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

# §78i. Manipulation of security prices

- (a) **Transactions relating to purchase or sale of security—** It shall be unlawful for any [person](/usc/15/78c.md?p=a-9), directly or indirectly, by the use of the mails or any means or instrumentality of [interstate commerce](/usc/15/78c.md?p=a-17), or of any [facility](/usc/15/78c.md?p=a-2) of any national [securities](/usc/15/78c.md?p=a-10) [exchange](/usc/15/78c.md?p=a-1), or for any [member](/usc/15/78c.md?p=a-3-A) of a national [securities](/usc/15/78c.md?p=a-10) [exchange](/usc/15/78c.md?p=a-1)—
  - (1) For the purpose of creating a false or misleading appearance of active trading in any [security](/usc/15/78c.md?p=a-10) other than a government [security](/usc/15/78c.md?p=a-10), or a false or misleading appearance with respect to the market for any such [security](/usc/15/78c.md?p=a-10), (A) to effect any transaction in such [security](/usc/15/78c.md?p=a-10) which involves no change in the beneficial ownership thereof, or (B) to enter an order or orders for the [purchase](/usc/15/78c.md?p=a-13) of such [security](/usc/15/78c.md?p=a-10) with the knowledge that an order or orders of substantially the same size, at substantially the same time, and at substantially the same price, for the sale of any such [security](/usc/15/78c.md?p=a-10), has been or will be entered by or for the same or different parties, or (C) to enter any order or orders for the sale of any such [security](/usc/15/78c.md?p=a-10) with the knowledge that an order or orders of substantially the same size, at substantially the same time, and at substantially the same price, for the [purchase](/usc/15/78c.md?p=a-13) of such [security](/usc/15/78c.md?p=a-10), has been or will be entered by or for the same or different parties.
  - (2) To effect, alone or with 1 or more other [persons](/usc/15/78c.md?p=a-9), a series of transactions in any [security](/usc/15/78c.md?p=a-10) registered on a national [securities](/usc/15/78c.md?p=a-10) [exchange](/usc/15/78c.md?p=a-1), any [security](/usc/15/78c.md?p=a-10) not so registered, or in connection with any [security-based swap](/usc/15/78c.md?p=a-68-A) or [security-based swap agreement](/usc/15/78c.md?p=a-78-A) with respect to such [security](/usc/15/78c.md?p=a-10) creating actual or apparent active trading in such [security](/usc/15/78c.md?p=a-10), or raising or depressing the price of such [security](/usc/15/78c.md?p=a-10), for the purpose of inducing the [purchase](/usc/15/78c.md?p=a-13) or sale of such [security](/usc/15/78c.md?p=a-10) by others.
  - (3) If a [dealer](/usc/15/78c.md?p=a-5-A), [broker](/usc/15/78c.md?p=a-4-A), [security-based swap dealer](/usc/15/78c.md?p=a-71-A), [major security-based swap participant](/usc/15/78c.md?p=a-67-A), or other [person](/usc/15/78c.md?p=a-9) selling or offering for sale or purchasing or offering to [purchase](/usc/15/78c.md?p=a-13) the [security](/usc/15/78c.md?p=a-10), a [security-based swap](/usc/15/78c.md?p=a-68-A), or a [security-based swap agreement](/usc/15/78c.md?p=a-78-A) with respect to such [security](/usc/15/78c.md?p=a-10), to induce the [purchase](/usc/15/78c.md?p=a-13) or sale of any [security](/usc/15/78c.md?p=a-10) registered on a national [securities](/usc/15/78c.md?p=a-10) [exchange](/usc/15/78c.md?p=a-1), any [security](/usc/15/78c.md?p=a-10) not so registered, any [security-based swap](/usc/15/78c.md?p=a-68-A), or any [security-based swap agreement](/usc/15/78c.md?p=a-78-A) with respect to such [security](/usc/15/78c.md?p=a-10) by the circulation or dissemination in the ordinary course of business of information to the effect that the price of any such [security](/usc/15/78c.md?p=a-10) will or is likely to rise or fall because of market operations of any 1 or more [persons](/usc/15/78c.md?p=a-9) conducted for the purpose of raising or depressing the price of such [security](/usc/15/78c.md?p=a-10).
  - (4) If a [dealer](/usc/15/78c.md?p=a-5-A), [broker](/usc/15/78c.md?p=a-4-A), [security-based swap dealer](/usc/15/78c.md?p=a-71-A), [major security-based swap participant](/usc/15/78c.md?p=a-67-A), or other [person](/usc/15/78c.md?p=a-9) selling or offering for sale or purchasing or offering to [purchase](/usc/15/78c.md?p=a-13) the [security](/usc/15/78c.md?p=a-10), a [security-based swap](/usc/15/78c.md?p=a-68-A), or [security-based swap agreement](/usc/15/78c.md?p=a-78-A) with respect to such [security](/usc/15/78c.md?p=a-10), to make, regarding any [security](/usc/15/78c.md?p=a-10) registered on a national [securities](/usc/15/78c.md?p=a-10) [exchange](/usc/15/78c.md?p=a-1), any [security](/usc/15/78c.md?p=a-10) not so registered, any [security-based swap](/usc/15/78c.md?p=a-68-A), or any [security-based swap agreement](/usc/15/78c.md?p=a-78-A) with respect to such [security](/usc/15/78c.md?p=a-10), for the purpose of inducing the [purchase](/usc/15/78c.md?p=a-13) or sale of such [security](/usc/15/78c.md?p=a-10), such [security-based swap](/usc/15/78c.md?p=a-68-A), or such [security-based swap agreement](/usc/15/78c.md?p=a-78-A) any statement which was at the time and in the light of the circumstances under which it was made, false or misleading with respect to any material fact, and which that [person](/usc/15/78c.md?p=a-9) knew or had reasonable ground to believe was so false or misleading.
