdivision if the [facilities](/usc/15/78c.md?p=a-2) of such registered [clearing agency](/usc/15/78c.md?p=a-23-A), registered [transfer agent](/usc/15/78c.md?p=a-25), or any nominee thereof or custodian therefor were not physically located in the taxing [State](/usc/15/78c.md?p=a-16) or political subdivision. No [State](/usc/15/78c.md?p=a-16) or political subdivision thereof shall impose any tax on [securities](/usc/15/78c.md?p=a-10) which are deposited in or retained by a registered [clearing agency](/usc/15/78c.md?p=a-23-A), registered [transfer agent](/usc/15/78c.md?p=a-25), or any nominee thereof or custodian therefor, unless such [securities](/usc/15/78c.md?p=a-10) would otherwise be taxable by such [State](/usc/15/78c.md?p=a-16) or political subdivision if the [facilities](/usc/15/78c.md?p=a-2) of such registered [clearing agency](/usc/15/78c.md?p=a-23-A), registered [transfer agent](/usc/15/78c.md?p=a-25), or any nominee thereof or custodian therefor were not physically located in the taxing [State](/usc/15/78c.md?p=a-16) or political subdivision.
- (e) **Exchange, broker, and dealer commissions; brokerage and research services—**
  - (1) No [person](/usc/15/78c.md?p=a-9) using the mails, or any means or instrumentality of [interstate commerce](/usc/15/78c.md?p=a-17), in the exercise of investment discretion with respect to an account shall be deemed to have acted unlawfully or to have breached a fiduciary duty under [State](/usc/15/78c.md?p=a-16) or Federal law unless expressly provided to the contrary by a law enacted by the Congress or any [State](/usc/15/78c.md?p=a-16) subsequent to June 4, 1975, solely by reason of his having caused the account to pay a [member](/usc/15/78c.md?p=a-3-A) of an [exchange](/usc/15/78c.md?p=a-1), [broker](/usc/15/78c.md?p=a-4-A), or [dealer](/usc/15/78c.md?p=a-5-A) an amount of [commission](/usc/15/78c.md?p=a-15) for effecting a [securities](/usc/15/78c.md?p=a-10) transaction in excess of the amount of [commission](/usc/15/78c.md?p=a-15) another [member](/usc/15/78c.md?p=a-3-A) of an [exchange](/usc/15/78c.md?p=a-1), [broker](/usc/15/78c.md?p=a-4-A), or [dealer](/usc/15/78c.md?p=a-5-A) would have charged for effecting that transaction, if such [person](/usc/15/78c.md?p=a-9) determined in good faith that such amount of [commission](/usc/15/78c.md?p=a-15) was reasonable in relation to the value of the brokerage and research services provided by such [member](/usc/15/78c.md?p=a-3-A), [broker](/usc/15/78c.md?p=a-4-A), or [dealer](/usc/15/78c.md?p=a-5-A), viewed in terms of either that particular transaction or his overall responsibilities with respect to the accounts as to which he exercises investment discretion. This subsection is exclusive and plenary insofar as conduct is covered by the foregoing, unless otherwise expressly provided by contract: Provided, however, That nothing in this subsection shall be construed to impair or limit the power of the [Commission](/usc/15/78c.md?p=a-15) under any other provision of this chapter or otherwise.
  - (2) A [person](/usc/15/78c.md?p=a-9) exercising investment discretion with respect to an account shall make such disclosure of his policies and practices with respect to [commissions](/usc/15/78c.md?p=a-15) that will be paid for effecting [securities](/usc/15/78c.md?p=a-10) transactions, at such times and in such manner, as the [appropriate regulatory agency](/usc/15/78c.md?p=a-34), by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors.
  - (3) For purposes of this subsection a [person](/usc/15/78c.md?p=a-9) provides brokerage and research services insofar as he—
    - (A) furnishes advice, either directly or through publications or writings, as to the value of [securities](/usc/15/78c.md?p=a-10), the advisability of investing in, purchasing, or selling [securities](/usc/15/78c.md?p=a-10), and the availability of [securities](/usc/15/78c.md?p=a-10) or purchasers or sellers of [securities](/usc/15/78c.md?p=a-10);
    - (B) furnishes analyses and reports concerning [issuers](/usc/15/78c.md?p=a-8), industries, [securities](/usc/15/78c.md?p=a-10), economic factors and trends, portfolio strategy, and the performance of accounts; or
