Laws relating to Securities Commission, exchanges and holding companies (with indices)

목차 (Table of Contents)

• CONTENTS
• Public, No. 22­73d Cong., Approved May 26, 1933
• TITLE Ⅰ SECURITIES ACT OF 1933
• 1. Short title = 1
• 2. Definitions = 1
• （1） Security = 1, 51
• （2） Person = 1
• （3） Sale, sell, offer to sell, ofier for sale = 1
• （4） Issuer = 2, 51
• （5） Commission = 2, 28
• （6） Territory = 2
• （7） Interstate Commerce = 2
• （8） Registration statement = 2
• （9） Write or written = 2
• （10） Prospectus = 2, 52
• （11） Underwriter = 2
• （12） Dealer = 8
• 3. Exempted Securities = 8
• （a）
• （1） Offerings prior to or within 60 days after enactment of this title = 3
• （2） Government and bank obligations = 3, 52
• （3） Short­term paper = 3
• （4） Issues by eleemosynary institutions = 3, 52
• （5） Securities of building and loan associations = 3
• （6） Issues by common carriers = 4, 56
• （7） Receivers' or trustees' certificates = 4
• （8） Insurance or endowment policies(Additional subsections added in Title Ⅱ of Public, No. 291－73d Cong., see p. 52) = 4
• （b） Power of Commission to exempt additional classes of securities = 4
• 4. Exempted transactions = 4
• （1） Transactions by persons other than an issuer or dealer = 4, 53
• （2） Brokers' transactions = 4
• （3） Exclusive exchange of securities with existing security holders = 4, 53
• 5. Prohibitions Relating to Interstate Commerce and the Mails = 5
• （a） Restriction prior to registration = 5
• （b） Restriction on transmission of prospectus = 5
• （c） Inapplicability of Section to securities sold in a single State or Territory = 5, 53
• 6. Registration of Securities and Signing of Registration Statement = 5
• （a） Filing and signing = 5
• （b） Filing fee = 6
• （c） Actual time of filing and form of payment required = 6
• （d） Publicity of information filed and its availability for purchase = 6
• 7. Information Required in Registration Statement = 6
• 8. Taking Effect of Registration Statements and Amendments thereto = 7
• （a） Effective date of statements = 7, 272
• （b） Refusal orders = 7
• （c） Effective date of post­effective amendments = 7
• （d） Stop order and basis for issuance = 7
• （e） Examinations to determine whether stop order should Issue under subsection （d） = 7
• （f） Notices = 8
• 9. Court Review of Orders = 8
• （a） Persons entitled to obtain review = 8
• （b） Effect of proceedings under subsection （a） = 8
• 10. Information Required in Prospectus = 9
• （a） Similarity to registration statement = 9
• （b） When necessary to revise prospectus = 9, 53
• （c） Manner of presentation of information = 9
• （d） Prospectus consisting of radio broadcast = 9
• 11. Civil Liabilities on Account of False Registration Statement = 9
• （a） Persons against whom suits may be brought = 9, 53
• （b） Burden of proof = 10, 53
• （c） Reasonable investigation and reasonable ground for belief = 11, 53
• （d） Liability of underwriter becoming such after registration = 11
• （e） Nature of suit = 11, 54
• （f） Joint and several liability = 11
• （g） Amount recoverable = 12
• 12. Civil Liabilities Arising in Connection with Prospectus and Communications = 12
• 13. Limitation of Actions = 12, 15
• 14. Contrary Stipulations Void = 12
• 15. Liability of Controlling Persons = 12, 54
• 16. Additional Remedies = 13
• 17. Fraudulent Interstate Transactions = 13
• 18. State Control of Securities = 13
• 19. Special Powers of Commission = 13
• （a） Rules, regulations and forms = 13, 55
• （b） Subpena power = 14
• 20. Injunctions and Prosecution of Offenses = 14
• （a） Filing statement­investigations = 14
• （b） Injunctions­criminal proceedings = 14
• （c） Mandamus writs = 14
• 21. Hearings by Commission = 15
• 22. Jurisdiction of Offenses and Suits = 15
• （a） Courts having jurisdiction = 15
• （b） Contumacy or refusal to obey subpena = 15
• （c） Privilege against self­incrimination = 15
• 23. Unlawful Representations = 15
• 24. Penalties = 16
• 25. Jurisdiction of Other Government Agencies Over Securities = 16
• 26. Separability of Provisions = 16
• Schedule A
• Relating to security issues other than those of a foreign government or political subdivision thereof = 16
• Schedule B
• Securities of a borrowing government or subdivision thereof = 20
• TITLE Ⅱ. CORPORATION OF FOREIGN BONDHOLDERS ACT, 1933 Approved May 27, 1933, Effective upon Proclamation of President
• 201. Creation of "Corporation of Foreign Security Holders" = 21
• 202. Management Vested in Six Directors = 21
• 203. Powers of Corporation = 22
• 204. Powers of Managing Board = 23
• 205. Accounts of Corporation = 23
• 206. Annual Reporta of Corporation = 24
• 207. Discretionary Levy of Charges = 24
• 208. Receipt of Subscriptions = 24
• 209. Reconstruction Finance Corporation Loan = 24
• 210. Prohibitions Against Interference With Department of State or U. S. Government = 24
• 211. Effective Date = 24
• 212. Short Title = 24
• Public, No. 291­73d Cong.­Securities Exchange Act of 1934, Approved June 6, 1934 To provide for the regulation of securities exchanges and of over­the­counter markets operating In Interstate and foreign commerce and through the mails, to prevent Inequitable and unfair practices on such exchanges and markets, and for other purposes.