  - (5) For a consideration, received directly or indirectly from a [broker](/usc/15/78c.md?p=a-4-A), [dealer](/usc/15/78c.md?p=a-5-A), [security-based swap dealer](/usc/15/78c.md?p=a-71-A), [major security-based swap participant](/usc/15/78c.md?p=a-67-A), or other [person](/usc/15/78c.md?p=a-9) selling or offering for sale or purchasing or offering to [purchase](/usc/15/78c.md?p=a-13) the [security](/usc/15/78c.md?p=a-10), a [security-based swap](/usc/15/78c.md?p=a-68-A), or [security-based swap agreement](/usc/15/78c.md?p=a-78-A) with respect to such [security](/usc/15/78c.md?p=a-10), to induce the [purchase](/usc/15/78c.md?p=a-13) of any [security](/usc/15/78c.md?p=a-10) registered on a national [securities](/usc/15/78c.md?p=a-10) [exchange](/usc/15/78c.md?p=a-1), any [security](/usc/15/78c.md?p=a-10) not so registered, any [security-based swap](/usc/15/78c.md?p=a-68-A), or any [security-based swap agreement](/usc/15/78c.md?p=a-78-A) with respect to such [security](/usc/15/78c.md?p=a-10) by the circulation or dissemination of information to the effect that the price of any such [security](/usc/15/78c.md?p=a-10) will or is likely to rise or fall because of the market operations of any 1 or more [persons](/usc/15/78c.md?p=a-9) conducted for the purpose of raising or depressing the price of such [security](/usc/15/78c.md?p=a-10).
  - (6) To effect either alone or with one or more other [persons](/usc/15/78c.md?p=a-9) any series of transactions for the [purchase](/usc/15/78c.md?p=a-13) and/or sale of any [security](/usc/15/78c.md?p=a-10) other than a government [security](/usc/15/78c.md?p=a-10) for the purpose of pegging, fixing, or stabilizing the price of such [security](/usc/15/78c.md?p=a-10) in contravention of such rules and regulations as the [Commission](/usc/15/78c.md?p=a-15) may prescribe as necessary or appropriate in the public interest or for the protection of investors.
- (b) **Transactions relating to puts, calls, straddles, options, futures, or security-based swaps—** It shall be unlawful for any [person](/usc/15/78c.md?p=a-9) to effect, in contravention of such rules and regulations as the [Commission](/usc/15/78c.md?p=a-15) may prescribe as necessary or appropriate in the public interest or for the protection of investors—
  - (1) any transaction in connection with any [security](/usc/15/78c.md?p=a-10) whereby any party to such transaction acquires—
    - (A) any put, call, straddle, or other option or privilege of buying the [security](/usc/15/78c.md?p=a-10) from or selling the [security](/usc/15/78c.md?p=a-10) to another without being bound to do so;
    - (B) any [security futures product](/usc/15/78c.md?p=a-56) on the [security](/usc/15/78c.md?p=a-10); or
    - (C) any [security-based swap](/usc/15/78c.md?p=a-68-A) involving the [security](/usc/15/78c.md?p=a-10) or the [issuer](/usc/15/78c.md?p=a-8) of the [security](/usc/15/78c.md?p=a-10);
  - (2) any transaction in connection with any [security](/usc/15/78c.md?p=a-10) with relation to which such [person](/usc/15/78c.md?p=a-9) has, directly or indirectly, any interest in any—
    - (A) such put, call, straddle, option, or privilege;
    - (B) such [security futures product](/usc/15/78c.md?p=a-56); or
    - (C) such [security-based swap](/usc/15/78c.md?p=a-68-A); or
  - (3) any transaction in any [security](/usc/15/78c.md?p=a-10) for the account of any [person](/usc/15/78c.md?p=a-9) who such [person](/usc/15/78c.md?p=a-9) has reason to believe has, and who actually has, directly or indirectly, any interest in any—
    - (A) such put, call, straddle, option, or privilege;
    - (B) such [security futures product](/usc/15/78c.md?p=a-56) with relation to such [security](/usc/15/78c.md?p=a-10); or
    - (C) any [security-based swap](/usc/15/78c.md?p=a-68-A) involving such [security](/usc/15/78c.md?p=a-10) or the [issuer](/usc/15/78c.md?p=a-8) of such [security](/usc/15/78c.md?p=a-10).
- (c) **Endorsement or guarantee of puts, calls, straddles, or options—** It shall be unlawful for any [broker](/usc/15/78c.md?p=a-4-A), [dealer](/usc/15/78c.md?p=a-5-A), or [member](/usc/15/78c.md?p=a-3-A) of a national [securities](/usc/15/78c.md?p=a-10) [exchange](/usc/15/78c.md?p=a-1) directly or indirectly to endorse or guarantee the performance of any put, call, straddle, option, or privilege in relation to any [security](/usc/15/78c.md?p=a-10) other than a government [security](/usc/15/78c.md?p=a-10), in contravention of such rules and regulations as the [Commission](/usc/15/78c.md?p=a-15) may prescribe as necessary or appropriate in the public interest or for the protection of investors.