    - (C) effects [securities](/usc/15/78c.md?p=a-10) transactions and performs functions incidental thereto (such as clearance, settlement, and custody) or required in connection therewith by rules of the [Commission](/usc/15/78c.md?p=a-15) or a [self-regulatory organization](/usc/15/78c.md?p=a-26) of which such [person](/usc/15/78c.md?p=a-9) is a [member](/usc/15/78c.md?p=a-3-A) or [person associated with a member](/usc/15/78c.md?p=a-21) or in which such [person](/usc/15/78c.md?p=a-9) is a [participant](/usc/15/78c.md?p=a-24).
  - (4) The provisions of this subsection shall not apply with regard to [securities](/usc/15/78c.md?p=a-10) that are [security futures products](/usc/15/78c.md?p=a-56).
- (f) **Limitations on remedies—**
  - (1) **Class action limitations—** No covered class action based upon the statutory or common law of any [State](/usc/15/78c.md?p=a-16) or subdivision thereof may be maintained in any [State](/usc/15/78c.md?p=a-16) or Federal court by any private party alleging—
    - (A) a misrepresentation or omission of a material fact in connection with the [purchase](/usc/15/78c.md?p=a-13) or sale of a covered [security](/usc/15/78c.md?p=a-10); or
    - (B) that the defendant used or employed any manipulative or deceptive [device](/usc/15/55.md?p=d) or contrivance in connection with the [purchase](/usc/15/78c.md?p=a-13) or sale of a covered [security](/usc/15/78c.md?p=a-10).
  - (2) **Removal of covered class actions—** Any covered class action brought in any [State](/usc/15/78c.md?p=a-16) court involving a covered [security](/usc/15/78c.md?p=a-10), as set forth in [paragraph (1)](#f-1), shall be removable to the Federal district court for the district in which the action is pending, and shall be subject to [paragraph (1)](#f-1).
  - (3) **Preservation of certain actions—**
    - (A) **Actions under State law of State of incorporation—**
      - (i) **Actions preserved—** Notwithstanding paragraph [(1)](#f-1) or [(2)](#f-2), a covered class action described in clause (ii) of this subparagraph that is based upon the statutory or common law of the [State](/usc/15/78c.md?p=a-16) in which the [issuer](/usc/15/78c.md?p=a-8) is incorporated (in the case of a corporation) or organized (in the case of any other entity) may be maintained in a [State](/usc/15/78c.md?p=a-16) or Federal court by a private party.
      - (ii) **Permissible actions—** A covered class action is described in this clause if it involves—
        - (I) the [purchase](/usc/15/78c.md?p=a-13) or sale of [securities](/usc/15/78c.md?p=a-10) by the [issuer](/usc/15/78c.md?p=a-8) or an affiliate of the [issuer](/usc/15/78c.md?p=a-8) exclusively from or to holders of [equity securities](/usc/15/78c.md?p=a-11) of the [issuer](/usc/15/78c.md?p=a-8); or
        - (II) any recommendation, position, or other communication with respect to the sale of [securities](/usc/15/78c.md?p=a-10) of an [issuer](/usc/15/78c.md?p=a-8) that—
          - (aa) is made by or on behalf of the [issuer](/usc/15/78c.md?p=a-8) or an affiliate of the [issuer](/usc/15/78c.md?p=a-8) to holders of [equity securities](/usc/15/78c.md?p=a-11) of the [issuer](/usc/15/78c.md?p=a-8); and
          - (bb) concerns decisions of such equity holders with respect to voting their [securities](/usc/15/78c.md?p=a-10), acting in response to a tender or [exchange](/usc/15/78c.md?p=a-1) offer, or exercising dissenters’ or appraisal rights.
    - (B) **State actions—**
      - (i) **In general—** Notwithstanding any other provision of this subsection, nothing in this subsection may be construed to preclude a [State](/usc/15/78c.md?p=a-16) or political subdivision thereof or a [State](/usc/15/78c.md?p=a-16) pension plan from bringing an action involving a covered [security](/usc/15/78c.md?p=a-10) on its own behalf, or as a [member](/usc/15/78c.md?p=a-3-A) of a class comprised solely of other [States](/usc/15/78c.md?p=a-16), political subdivisions, or [State](/usc/15/78c.md?p=a-16) pension plans that are named plaintiffs, and that have authorized participation, in such action.
      - (ii) **State pension plan defined—** For purposes of this subparagraph, the term “[State](/usc/15/78c.md?p=a-16) pension plan” means a pension plan established and maintained for its employees by the government of a [State](/usc/15/78c.md?p=a-16) or political subdivision thereof, or by any agency or instrumentality thereof.
    - (C) **Actions under contractual agreements between issuers and indenture trustees—** Notwithstanding paragraph [(1)](#f-1) or [(2)](#f-2), a covered class action that seeks to enforce a contractual [agreement](/usc/15/7a.md?p=2) between an [issuer](/usc/15/78c.md?p=a-8) and an indenture trustee may be maintained in a [State](/usc/15/78c.md?p=a-16) or Federal court by a party to the [agreement](/usc/15/7a.md?p=2) or a successor to such party.
