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SEPARABILITY OF PROVISIONS SEC. 219. [806–19] If any provision of this title or the application of such provision to any person or circumstances shall be held invalid, the remainder of the title and the application of such provision to persons or circumstances other than those as to which it is held invalid shall not be affected thereby.

SHORT TITLE

SEC. 220. [806–20] This title may be cited as the “Investment Advisers Act of 1940".

EFFECTIVE DATE SEC. 221. (80b-21) This title shall become effective on November 1, 1940.

STATE CONTROL OF INVESTMENT ADVISERS

SEC. 222. [806–18a] Nothing in this title shall affect the jurisdiction of the securities commissioner (or any agency or officer performing like functions) of any State over any security or any person insofar as it does not conflict with the provisions of this title or the rules and regulations thereunder.

SECURITIES INVESTOR PROTECTION ACT OF 1970

SECURITIES INVESTOR PROTECTION ACT OF 1970

(References in brackets ( ) are to title 15, United States Code) AN ACT to provide greater protection for customers of registered brokers and

dealers and members of national securities exchanges. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. [78aaa) SHORT TITLE, ETC.

(a) SHORT TITLE; TABLE OF CONTENTS.—This Act, with the following table of contents, may be cited as the “Securities Investor Protection Act of 1970”.

TABLE OF CONTENTS
Sec. 1. Short title.
Sec. 2. Application of Securities Exchange Act of 1934.
Sec. 3. Securities Investor Protection Corporation.
Sec. 4. SIPC Fund.
Sec. 5. Protection of customers.
Sec. 6. General provisions of a liquidation proceeding.
Sec. 7. Powers and duties of trustee.
Sec. 8. Special provisions of a liquidation proceeding.
Sec. 9. SIPC advances.
Sec. 10. Direct payment procedure.
Sec. 11. SEC functions.
Sec. 12. Examining authority functions.
Sec. 13. Functions of self-regulatory organizations.
Sec. 14. Prohibited acts.
Sec. 15. Miscellaneous provisions.
Sec. 16. Definitions.

(b) SECTION HEADINGS.-Headings for sections and subsections, and the table of contents, are included only for convenience, and shall be given no legal effect. SEC. 2. [78bbb) APPLICATION OF SECURITIES EXCHANGE ACT OF 1934.

Except as otherwise provided in this Act, the provisions of the Securities Exchange Act of 1934 (15 U.S.C., sec. 78a and fol.; hereinafter referred to as the “1934 Act”) apply as if this Act constituted an amendment to, and was included as a section of, such Act. SEC. 3. (78ccc) SECURITIES INVESTOR PROTECTION CORPORATION. (a) CREATION AND MEMBERSHIP.

(1) CREATION.—There is hereby established a body corporate to be known as the “Securities Investor Protection Corporation” (hereafter in this Act referred to as "SIPC”). SIPC shall be a nonprofit corporation and shall have succession until dissolved by Act of the Congress. SIPC shall

(A) not be an agency or establishment of the United States Government; and

(B) except as otherwise provided in this Act, be subject to, and have all the powers conferred upon a nonprofit cor

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