- (d) **Transactions relating to short sales of securities—** It shall be unlawful for any [person](/usc/15/78c.md?p=a-9), directly or indirectly, by the use of the mails or any means or instrumentality of [interstate commerce](/usc/15/78c.md?p=a-17), or of any [facility](/usc/15/78c.md?p=a-2) of any national [securities](/usc/15/78c.md?p=a-10) [exchange](/usc/15/78c.md?p=a-1), or for any [member](/usc/15/78c.md?p=a-3-A) of a national [securities](/usc/15/78c.md?p=a-10) [exchange](/usc/15/78c.md?p=a-1) to effect, alone or with one or more other [persons](/usc/15/78c.md?p=a-9), a manipulative short sale of any [security](/usc/15/78c.md?p=a-10). The [Commission](/usc/15/78c.md?p=a-15) shall issue such other rules as are necessary or appropriate to ensure that the appropriate enforcement options and remedies are available for violations of this subsection in the public interest or for the protection of investors.
- (e) **Registered warrant, right, or convertible security not included in “put”, “call”, “straddle”, or “option”—** The terms “put”, “call”, “straddle”, “option”, or “privilege” as used in this section shall not include any registered warrant, right, or convertible [security](/usc/15/78c.md?p=a-10).
- (f) **Persons liable; suits at law or in equity—** Any [person](/usc/15/78c.md?p=a-9) who willfully participates in any act or transaction in violation of subsections [(a)](#a), [(b)](#b), or [(c)](#c) of this section, shall be liable to any [person](/usc/15/78c.md?p=a-9) who shall [purchase](/usc/15/78c.md?p=a-13) or [sell](/usc/15/78c.md?p=a-14) any [security](/usc/15/78c.md?p=a-10) at a price which was affected by such act or transaction, and the [person](/usc/15/78c.md?p=a-9) so injured may sue in law or in equity in any court of competent jurisdiction to recover the damages sustained as a result of any such act or transaction. In any such suit the court may, in its discretion, require an undertaking for the payment of the costs of such suit, and assess reasonable costs, including reasonable attorneys’ fees, against either party litigant. Every [person](/usc/15/78c.md?p=a-9) who becomes liable to make any payment under this subsection may recover contribution as in cases of contract from any [person](/usc/15/78c.md?p=a-9) who, if joined in the original suit, would have been liable to make the same payment. No action shall be maintained to enforce any liability created under this section, unless brought within one year after the discovery of the facts constituting the violation and within three years after such violation.
- (g) **Subsection (a) not applicable to exempted securities—** The provisions of [subsection (a)](#a) shall not apply to an [exempted security](/usc/15/78c.md?p=a-12-A).
- (h) **Foreign currencies and security futures products—**
  - (1) Notwithstanding any other provision of law, the [Commission](/usc/15/78c.md?p=a-15) shall have the authority to regulate the trading of any put, call, straddle, option, or privilege on any [security](/usc/15/78c.md?p=a-10), certificate of deposit, or group or [index](/usc/15/78c.md?p=a-68-E) of [securities](/usc/15/78c.md?p=a-10) (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national [securities](/usc/15/78c.md?p=a-10) [exchange](/usc/15/78c.md?p=a-1) relating to foreign currency (but not, with respect to any of the foregoing, an option on a contract for future delivery other than a [security futures product](/usc/15/78c.md?p=a-56)).
  - (2) Notwithstanding the Commodity Exchange Act [[7 U.S.C. 1](/usc/7/1.md) et seq.], the [Commission](/usc/15/78c.md?p=a-15) shall have the authority to regulate the trading of any [security futures product](/usc/15/78c.md?p=a-56) to the extent provided in the [securities laws](/usc/15/78c.md?p=a-47).
- (i) **Limitations on practices that affect market volatility—** It shall be unlawful for any [person](/usc/15/78c.md?p=a-9), by the use of the mails or any means or instrumentality of [interstate commerce](/usc/15/78c.md?p=a-17) or of any [facility](/usc/15/78c.md?p=a-2) of any national [securities](/usc/15/78c.md?p=a-10) [exchange](/usc/15/78c.md?p=a-1), to use or employ any act or practice in connection with the [purchase](/usc/15/78c.md?p=a-13) or sale of any [equity security](/usc/15/78c.md?p=a-11) in contravention of such rules or regulations as the [Commission](/usc/15/78c.md?p=a-15) may adopt, consistent with the public interest, the protection of investors, and the maintenance of fair and orderly markets—
  - (1) to prescribe means reasonably designed to prevent manipulation of price levels of the [equity securities](/usc/15/78c.md?p=a-11) market or a substantial segment thereof; and
  - (2) to prohibit or constrain, during periods of extraordinary market volatility, any trading practice in connection with the [purchase](/usc/15/78c.md?p=a-13) or sale of [equity securities](/usc/15/78c.md?p=a-11) that the [Commission](/usc/15/78c.md?p=a-15) determines (A) has previously contributed significantly to extraordinary levels of volatility that have threatened the maintenance of fair and orderly markets; and (B) is reasonably certain to engender such levels of volatility if not prohibited or constrained.

