Securities Investor Protection Act Amendments of 1978

[AI summary unavailable — showing source text] Securities Investor Protection Act Amendments - Amends the Securities Investor Protection Act of 1970 to exclude from membership in the Securities Investor Protection Corporation (SIPC) those persons whose head office is located, and whose principal business is conducted, outside the United States. Grants additional power to adopt, amend, or repeal rules and bylaws of the Corporation to its Board of Directors. Revises the procedure for the promulgation of rules by the Securities Exchange Commission as filed by the Corporation. Authorizes the Securities Investor Protection Corporation to maintain confirmed lines of credit outside of the balance of its Fund, but allows disbursement of amounts received from such lines of credit as though they were a part of the Fund. Makes changes in the borrowing authority of the Corporation and in the definition of "gross revenues. Authorizes self-regulatory organizations to take such actions in liquidation proceedings instituted by brokers or dealers in securities as they deem appropriate to protect the interests of customers of such broker or dealer. Authorizes a court of competent jurisdiction to issue a protective decree if it finds the debtor t…