• TITLE Ⅰ REGULATION OT SECURITIBS EXCHANGES
• 1. Short Title = 25
• 2. Necessity for Regulation as Provided in this Title = 25
• Reasons for National Public Interest = 25
• (1) Use of mails and interstate commerce = 25
• (2) Effect of prices on certain taxes owing to the United States and the States and on the value of collateral loans = 25
• (3) Effect of prices on expansion, appraisal and national banking system = 26
• （4）Affect on the general welfare and national credit = 26
• 3. Definitions and Application of Title = 26
• （a） Definitions :
• （1） Exchange = 26
• （2） Facility = 26
• （3） Member = 26
• （4） Broker = 26
• （5） Dealer = 27
• （6） Bank = 27
• （7） Director = 27
• （8） Issuer = 27
• （9） Person = 27
• （10） Security = 27
• （11） Equity Security = 27
• （12） Exempted Security or Exempted Securities = 28
• （13） Buy and Purchase = 28
• （14） Sale and Sell = 28
• （15） Commission = 28
• （16） State = 28
• （17） Interstate commerce = 28
• （b） Commission and Federal Reserve Board Powers = 28
• （c） Applicability of Act to Governmental Departments and Agencies = 28
• 4. Securities and Exchange Commission = 29
• （a） Establishment of Commission membership, restriction on activities, compensation and term of office = 29
• （b） Appointment and compensation of certain employees = 29
• 5. Transactions on Unregistered Exchanges = 29
• Restriction against use of mails or channels of interstate commerce in transactions on unregistered or nonexempted exchanges = 29
• 6. Registration of National Securities Exchanges = 29
• （a） Registration statement of exchange = 29
• （1） Agreement of exchange = 30
• （2） Organization data, rules and membership = 30
• （3） Copies of rules of the exchange = 30
• （4） Agreement to furnish copy of amendments to rules of the exchange = 30
• （b） Requirement that rules of the exchange provide for expulsion, suspension, or discipline = 30
• （c） Adoption of rules of exchange which are not Inconsistent with Act or State law = 30
• （d） Commission to register applicant exchanges when such exchange is, organized to comply with Act and rules and regulations = 30
• （e） Order granting or denying application, when the filing and amendments to application take place = 30
• （f） Exchange may withdraw application = 30
• 7. Margin Requirements = 31
• （a） Prescription, of requirements for credit by Federal Reserve Board ； initial extension = 31
• （b） Federal Reserve Board may vary margin requirements = 31
• （c） Restriction on extension or maintenance of credit by exchange members, brokers and dealers = 31
• （d） Restriction on loans by persons other than exchange members, brokers and dealers = 32
• （e） Effective date of rules and regulations regarding margin require－ments for loans = 32
• 8. Restrictions on Borrowing by Members, Brokers and Dealers = 32
• （a） Restriction on borrowing by exchange members, brokers and dealers = 32
• （b） Amount of net capital of exchange member, broker and dealer which may be loaned = 33
• （c） Prohibition against hypothecation of customers' securities or commingling securities = 33
• （d） Prohibition against lending of customers' securities without written consent = 33
• 9. Prohibition against Manipulation of Security Prices = 33
• （a） Those restricted = 33
• （1） Unlawful to create false or misleading appearance of active trading = 33
• （2） Raising or depressing price of security = 34
• （3） Dissemination of information to effect rise or fall or price of security = 34
• （4） Making false or misleading statements to induce purchase or sale of security = 34
• （5） Dissemination of information for consideration from seller or purchaser to affect price of security = 34
• （6） Pegging, fixing or stabilizing price of security = 34
• （b） Put, call, straddle or option in contravention of Commission rules and regulations = 34
• （c） Endorsement or guarantee of put, call, straddle, option or privilege relating to security = 35
• （d） Inapplicability of term "put," "call," "straddle," "option," or "privilege" to registered warrant, right, or convertible security = 35
• （e） Right of action for violations of section = 35
• （f） Section inapplicable to exempted security = 35
• 10. Regulation of the Use of Manipulative and Deceptive Devices = 35
• （a） Restriction against short sales and stop­loss orders = 35
• （b） Restriction against manipulation or deceptive device or contrivance in contravention of Commission rules and regulations = 35
• 11. Segregation and Limitation of Functions of Members, Brokers, and Dealers = 36
• （a） Power of Commission to prescribe rules and regulations regarding floor trading and excessive trading on exchanges, exemptions = 36
• （b） Registration of members as odd lot dealers, specialist, disclosure of information regarding orders placed as specialist ； limitation on transactions by specialist acting as broker = 36
• （c） Exchange applications for exemption from Section 11 = 36
• （d） Restriction regarding transactions by broker­dealer extending or maintaining credit on security distributed within 6 months, or transactions without written disclosure to customer of capacity as broker or dealer = 37
• （e） Consideration by Commission and report of study of segregation of functions of broker and dealer = 37
• 12. Registration Requirements for Securities = 37
• （a） Prohibition against transactions in unregistered securities = 37
• （b） Filing of application for registration = 37
• （1） Information required in registration statement = 37
• （2） Documents required as part of registration statement = 38
• （c） Other information which may be required by Commission = 38
• （d） Time when : registration statement becomes effective ； withdrawal or striking from listing ； registration of unissued securities = 38
• （e） Commission may permit registration of securities until July 1, 1935, without compliance with section 12 = 39
• （f） Study, report and recommendations by Commission on trading in unlisted securities and authority for making regulations for continuance and existence of unlisted trading privileges = 39,124
• 13. Periodical and Other Reports
• （a） Filing by issuers of information, documents and reports with exchanges and Commission = 39
• （b） Commission may prescribe forms of annual reports = 39
