---
kind: "section"
citation: "15 U.S.C. § 78d–1"
title: "15"
title_heading: "Commerce and Trade"
number: "78d–1"
heading: "Delegation of functions by Commission"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/78d-1"
units:
  - "Chapter 2B — Securities Exchanges"
---

# §78d–1. Delegation of functions by Commission

- (a) **Authorization; functions delegable; eligible persons; application of other laws—** In addition to its existing authority, the [Securities](/usc/15/78c.md?p=a-10) and [Exchange](/usc/15/78c.md?p=a-1) [Commission](/usc/15/78c.md?p=a-15) shall have the authority to delegate, by published order or rule, any of its functions to a division of the [Commission](/usc/15/78c.md?p=a-15), an individual Commissioner, an administrative law judge, or an employee or employee [board](/usc/15/78c.md?p=a-73), including functions with respect to hearing, determining, ordering, certifying, reporting, or otherwise acting as to any work, business, or matter. Nothing in this section shall be deemed to supersede the provisions of [section 556(b) of title 5](/usc/5/556.md?p=b), or to authorize the delegation of the function of rulemaking as defined in subchapter II of [chapter 5](/usc/5/chptI/ch5.md) of title 5, with reference to general rules as distinguished from rules of particular applicability, or of the making of any rule pursuant to [section 78s(c) of this title](/usc/15/78s.md?p=c).
- (b) **Right of review; procedure—** With respect to the delegation of any of its functions, as provided in [subsection (a)](#a) of this section, the [Commission](/usc/15/78c.md?p=a-15) shall retain a discretionary right to review the action of any such division of the [Commission](/usc/15/78c.md?p=a-15), individual Commissioner, administrative law judge, employee, or employee [board](/usc/15/78c.md?p=a-73), upon its own initiative or upon petition of a party to or intervenor in such action, within such time and in such manner as the [Commission](/usc/15/78c.md?p=a-15) by rule shall prescribe. The vote of one [member](/usc/15/78c.md?p=a-3-A) of the [Commission](/usc/15/78c.md?p=a-15) shall be sufficient to bring any such action before the [Commission](/usc/15/78c.md?p=a-15) for review. A [person](/usc/15/78c.md?p=a-9) or party shall be entitled to review by the [Commission](/usc/15/78c.md?p=a-15) if he or it is adversely affected by action at a delegated level which (1) denies any request for action pursuant to [section 77h(a)](/usc/15/77h.md?p=a) or [section 77h(c) of this title](/usc/15/77h.md?p=c) or the first sentence of [section 78l(d)](/usc/15/78l.md?p=d) of this title; (2) suspends trading in a [security](/usc/15/78c.md?p=a-10) pursuant to [section 78l(k)](/usc/15/78l.md?p=k) of this title; or (3) is pursuant to any provision of this chapter in a case of adjudication, as defined in [section 551 of title 5](/usc/5/551.md), not required by this chapter to be determined on the record after notice and opportunity for hearing (except to the extent there is involved a matter described in [section 554(a)(1)](/usc/5/554.md?p=a-1) through (6) of such [title 5](/usc/5.md)).
- (c) **Finality of delegated action—** If the right to exercise such review is declined, or if no such review is sought within the time stated in the rules promulgated by the [Commission](/usc/15/78c.md?p=a-15), then the action of any such division of the [Commission](/usc/15/78c.md?p=a-15), individual Commissioner, administrative law judge, employee, or employee [board](/usc/15/78c.md?p=a-73), shall, for all purposes, including appeal or review thereof, be deemed the action of the [Commission](/usc/15/78c.md?p=a-15).

## Source credit

(June 6, 1934, ch. 404, title I, § 4A, as added Pub. L. 100–181, title III, § 308(a), Dec. 4, 1987, 101 Stat. 1254.)

## Notes

### Editorial Notes

### Prior Provisions

A prior section 78d–1, Pub. L. 87–592, § 1, Aug. 20, 1962, 76 Stat. 394; Pub. L. 94–29, § 25, June 4, 1975, 89 Stat. 163; Pub. L. 95–251, § 2(a)(4), Mar. 27, 1978, 92 Stat. 183, provided for subject matter similar to the provisions comprising this section, prior to repeal by section 308(b) of Pub. L. 100–181.