  In adopting rules under [paragraph (2)](#i-2), the [Commission](/usc/15/78c.md?p=a-15) shall, consistent with the purposes of this subsection, minimize the impact on the normal operations of the market and a natural [person](/usc/15/78c.md?p=a-9)’s freedom to buy or [sell](/usc/15/78c.md?p=a-14) any [equity security](/usc/15/78c.md?p=a-11).

- (j) **1 Limitation on Commission authority—** The authority of the [Commission](/usc/15/78c.md?p=a-15) under this section with respect to [security-based swap agreements](/usc/15/78c.md?p=a-78-A) shall be subject to the restrictions and limitations of [section 78c–1(b) of this title](/usc/15/78c–1.md?p=b).
- (j) **1 Regulations relating to security-based swaps—** It shall be unlawful for any [person](/usc/15/78c.md?p=a-9), directly or indirectly, by the use of any means or instrumentality of [interstate commerce](/usc/15/78c.md?p=a-17) or of the mails, or of any [facility](/usc/15/78c.md?p=a-2) of any national [securities](/usc/15/78c.md?p=a-10) [exchange](/usc/15/78c.md?p=a-1), to effect any transaction in, or to induce or attempt to induce the [purchase](/usc/15/78c.md?p=a-13) or sale of, any [security-based swap](/usc/15/78c.md?p=a-68-A), in connection with which such [person](/usc/15/78c.md?p=a-9) engages in any fraudulent, deceptive, or manipulative act or practice, makes any fictitious quotation, or engages in any transaction, practice, or course of business which operates as a fraud or deceit upon any [person](/usc/15/78c.md?p=a-9). The [Commission](/usc/15/78c.md?p=a-15) shall, for the purposes of this subsection, by rules and regulations define, and prescribe means reasonably designed to prevent, such transactions, acts, practices, and courses of business as are fraudulent, deceptive, or manipulative, and such quotations as are fictitious.