• （c） Commission may require comparable reports for a specified clasa or classes of issuers when reports under subsection （a） are inapplicable = 40
• 14. Proxies
• （a） Prohibition against solicitation of proxies in contravention of rules prescribed by Commission = 40
• （b） Prohibition against exchange members, brokers and dealers giving proxy on customer's security in contravention of Commission rules and regulations = 40
• 15. Over­the­Counter Markets（Additional sec. 15A added to this statute by Act of June 25, 1938 ； see p. 156.） = 41, 126­128
• 16. Directors, Officers, and Principal Stockholders
• （a） Filing of statements of ownership in equity securities by officers, directors and 10 percent stockholders = 41
• （b） Recovery of profits by issuer from certain persons on purchase and sale of issuer's securities within six months = 41
• （c） Prohibition against the sale of equity securities, without ownership or delivery in specified time = 42
• （d） Inapplicability of Section 16 to foreign or domestic arbitrage transactions = 42
• 17. Accounts and Records, Reports, Examinations of Exchanges, Members, and Others = 42
• （a） Commission may prescribe rules and regulations for accounts and records and making reports by exchange, members, brokers and dealers ； examination by Commission of such accounts and records = 42, 129, 163
• （b） Reports to Federal Reserve Board by brokers, dealers or other person extending credit ； inspection by Board = 42
• 18. Liability for Misleading Statements
• （a） Nature of liability, undertaking forecasts = 43, 129
• （b） Persons becoming liable may obtain contribution = 43
• （c） Limitation on time within which actions may be brought = 43
• 19. Powers with Respect to Exchanges and Securities = 43
• （a） Commission may take such action as in its opinion may be necessary or appropriate for investors' protection = 43
• （1） Suspension or withdrawal of registration of exchange = 43
• （2） Suspension or withdrawal of securities = 43
• （3） Suspension or withdrawal of officer or member of exchange = 43
• （4） Suspension of trading in security = 44
• （b） Commission may alter or supplement rules of exchange = 44
• （c） Study and investigation by Commission of rules of exchanges = 44
• 20. Liabilities of Controlling Persons = 44
• （a） Joint and several liability of controlling persons = 44
• （b） Prohibition against unlawful acts through another = 44
• （c） Unlawful for directors, officers or security holders to obstruct filing of documents = 45, 129
• 21. Investigations ； Injunctions and Prosecution of Offenses = 45
• （a） Commission may investigate and publish information = 45
• （b） Witnesses, oaths, affirmations, production of records = 45
• （c） Contumacy, refusal to obey subpena, aid of U. S. Courts and penalty = 45
• （d） Privilege against self­incrimination = 46
• （e） Injunctions against violations ； criminal proceedings = 46
• （f） Writs of mandamus = 46, 129
• 22. Hearings by Commission = 46
• May be public ； appropriate records shall be kept = 46
• 23. Rules and Regulations ； Annual Reports :
• （a） Commission and Federal Reserve Board may make rules and regulations = 46,129
• （b） Annual reports to Congress by Commission and Federal Reserve Board shall include information, data and recommenda－tion for further legislation deemed appropriate = 46
• 24. Information Filed with the Commission = 47
• （a） Protection against disclosure of trade secrets in information filed = 47
• （b） Application for confidential treatment = 47
• （c） Unlawful for Commission or employees to disclose or use for personal benefit information contained in confidential applications and files = 47
• 25. Court Review of Orders = 47
• （a） Review of Commission orders, time for filing and applications for leave to adduce additional evidence = 47
• （b） Effect on Commissionorders of proceedings under subsection（a） = 48
• 26. Unlawful Representations = 48
• Unlawful to represent that action or failure to act by Commission or Board constitutes approval or finding of truth or accuracy = 48
• 27. Jurisdiction of Offenses and Suits = 48
• 28. Effect on Existing Law = 49
• （a） Rights and remedies are additional ； recovery limited to actual damages ； jurisdiction of State Commissions = 49
• 29. Validity of Contracts = 49
• （a） Waiver of compliance with Act or rules and regulations thereunder, or exchange rule required thereby, void = 49, 162
• （b） Contracts in violation of Act or rules and regulations void as to certain persons = 49
• （c） Effect of loans or credit extensions or liens created innocently in violation of Act ； collection of debt or obligation or lien made in good faith and without knowledge of violation = 49
• 30. Foreign Securities Exchanges = 50
• （a） Circumstances under which transactions by brokers and dealers on foreign exchanges are unlawful = 50
• （b） Circumstances under which this title is applicable to security transactions outside U. S = 50
• 31. Registration Fees = 50
• Due date of payments and amount of annual exchange fees = 50
• 32. Penalties :
• （1） Wilful violations = 50, 129
• （2） Amount of fines, terms and conditions upon which im－prisonment may be imposed = 50, 129, 163
• 33. Separability of Provisions = 51
• Effect of invalidity of any provision or invalidity of application of such provision to any persons or circumstances = 51
• 34. Effective Date = 51
• Different effective dates for certain sections = 51
• TITLE Ⅱ. AMENDMENTS TO SECURITIES ACT OF 1933
• 201. Amendments to Section 2 of Securities Act of 1933 :
• （a） Section 2 （1） ； security = 51
• （b） Section 2 （4） ； issuer = 51
• （c） Section 2 （10） ； prospectus = 52
• 202. Additions and amendments to Section 3 （a） of Securitlea Act of 1933 = 52
• （a） Section 3 （a） （2） ； Government obligations exempt = 52
• （b） Section 3 （a） （4） ； eleemosynary institutions = 52
• （c） Additions to Section 3 （a） = 52
• Section 3 （a） （9） ； securities exchanged with existing security holders exempt = 52
• Section 3 （a） （10） ； Court approval for issuance of securities in exchange or by other official body exempt = 52
• Section 3 （a） （11） ； Intrastate exemption = 52
• 204. Amendment to Section 5 of Securities Act of 1933 = 53
• Section 5 （c） repealed = 53
• 205. Amendment to Section 10 of Securities Act of 1933 = 53
