- published: 06 Jun 2013
- views: 357
The Securities Investor Protection Corporation (SIPC /ˈsɪpᵻk/) is a federally mandated, non-profit, member-funded, United States corporation created under the Securities Investor Protection Act (SIPA) of 1970 and mandates membership of most US-registered broker-dealers. It is not a Self-regulatory organization (SRO). "The SIPC fund, which constitutes an insurance program, is designed to protect the customers of brokers or dealers subject to the SIPA from loss in case of financial failure of the member. The fund is supported by assessments upon its members. If the fund should become inadequate, the SIPA authorizes borrowing against the U.S. Treasury. An analogy could be made to the role of the Federal Deposit Insurance Corporation (FDIC) in the banking industry."
SIPC is required to report to, and be overseen by, the Securities and Exchange Commission. "Pursuant to SIPA, the Commission also has delegated authority to conduct inspections of SIPC, review SIPC annual reports, and approve SIPC’s bylaws, rules, and any amendments to the bylaws and rules." As the SIPC states on its website, "Though created by the Securities Investor Protection Act (15 U.S.C. § 78aaa et seq., as amended), SIPC is neither a government agency nor a regulatory authority. It is a nonprofit, membership corporation, funded by its member securities broker-dealers."
Strange days indeed
different lies, different whys
Strange days indeed
different views, different news
There once was a time
when the future was bright
and dreams of the world
were cosmopolite
Where only rockets fly
into the great wide open sky
reaching to the highest high
you're not alone
Those were the days
neon light, black & white
Those were the days
No gravity, no misery
But now it's not too late
no need to loose the faith
The world is here for you
Let's change it to something new
Where only rockets fly
into the great wide open sky
reaching to the highest high