    - (D) **Remand of removed actions—** In an action that has been removed from a [State](/usc/15/78c.md?p=a-16) court pursuant to [paragraph (2)](#f-2), if the Federal court determines that the action may be maintained in [State](/usc/15/78c.md?p=a-16) court pursuant to this subsection, the Federal court shall remand such action to such [State](/usc/15/78c.md?p=a-16) court.
  - (4) **Preservation of State jurisdiction—** The [securities](/usc/15/78c.md?p=a-10) [commission](/usc/15/78c.md?p=a-15) (or any agency or office performing like functions) of any [State](/usc/15/78c.md?p=a-16) shall retain jurisdiction under the laws of such [State](/usc/15/78c.md?p=a-16) to investigate and bring enforcement actions.
  - (5) **Definitions—** For purposes of this subsection, the following definitions shall apply:
    - (A) **Affiliate of the issuer—** The term “affiliate of the [issuer](/usc/15/78c.md?p=a-8)” means a [person](/usc/15/78c.md?p=a-9) that directly or indirectly, through one or more intermediaries, controls or is controlled by or is under common control with, the [issuer](/usc/15/78c.md?p=a-8).
    - (B) **Covered class action—** The term “covered class action” means—
      - (i) any single lawsuit in which—
        - (I) damages are sought on behalf of more than 50 [persons](/usc/15/78c.md?p=a-9) or prospective class [members](/usc/15/78c.md?p=a-3-A), and questions of law or fact common to those [persons](/usc/15/78c.md?p=a-9) or [members](/usc/15/78c.md?p=a-3-A) of the prospective class, without reference to issues of individualized reliance on an alleged misstatement or omission, predominate over any questions affecting only individual [persons](/usc/15/78c.md?p=a-9) or [members](/usc/15/78c.md?p=a-3-A); or
        - (II) one or more named parties seek to recover damages on a representative basis on behalf of themselves and other unnamed parties similarly situated, and questions of law or fact common to those [persons](/usc/15/78c.md?p=a-9) or [members](/usc/15/78c.md?p=a-3-A) of the prospective class predominate over any questions affecting only individual [persons](/usc/15/78c.md?p=a-9) or [members](/usc/15/78c.md?p=a-3-A); or
      - (ii) any group of lawsuits filed in or pending in the same court and involving common questions of law or fact, in which—
        - (I) damages are sought on behalf of more than 50 [persons](/usc/15/78c.md?p=a-9); and
        - (II) the lawsuits are joined, consolidated, or otherwise proceed as a single action for any purpose.
    - (C) **Exception for derivative actions—** Notwithstanding [subparagraph (B)](#f-5-B), the term “covered class action” does not include an exclusively derivative action brought by one or more shareholders on behalf of a corporation.
    - (D) **Counting of certain class members—** For purposes of this paragraph, a corporation, [investment company](/usc/15/78c.md?p=a-12-A-iii), pension plan, partnership, or other entity, shall be treated as one [person](/usc/15/78c.md?p=a-9) or prospective class [member](/usc/15/78c.md?p=a-3-A), but only if the entity is not established for the purpose of participating in the action.
    - (E) **Covered security—** The term “covered [security](/usc/15/78c.md?p=a-10)” means a [security](/usc/15/78c.md?p=a-10) that satisfies the standards for a covered [security](/usc/15/78c.md?p=a-10) specified in paragraph [(1)](/usc/15/18.md) or [(2)](/usc/15/18.md) of section 18(b) of the Securities Act of 1933 [[15 U.S.C. 77r(b)](/usc/15/77r.md?p=b)], at the time during which it is alleged that the misrepresentation, omission, or manipulative or deceptive conduct occurred, except that such term shall not include any debt [security](/usc/15/78c.md?p=a-10) that is exempt from registration under the Securities Act of 1933 [[15 U.S.C. 77a](/usc/15/77a.md) et seq.] pursuant to rules issued by the [Commission](/usc/15/78c.md?p=a-15) under [section 4(2)](/usc/15/4.md)[^1] of that Act [[15 U.S.C. 77d(a)(2)](/usc/15/77d.md?p=a-2)].
    - (F) **Rule of construction—** Nothing in this paragraph shall be construed to affect the discretion of a [State](/usc/15/78c.md?p=a-16) court in determining whether actions filed in such court should be joined, consolidated, or otherwise allowed to proceed as a single action.