• Section 10 （b） （1） ； revisions of prospectus = 53
• 206. Amendments to Section 11 of Securities Act of 1933 = 53
• （a） Section 11 （a） ； suitsf or untrue statements or omissions = 53
• （b） Section 11 （b） （3） ； defenses to action = 53
• （c） Section 11 （c） ； standard of reasonableness for determining liability = 53
• （d） Section 11 （e） ； amount of recovery = 54
• 207. Amendment to Section 13 of Securities Act of 1933 = 54
• Amendment of limitation of time for bringing suits = 54
• 208. Amendment to Section 15 of Securities Act of 1933 = 54
• Defense to suit against controlling persons = 54
• 209. Amendments to Section 19 of Securities Act of 1933 = 55
• （a） Section 19 （a） amended :
• （1） Addition of word "technical" in first sentence = 55
• （2） Addition at end of section of a provision regarding acts done in good faith = 55
• 210. Securities and Exchange Commission to perform functions of Federal Trade Commission under Securities Act of 1933 = 55
• 211. Securities and Exchange Commission authorized and directed to study, investigate and report on work, activities, personnel and functions of protective and reorganization committees = 55
• Public, No. 255­74th Cong., Approved, August 9, 1936
• 214. Amendment to Section 20a of Part Ⅰ of the Interstate Commerce Act, as amended = 56
• Amendment of Section 3(a) (6) of the Securities Act of 1933 = 56
• Public, No. 333­74th Cong., Public Utility Act of 1935, Approved August 26, 1935
• TITLE Ⅰ ­ CONTROL OF PUBLIC HOLDING COMPANIES
• Citation of Act as "Public Utility Act of 1935" = 57
• 1. Necessity for Control of Holding Companies = 57
• 2. Definitions = 58
• 3. Power to Make Particular Exemptions Regarding Holding Companies and Affiliates = 65
• 4. Transactions by Unregistered Holding Companies = 67
• 5. Registration of Holding Companies = 68
• 6. Unlawful Security Transactions by Registered Holding and Subsidiary Companies = 69
• 7. Declaration by Registered Holding and Subsidiary Companies in respect of Securities Transactions = 70
• 8. Acquiring Interest in Electric and Gas Utility Companies Serving Same Territory = 72
• 9. Acquisition of Securities and Utility Assets and Other Interesta = 78
• 10. Approval of Acquisition of Securities and Utility Assets and Other Interests = 74
• 11. Simplification of Holding Company System = 76
• 12. Intercompany Loans ； Dividends ； Security Transactions ； Sale of Utility Assets ； Proxies ； Other Transactions = 79
• 13. Service, Sales and Construction Contracts = 82
• 14. Periodic and Other Reports = 84
• 15. Accounts and Records = 85
• 16. Liability for Misleading Statements = 86
• 17. Officers, Directors and Other Affiliates = 87
• 18. Investigations ； Injunctions, Enforcement of Title and Prosecution of Offenses = 88
• 19. Hearings by Commission = 90
• 20. Rules, Regulations and Orders = 90
• 21. Effect on Existing Law = 91
• 22. Information Filed with the Commission = 91
• 23. Annual Report of Commission = 92
• 24. Court Review of Orders = 92
• 25. Jurisdiction of Offenses and Suits = 93
• 26. Validity of Contracts = 93
• 27. Liability of Controlling Persons ； Preventing Compliance with Title = 94
• 28. Unlawful Representations = 94
• 29. Penalties = 94
• 30. Study of Public­Utility and Investment Companies = 95
• 31. Employees of the Commission = 95
• 32. Separability of Provisions = 95
• 33. Short Title = 95
• TITLE Ⅱ AMENDMENTS TO FEDERAL WATER POWER ACT
• PART Ⅰ
• 201. Amendment to Section 3 of the Federal Water Power Act, Definitions = 96
• 202. Amendment to Section 4 of the Federal Water Power Act = 97
• 203. Amendment to Section 5 of the Federal Water Power Act = 99
• 204. Amendment to Section 6 of the Federal Water Power Act = 100
• 205. Amendment to Section 7 of the Federal Water Power Act = 100
• 206. Amendment to Section 10 of the Federal Water Power Act = 100
• 207. Amendment to Section 14 of the Federal Water Power Act = 103
• 208. Amendment to Section 17 of the Federal Water Power Act = 103
• 209. Amendment to Section 18 of the Federal Water Power Act = 104
• 210. Amendment to Section 23 of the Federal Water Power Act = 104
• 211. Amendment to Section 24 of the Federal Water Power Act = 105
• 212. Provides that Sections 1 to 29, inclusive, of the Federal Water Power Act, as amended, shall constitute Part Ⅰ of that Act ； Sections 25 to 30 of such Act, as amended, are repealed = 106
• 213. Federal Water Power Act, as amended, is further amended by adding thereto Part Ⅱ = 106
• PART Ⅱ REGULATION OF ELECTRIC UTILITY COMPANIES ENGAGED IN INTERSTATE COMMERCE
• 201. Declaration of Policy ； Application of Part ； Definitions = 106
• 202. Interconnection and Coordination of Facilities ； Emergencies ； Transmission to Foreign Countries = 107
• 203. Disposition of Property ； Consolidations ； Purchase of Securities = 109
• 204. Issuance of Securities ； Assumption of Liabilities = 109
• 205. Rates and Charges ； Schedules ； Suspension of New Rates = 110
• 206. Fixing Rates and Charges ； Determination of Cost of Production or Transmission = 112
• 207. Furnishing of Adequate Service = 112
• 208. Ascertainment of Cost of Property = 112
• 209. Use of Joint Boards ； Cooperation with State Commissions = 112
• PART Ⅲ LICENSES AND PUBLIC UTILITIES ； PROCEDURAL AND ADMINISTRATIVE PROVISIONS
• 301. Accounts, Records, and Memoranda = 113
• 302. Rates of Depreciation = 114
• 303. Requirements Applicable to Agencies of the United States = 115
• 304. Periodic and Special Reports = ll5
• 305. Officials Dealing in Securities ； Interlocking Directorates = 115
• 306. Complaints = 116
• 307. Investigations by Commission ； Attendance of witnesses ； Depo­sitions = 116
• 308. Hearings ； Rules of Procedure = 118
• 309. Administrative Powers of Commission ； Rules, Regulations, and Orders = 118
• 310. Appointment of Officers and Employees = 119
• 311. Investigations Relating to Electric Energy = 119
• 312. Publication and Sale of Reports = 119
• 313. Rehearings ； Court Review of Orders = 120
• 314. Enforcement of Act, Regulations and Orders = 121
• 315. General Forfeiture Provision = 122
• 316. General Penalties ； Venue = 122
• 317. Jurisdiction of Offenses ； Enforcement of Liabilities = 123
• 318. Conflict of Jurisdiction = 123