## Footnotes

[^1]: So in original. Two subsecs. (j) have been enacted.

## Source credit

(June 6, 1934, ch. 404, title I, § 9, 48 Stat. 889; Pub. L. 97–303, § 3, Oct. 13, 1982, 96 Stat. 1409; Pub. L. 101–432, § 6(a), Oct. 16, 1990, 104 Stat. 975; Pub. L. 106–554, § 1(a)(5) [title II, § 205(a)(1), (2), title III, § 303(b), (c)], Dec. 21, 2000, 114 Stat. 2763, 2763A–425, 2763A–426, 2763A–453, 2763A–454; Pub. L. 111–203, title VII, §§ 762(d)(2), 763(f), (g), title IX, §§ 929L(1), 929X(b), July 21, 2010, 124 Stat. 1760, 1777, 1861, 1870.)

## Notes

### Editorial Notes

### References in Text

The Commodity Exchange Act, referred to in subsec. (h)(2), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, which is classified generally to chapter 1 (§ 1 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 1 of Title 7 and Tables.

### Amendments

2010—Subsec. (a). Pub. L. 111–203, § 929L(1)(A), substituted “other than a government security” for “registered on a national securities exchange” wherever appearing.

Subsec. (a)(2) to (5). Pub. L. 111–203, § 762(d)(2)(A), added pars. (2) to (5) and struck out former pars. (2) to (5) which prohibited certain actions in the purchase or sale of a security or a security-based swap agreement, such as making false or misleading statements or creating conditions to raise or depress the price of such security.

Subsec. (b). Pub. L. 111–203, § 929L(1)(B), struck out “by use of any facility of a national securities exchange,” after “effect,” in introductory provisions.

Subsec. (b)(1) to (3). Pub. L. 111–203, § 763(f), added pars. (1) to (3) and struck out former pars. (1) to (3) which read as follows:

“(1) any transaction in connection with any security whereby any party to such transaction acquires (A) any put, call, straddle, or other option or privilege of buying the security from or selling the security to another without being bound to do so; or (B) any security futures product on the security; or

“(2) any transaction in connection with any security with relation to which he has, directly or indirectly, any interest in any (A) such put, call, straddle, option, or privilege; or (B) such security futures product; or

“(3) any transaction in any security for the account of any person who he has reason to believe has, and who actually has, directly or indirectly, any interest in any (A) such put, call, straddle, option, or privilege; or (B) such security futures product with relation to such security.”

Subsec. (c). Pub. L. 111–203, § 929L(1)(C), inserted “broker, dealer, or” after “unlawful for any”.

Pub. L. 111–203, § 929L(1)(A), substituted “other than a government security” for “registered on a national securities exchange”.