## Footnotes

[^1]: See References in Text note below.

## Source credit

(June 6, 1934, ch. 404, title I, § 28, 48 Stat. 903; Pub. L. 94–29, § 21, June 4, 1975, 89 Stat. 160; Pub. L. 97–303, § 4, Oct. 13, 1982, 96 Stat. 1409; Pub. L. 100–181, title III, §§ 327–329, Dec. 4, 1987, 101 Stat. 1259; Pub. L. 104–290, title I, § 103(b), Oct. 11, 1996, 110 Stat. 3422; Pub. L. 105–353, title I, § 101(b)(1), Nov. 3, 1998, 112 Stat. 3230; Pub. L. 106–554, § 1(a)(5) [title II, §§ 203(a)(2), 210], Dec. 21, 2000, 114 Stat. 2763, 2763A–422, 2763A–436; Pub. L. 111–203, title VII, § 767, July 21, 2010, 124 Stat. 1799.)

## Notes

### Editorial Notes

### References in Text

This chapter, referred to in subsecs. (a) to (c) and (e), was in the original “this title”. See References in Text note set out under section 78a of this title.

The Securities Act of 1933, referred to in subsec. (f)(5)(E), is act May 27, 1933, ch. 38, title I, 48 Stat. 74, which is classified generally to subchapter I (§ 77a et seq.) of chapter 2A of this title. Section 4(2) of the Act was redesignated section 4(a)(2) by Pub. L. 112–106, title II, § 201(b)(1), (c)(1), Apr. 5, 2012, 126 Stat. 314, and is classified to section 77d(a)(2) of this title. For complete classification of this Act to the Code, see section 77a of this title and Tables.

### Amendments

2010—Subsec. (a). Pub. L. 111–203 amended subsec. (a) generally. Prior to amendment, subsec. (a) related to rights and remedies provided by this chapter and applicability of certain State securities laws.

2000—Subsec. (a). Pub. L. 106–554, § 1(a)(5) [title II, § 210], inserted “subject to this chapter” after “privilege, or other security”, substituted “any such security” for “any such instrument, if such instrument is traded pursuant to rules and regulations of a self-regulatory organization that are filed with the Commission pursuant to section 78s(b) of this title”, and inserted at end “No provision of State law regarding the offer, sale, or distribution of securities shall apply to any transaction in a security futures product, except that this sentence shall not be construed as limiting any State antifraud law of general applicability.”

Subsec. (e)(4). Pub. L. 106–554, § 1(a)(5) [title II, § 203(a)(2)], added par. (4).

1998—Subsec. (a). Pub. L. 105–353, § 101(b)(1)(A), substituted “Except as provided in subsection (f) of this section, the rights and remedies” for “The rights and remedies”.

Subsec. (f). Pub. L. 105–353, § 101(b)(1)(B), added subsec. (f).

1996—Subsec. (a). Pub. L. 104–290 substituted “Except as otherwise specifically provided in this chapter, nothing” for “Nothing”.

1987—Subsec. (c). Pub. L. 100–181, § 327, substituted “on” for “or” after “self-regulatory organization”.

Subsec. (d). Pub. L. 100–181, § 328, substituted “change in beneficial” for “change is beneficial”.

Subsec. (e)(1). Pub. L. 100–181, § 329, substituted “subsequent to the date of enactment of the Securities Acts Amendments of 1975” for “subsequent to the date of enactment of the Securities Acts Amendments in 1975”, which for purposes of codification was translated as “subsequent to June 4, 1975,” thus requiring no change in text.

1982—Subsec. (a). Pub. L. 97–303 inserted provision that no State law which prohibits or regulates the making or promoting of wagering or gaming contracts, or the operation of “bucket shops” or other similar or related activities, shall invalidate any put, call, straddle, option, privilege, or other security, or apply to any activity which is incidental or related to the offer, purchase, sale, exercise, settlement, or closeout of any such instrument, if such instrument is traded pursuant to rules and regulations of a self-regulatory organization that are filed with the Commission pursuant to section 78s(b) of this title.

1975—Subsec. (b). Pub. L. 94–29, § 21(1), struck out provisions that nothing in this chapter be construed to modify existing law with regard to the binding effect on any member of an exchange of any disciplinary action taken by the authorities of an exchange and made the remaining provisions applicable to all members of and participants in all self-regulatory organizations as well as municipal securities professionals.

Subsecs. (c) to (e). Pub. L. 94–29, § 21(2), added subsecs. (c) to (e).

### Statutory Notes and Related Subsidiaries

### Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle B (§§ 761–774) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle B, see section 774 of Pub. L. 111–203, set out as a note under section 77b of this title.

### Effective Date of 1998 Amendment

Amendment by Pub. L. 105–353 not to affect or apply to any action commenced before and pending on Nov. 3, 1998, see section 101(c) of Pub. L. 105–353, set out as a note under section 77p of this title.

### 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.

### 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.