• 319. Separability of Provisions = 123
• 320. Short Title = 123
• Public, No. 621 ­ 74th Cong., Amendment to Securities Exchange Act of 1934, Approved, May 27, 1936
• 1. Subsection 12 （f） of Securities Exchange Act of 1984, amended ； Unlisted Trading Privileges = 124
• 2. Applications to Continue Unlisted Trading Privileges, Time of Filing and Approval = 126
• 3. Amendment to Section 15 of the Securities Exchange Act of 1934­Section 15 :
• （a） Prohibition against use of mails or interstate commerce by unregistered broker or dealer = 126
• （b） Registration of brokers and dealers ； denial or revocation of registration = 126
• （c） （1） Prohibition against use of manipulative, deceptive, or other fraudulent device or contrivance = 128, 162
• （2） Commission may make rules and regulations defining devices or contrivances as are manipulative, deceptive or otherwise fradulent = 128
• （d） Undertaking by issuer required to be filed in registration statements pursuant to Securities Act of 1933 = 128
• 4. Amendment to Subsection （a） of Section 17 of the Securities Exchange Act of 1934. Subsection 17 （a） now omits the language "every broker or dealer making or creating a market for both the purchase and sale of securities through the use of the mails or of any means or instrumentality of interstate commerce" and inserting in lieu thereof "every broker or dealer registered pursuant to section 15 of this title" = 129, 163
• 5. Amendment to Subsection （a） of Section 18 of the Securities Exchange Act of 1934. Subsection 18 （a） is amended by inserting immediately before the comma following the language "or any rule or regulation thereunder" the following : "or any undertaking contained in a registration statement as provided in subsection （d） of section 15 of this title" = 129
• 6. Amendment to Subsection （c） of Section 20 of the Securities Exchange Act of 1934. Subsection 20 （c） is amended by inserting before the period the following : "or any undertaking contained in a registration statement ax provided in subsection （d） of section 15 of this title" = 129
• 7. Amendment to Subsection （f） of Section 21 of the Securities Exchange Act of 1934. Subsection 21 （f） is amended by inserting before the period the following : "or with any undertaking contained in a registration statement as provided in subsection （d） of section 15 of this title" = 129
• 8. Amendment to Subsection （a） of Section 23 of the Securities Exchange Act of 1934. Subsection 23 （a） is amended with respect to acts done or omitted in good faith in conformity with rules or regulations of the Commission and the Federal Reserve Board = 129
• 9. Amendment to Section 32 of the Securities Exchange Act of 1934. Section 32 revised in conformity with this Act ； section 32 is now "section 32 （a）" ； new subsection 32 （b） added thereto = 129,163
• 10. Effect of this Act on Brokers and Dealers Having Effective Registration Statements = 129
• 11. Effect of this Act on Liability arising Prior to Effective Date by Reason of any Violation of Section 15 of the Securities Exchange Act of 1934 or rules and regulations = 130
• 12. Effective Date of this Act and Various Sections Thereof = 130
• Public, No. 696­75th Cong., Chapter 576­3d Sess. Approved, June 22, 1938
• CHAPTER Ⅹ ­ COEPORATE REORGANIZATIONS
• Ⅰ. Construction = 131
• Ⅱ. Definitions = 131
• Ⅲ. Jurisdiction and Powers of Court = 132
• Ⅳ. Petition = 133
• Ⅴ. Answer = 135
• Ⅵ. Approval or Dismissal of Petition = 135
• Ⅶ. Proceedings Subsequent to Approval of Petition = 136
• Ⅷ. Title, Rights and Powers of Trustees and Debtors in Possession = 141
• Ⅸ. Creditors and Stockholders = 141
• Ⅹ. Provisions of Plan = 144
• XI. Confirmation and Consummation of Plan = 146
• XII. Dismissals and Adjudications = 148
• XIII. Compensation and Allowances = 149
• XIV. Prior Proceedings = 151
• XV. General Provisions = 152
• XVI. When Chapter Takes Effect = 154
• Public, No. 719 ­ 75th Cong., Chapter 677 ­ d Sess. Approved, June 25, 1938
• 15A. Registration of National and Affiliated Securities Associations = 156
• （a） Registration = 156
• （1） Registration data, rules and regulations = 156
• （2） Copies of "rules of the association = 156
• （b） Requirements for registration = 156
• （1） Number of members, scope of transactions, geographical distribution of members = 156
• （2） Organization of such character as to be able to comply with Act, rules and regulations = 156
• （3） Admission to membership = 156
• （4） Denial of right to membership = 157
• （5） Representation of members in affairs = 157
• （6） Dues = 157
• （7） Rules must promote just and equitable principles of trade = 157
• （8） Rules must provide for discipline = 158
• （9） Procedure for discipline and denial of membership = 158
• （10） Rules must provide for compliance with subsection （c） so far as applicable = 158
• （c） Affiliated securities association may be admitted to participation in national securities association = 158
• （d） Registration of affiliated securities association = 158
• （1） Provision of subsection （b） （1） need not be satisfied = 158
• （2） Provisions of paragraphs （2） to （9）, inclusive, of subsection （b） to be satisfied = 159
• （e） Granting or denying application for registration = 159
• （f） Withdrawal of registration = 159
• （g） Application may be filed with Commission to review action or denial for membership = 159
• （h） （1） Proceeding to review disciplinary action = 159
• （2） Cancellation, reduction, or remission of penalty by Commission = 160
• （3） Basis for dismissal of proceeding to review membership denial = 160
• （i） （1） Restriction on member dealing with non­member = 160
• （2） "Non­member broker or dealer" defined = 160
• （3） Dealings between members of a registered association = 160
• （j） Additional reports to registration statement ­ effective date of changes in rules = 160
• （k） （1） Abrogation by Commission of rules of registered association = 161
• （2） Commission may alter or supplement rules of registered association = 161
• （l） Suspension or revocation of registration of association, suspension or expulsion of member, and removal of officer or director by Commission = 161
• （1） Suspension or revocation of association = 161
• （2） Suspension or expulsion of association member = 161