Subsecs. (d) to (i). Pub. L. 111–203, § 929X(b), added subsec. (d) and redesignated former subsecs. (d) to (h) as (e) to (i), respectively. Former subsec. (i), relating to limitation on Commission authority, redesignated (j).

Subsec. (j). Pub. L. 111–203, § 929X(b)(1), redesignated subsec. (i), relating to limitation on Commission authority, as (j).

Pub. L. 111–203, § 763(g), added subsec. (j) relating to regulations relating to security-based swaps.

Pub. L. 111–203, § 762(d)(2)(B), which directed amendment of subsec. (i) by striking out “(as defined in section 206B of the Gramm-Leach-Bliley Act)”, was executed by making the strike out after “security-based swap agreements” in subsec. (j) relating to limitation on Commission authority, to reflect the probable intent of Congress and the redesignation of subsec. (i) as (j) by Pub. L. 111–203, § 929X(b)(1). See above and Effective Date of 2010 Amendment notes below.

2000—Subsec. (a)(2) to (5). Pub. L. 106–554, § 1(a)(5) [title III, § 303(b)], amended pars. (2) to (5) generally. Prior to amendment, pars. (2) to (5) read as follows:

“(2) To effect, alone or with one or more other persons, a series of transactions in any security registered on a national securities exchange creating actual or apparent active trading in such security or raising or depressing the price of such security, for the purpose of inducing the purchase or sale of such security by others.

“(3) If a dealer or broker, or other person selling or offering for sale or purchasing or offering to purchase the security, to induce the purchase or sale of any security registered on a national securities exchange by the circulation or dissemination in the ordinary course of business of information to the effect that the price of any such security will or is likely to rise or fall because of market operations of any one or more persons conducted for the purpose of raising or depressing the prices of such security.

“(4) If a dealer or broker, or other person selling or offering for sale or purchasing or offering to purchase the security, to make, regarding any security registered on a national securities exchange, for the purpose of inducing the purchase or sale of such security, any statement which was at the time and in the light of the circumstances under which it was made, false or misleading with respect to any material fact, and which he knew or had reasonable ground to believe was so false or misleading.

“(5) For a consideration, received directly or indirectly from a dealer or broker, or other person selling or offering for sale or purchasing or offering to purchase the security, to induce the purchase or sale of any security registered on a national securities exchange by the circulation or dissemination of information to the effect that the price of any such security will or is likely to rise or fall because of the market operations of any one or more persons conducted for the purpose of raising or depressing the price of such security.”

Subsec. (b)(1). Pub. L. 106–554, § 1(a)(5) [title II, § 205(a)(1)(A)], inserted “(A)” after “acquires” and substituted “; or (B) any security futures product on the security; or” for “; or”.

Subsec. (b)(2). Pub. L. 106–554, § 1(a)(5) [title II, § 205(a)(1)(B)], inserted “(A)” after “interest in any” and substituted “; or (B) such security futures product; or” for “; or”.

Subsec. (b)(3). Pub. L. 106–554, § 1(a)(5) [title II, § 205(a)(1)(C)], inserted “(A)” after “interest in any” and “; or (B) such security futures product” after “privilege”.

Subsec. (g). Pub. L. 106–554, § 1(a)(5) [title II, § 205(a)(2)], designated existing provisions as par. (1), inserted “other than a security futures product” after “future delivery”, and added par. (2).

Subsec. (i). Pub. L. 106–554, § 1(a)(5) [title III, § 303(c)], added subsec. (i).

1990—Subsec. (h). Pub. L. 101–432 added subsec. (h).

1982—Subsec. (f). Pub. L. 97–303, § 3(1), substituted “The provisions of subsection (a) shall not apply” for “The provisions of this section shall not apply”.

Subsec. (g). Pub. L. 97–303, § 3(2), added subsec. (g).

### Statutory Notes and Related Subsidiaries

### Effective Date of 2010 Amendment

Amendment by sections 929L(1) and 929X(b) of Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 Title 12, Banks and Banking.

Amendment by sections 762(d)(2) and 763(f), (g) of 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.

### 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.