• （3） Removal of officer or director = 161
• （m） Exemption for transactions in exempted securities = 162
• （n） Effect of any conflict of this Section A with other provisions of any law = 162
• 2. Subsection （c） of Section 15 of Securities Exchange Act, as amended, revised by this section 2 = 162
• 3. Subsection （b） of Section 29 of Securities Exchange Act, as amended, is amended by this section 3 = 162
• 4. Section 32 of Securities Exchange Act of 1934, as amended, is amended by adding a new subsection （c） at the endthere of = 163
• 5. Subsection （a） of section 17 of Securities Exchange Act, as amended, is amended by this section 5 = 163
• Public, No. 253 － 76th Cong., Chapter 411 ­ 1st Sess. Approved, August 3, 1939
• TITLE Ⅲ
• 301. Short Title = 164
• 302. Necessity for Regulation = 165
• 303. Definitions = 166
• 304. Exempted Securities and Transactions = 168
• 305. Securities Required to be Registered under Securities Act = 169
• 306. Securities Not Registered under Securities Act = 171
• 307. Qualification of Indentures Covering Securities not required to be Registered = 171
• 308. Integration of Procedure with Securities Act and Other Acts = 172
• 309. When Qualification Becomes Effective ； Effect of Qualification = 172
• 310. Eligibility and Disqualification of Trustee = 173
• （a） Persons eligible for appointment = 173
• （b） Disqualification of trustee = 174
• （c） Applicability of section = 177
• 311. Preferential Collection of Claims Against Obligor = 177
• 312. Bondholders' Lists = 181
• 313. Reports by Indenture Trustee = 182
• 314. Reports by Obligor ； Evidence of Compliance with Indenture Provisions = 183
• （a） Periodic reports = 183
• （b） Evidence of recording of indenture = 184
• （c） Evidence of compliance with conditions precedent = 185
• （d） Certificates of fair value = 186
• （e） Recitals as to basis of certificate or opinion = 187
• （f） Parties may provide for additional evidence = 188
• 315. Duties and Responsibility of the Trustee = 188
• （a） Duties prior to default = 188
• （b） Notice of defaults = 188
• （c） Duties of the trustee in case of default = 188
• （d） Responsibility of the trustee = 189
• （e） Undertaking for costs = 189
• 316. Directions and Waivers by Bondholders ； Prohibition of Impairment of Holder's Right to Payment = 189
• 317. Special Powers of Trustee ； Duties of Paying Agents = 190
• 318. Effect of Prescribed Indenture Provisions = 191
• 319. Rules, Regulations and Orders = 191
• 320. Hearings by Commission = 192
• 321. Special Powers of the Commission = 192
• 322. Court Review of Orders ； Jurisdiction of Offenses and Suits = 193
• 323. Liability for Misleading Statements = 193
• 324. Unlawful Representations = 194
• 325. Penalties = 194
• 326. Effect on Existing Law = 194
• 327. Contrary Stipulations Void = 195
• 328. Separability of Provisions = 195
• Public, No. 768 ­ 76th Cong., Chapter 686 ­ 3d Sess. Investment Company and Investment Advisers Acts of 1940, approved August 22, 1940
• TITLE Ⅰ. INVESTMENT COMPANIES
• 1. Findings and Declaration of Policy = 196
• （a） Findings = 196
• （b） Declaration of policy = 196
• 2. General Definitions = 197
• （a） Definitions of specific terma = 197
• （1） Advisory board = 197
• （2） Affiliated company = 198
• （3） Affiliated person = 198
• （4） Assignment = 198
• （5） Bank = 198
• （6） Broker = 198
• （7） Commission = 198
• （8） Company = 198
• （9） Control = 199
• （10） Convicted = 199
• （11） Dealer = 199
• （12） Director = 199
• （13） Employees' securities company = 199
• （14） Exchange = 199
• （15） Face­amount certificate = 200
• （16） Government security = 200
• （17） Insurance company = 200
• （18） Interstate Commerce = 200
• （19） Investment adviser of an investment company = 200
• （20） Investment banker = 201
• （21） Issuer = 201
• （22） Lend = 201
• （23） Majority­owned subsidiary = 201
• （24） Means or instrumentality of Interstate Commerce = 201
• （25） National Securities Exchange = 201
• （26） Periodic payment plan certificate = 201
• （27） Person = 201
• （28） Principal underwriter = 201
• （29） Promoter = 201
• （30） Prospectus = 202
• （31） Redeemable security = 202
• （32） Reorganization = 202
• （33） Sale, sell = 202
• （34） Sales load = 202
• （35） Security = 202
• （36） Short­term paper = 203
• （37） State = 203
• （38） Underwriter = 203
• （39） Value = 203
• （40） Voting Security = 204
• （41） Wholly­owned subsidiary = 204
• （42） Other Acts referred to = 204
• （b） Provisions to be deemed inapplicable to Federal or State instrumentalities or officials unless specific reference is made = 204
• 3. Definition of investment company = 205
• （a） Definitions = 205
• （b） Persons excepted notwithstanding section 3（a）（3） = 205
• （c） Persons excepted notwithstanding sections 3 (a) and （b） = 205
• 4. Classification of Investment Companies = 207
• （1） Face­amount, certificate company = 207
• （2） Unit investment, trust = 207
• （3） Management company = 207
• 5. Subolassification of Management Companies :
• （a） Open­end and closed­end = 208
• （b） Diversified and nondiversified = 208
• （c） Diversified company retains status under certain circumstances = 208
• 6. Exemptions = 208
• （a） Certain types of companies exempted = 208
• （b） Exemption of employees' security companies upon application = 210
• （c） Commission may exempt persons, securities, or transactions = 210
• （d） Commission to exempt certain small, intrastate, closed­end investment companies = 210
• （e） Provisions of Act may be made applicable to company exempted by Commission as if registered = 210
• 7. Transactions by Unregistered Investment Companies = 210
• （a） Prohibited to unregistered company having a board of directors = 210
• （b） Prohibited to depositor, trustee of, or underwriter of unregistered investment company having no board of directors = 211
• （c） Prohibited to a promoter or underwriter with regard to a pro­posed unregistered investment company = 211
• （d） Prohibition of use of mails or means of interstate commerce to foreign unregistered investment company, its depositor, trustee, or underwriter with respect to public offering of its securities = 211
• 8. Registration of Investment Companies = 212
• （a） Notification of registration = 212
• （b） Filing with Commission ； contents of registration statement = 212
• （c） Information and documents which may be filed in lieu of those under subsection （b） = 213
• （d） Elimination of certain duplication in case of unit investment trust = 213
• （e） Commission may request amendment, suspension, or revocation of registration = 213
• （f） Termination of registration = 214
• 9. Ineligibility of Certain Affiliated Persons and Underwriters = 214
• （a） Unlawful for certain persons to serve as an officer, director member of advisory board, investment adviser, or depositor of registered investment company = 214
• （b） Application for exemption from provisions of subsection （a） = 214
• 10. Affiliations of Directors = 215
• （a） Forty percent of directors may not be investment advisers, officers, or employees of investment company = 215
• （b） Prohibition of interlocking relationship to certain degree between investment company and regular broker, principal underwriter, or investment banker, or affiliates thereof = 215
• （c） Majority of directors of investment company may not be directors or officers of any one bank = 215
• （d） Exception from limitations of subsections （a） and （b） （2） for certain type of investment company = 215
• （e） Temporary suspension of certain provisions of this section = 216
• （f） Purchase of certain securities restricted during existence of underwriting : or selling syndicate = 216
• （g） Restrictions made applicable to advisory board = 216
• （h） Restrictions made applicable to management company having no board of directors = 216
• 11. Offers of Exchange = 217
• （a） Exchange or offer to exchange securities of open­end companies restricted = 217
• （b） Exchange offers which are exempted = 217
• （c） Exchange offers of securities of different types of companies restricted = 217
• 12. Functions and Activities of Investment Companies = 217
• （a） Trading on margin, participating in joint trading accounts, and short selling in contravention of rules prohibited = 217
• （b） Open­end company acting as distributor of its securities in contravention of rules prohibited = 218
• （c） Diversified company is restricted from making commitment as underwriter under certain conditions = 218
• （d） Circumstances under which it is unlawful for investment company to acquire securities of other investment companies = 218
• （e） Investment in joint venture capital company excepted? = 219
• （f） Face­amount certificate company may invest in securities or two other such companies under certain conditions = 219
• （g） Provisions regarding purchase of voting stock of insurance companies = 220
• 13. Changes in Investment Policy = 220
• （a） Necessity for approval of majority of voting securities of investment company = 220
• （b） Necessity for approval of majority of shares of beneficial interest in common­law trust = 220
• 14. Size of Investment Companies = 221
• （a） Requirements with respect to net worth of companies organized and making public offerings after August 22, 1940 = 221
• （b） Studies and reports on size of investment companies may be made by Commission = 221
• 15. Investment Advisory and Underwriting Contracts = 221
• （a） Provisions required in investment advisory contracts and neces sity for approval of majority of voting securities = 221
• （b） Provisions required in underwriting contracts between openend companies and principal underwriters = 222
• （e） Investment advisory and principal underwriting contracts entered into after March 15, 1940, must be approved by majority of directors not parties or affiliated persons of parties or by majority of voting securities = 222
• （d） Provisions applicable to all investment advisory and principal underwriting contracts after March 15, 1945, or earlier at date of termination or upon assignment = 222
• （e） Majority vote of shares of beneficial interest of common­law trust required = 223
• （f） Members of an advisory board excepted = 223
• 16. Changes in Board of Directors : Provisions Relative to Strict Trusts = 223
• （a） Election and appointment of directors = 223
• （b） Removal of trustees of common law trust = 223
• 17. Transactions of Certain Affiliated Persons and Underwriters = 224
• （a） Transactions which are prohibited = 224
• （b） Application for exemption from prohibition of subsection （a） = 225
• （c） Transactions which are excepted = 225
• （d） Joint participations and transactions between affiliated persons in contravention of rules prohibited = 225
• （e） Provisions regarding compensation and brokerage fees of affiliated persons = 226
• （f） Custody of securities = 226
• （g） Bonding of officers and employees = 226
• （h） Liability of directors and officers = 226
• （i） Liability of investment advisers and principal underwriters = 227
• 18. Capital Structure = 227
• （a） Issuance of senior securities of closed­end companies subject to limitations and requirements = 227
• （b） Asset coverage, method of calculation for purposes of subsection （a） = 229
• （c） Classes of securities restricted = 229
• （d） Issuance of right or warrant to subscribe to or purchase security = 229
• （e） Exceptions = 229
• （f） Senior securities of open­end companies prohibited ； bank borrowing excepted provided specified asset coverage is maintained = 230
• （g） "Senior security" denned = 231
• （h） "Asset coverage" defined = 231
• （i） Requirement for voting rights of stock = 231
• （j） Provision regarding sale of securities by face­amount certificate companies ； payment of dividends = 231
• 19. Dividends = 232
• 20. Proxies ； Voting Trusts ； Circular Ownership = 232
• （a） Provision regarding solicitation of proxies in contravention of rules = 232
• （b） Public offering of voting trust certificates prohibited = 232
• （c） Cross and circular ownership of voting securities among investment companies restricted = 232
• （d） Cross or circular ownership to be eliminated within certain period = 233
• 21. Loans = 233
• 22. Distribution, Redemption, and Repurchase of Redeemable Securities = 233
• （a） Rules may be adopted by registered securities associations regulating trading and methods of pricing redeemable securities by members = 233
• （b） Rules may be adopted by registered securities associations regulating the price at which members may purchase and sell redeemable securities of an investment company in connection with primary distributions = 234
• （c） Commission may issue rules and regulations regarding distribution, repurchase, and redemption of redeemable securities = 234
• （d） Investment company may not sell redeemable securities to any person other than a dealer or principal underwriter at less than current offering price to public = 234
• （e） Investment company may not suspend the right of redemption of redeemable security = 235
• （f） Open­end company may not restrict transferability or negotiability of redeemable security in contravention of rules = 235
• （g） Consideration for which open­end company may issue securities = 235
• 23. Distribution and Repurchase of Securities ； Closed­End Companies = 235
• （a） Consideration for which closed­end company may issuesecurities = 235
• （b） Price at which closed­end company may sell its securities = 235
• （c） Regulation of the purchase by a closed­end company of its securities = 236
• 24. Registration of Securities under Securities Act of 1933 = 236
• （a） Information and documents which may be filed in lieu of those specified in schedule A of Securities Act of 1933 = 236
• （b） Copies of sales literature of certain types of companies to be filed with Commission = 236
• （c） Form of prospectus relating to periodic payment plan or face amount certificates may be regulated and summaries of information therein may be required = 237
• （d） Exemptions provided by sections （3a） （8） and （11） of Securities Act of 1933 inapplicable to investment company securities = 237
• 25. Plans of Reorganization = 237
• （a） Copy of solicitations relating to plans of reorganization to be filed with Commission = 237
• （b） Commission authorized to render advisory report on plan of reorganization if requested
• （c） Commission may seek injunction of consummation of grossly unfair plan of reorganization in District Court = 238
• （d） Section does not affect powers of courts and Commission under Bankruptcy Act = 238
• 26. Unit Investment Trusts = 238
• （a） Provisions restricting sale of securities unless issued under trust indenture ； trust indenture requirements = 238
• （b） Amendment of trust indenture permitted by written contract = 239
• （c） Commission authorized to seek liquidation of inactive investment trust in District Court = 239
• 27. Periodic Payment Plans = 240
• （a） Limitations on sales load and fees in connection with sale of periodic payment plan certificates = 240
• （b） Sales load limitations for smaller companies may be relaxed by Commission = 240
• （c） Periodic payment plan certificates must be redeemable and proceeds of payment must be deposited with qualified trustee under indenture subject to section 26 （a） （2） and （3） = 241
• 28. Face­Amount Certificate Companies = 241
• （a） Minimum capitalization and certificate reserves required for face­amount certificate company = 241
• （b） Assets at least equal to capital and reserve requirements of subsection （a） required to be in cash or qualified investments = 243
• （c） Commission shall by rule, regulation, or order, require deposit and maintenance of qualified investments with qualified trustee = 243
• （d） Limitations as to cash surrender value, advance payments, loans and deferment of payments to certificate holder = 244
• （e） Certificate holder not to be liable for any unpaid amount = 245
• （f） Provisions as to receipt of paid­up certificate in lieu of cash surrender value and as to default and reinstatement = 246
• （g） Companies which have discontinued public offering of certificates prior to effective date of Act excepted = 246
• （h） Limitations upon payment of dividends by company which does not meet certificate reserve requirements of this section = 246
• 29. Bankruptcy of Face­Amount Certificate Companies = 247
• （a） Provisions amending section 67 of Bankruptcy Act ； deposit of property voidable ； order of distribution provided ； Court to have summary jurisdiction = 247
• （b） Provisions amending section 44 of Bankruptcy Act ； appointment of trustee by Court ； notice to Commission = 247
• 30. Periodic and Other Reports ； Reports of Affiliated Persons = 248
• （a） Annual reports filed with Commission = 248
• （b） Semiannual or quarterly reports filed with Commission ； periodic reports to stockholders to be filed = 248
• （c） Reports in lieu of those required under the Securities Exchange Act = 248
• （d） Semiannual reports to stockholders = 249
• （e） Certification of financial statements = 249
• （f） Holders of 10 percent of any class of security of closed­end company, officers, directors, members of advisory board, investment advisers or affiliated persons thereof, regarding transaction in securities of such company, subject to same duties and liabilities imposed by section 16 of Securities Exchange Act = 249
• 31. Accounts and Records = 250
• （a） Commission authorized to require maintenance and preservation of certain accounts and records = 250
• （b） Examination by Commission of accounts and records = 250
• （c） Commission authorized to prescribe uniform accounting policies and principles = 250
• （d） Commission may by order exempt transactions from any rule or regulation prescribed under subsection （c） = 250
• 32. Accountants and Auditors = 250
• （a） Accountant's certificate ； selection of independent public accountant ； stockholders' ratification or rejection ； termination of employment = 250
• （b） Board of directors or stockholders to select principal accounting officer = 251
• （c） Commission authorized to require accountants and auditors to retain reports, work­sheets, and other papers = 251
• 33. Settlement of Civil Actions = 252
• （a） Report to Commission = 252
• （b） Material required to be filed = 252
• 34. Destruction and Falsification of Reports and Records = 252
• （a） Wilful destruction, mutilation, or alteration of certain accounts and papers unlawful = 252
• （b） Misrepresentation of a material fact or omission to state a material fact in registration statement or any report filed with Commission unlawful = 252
• 35. Unlawful Representations and Names = 253
• （a） Unlawful to represent guarantee, sponsorship, recommendation, or approval by United States or any agency in sale of any security of investment company = 253
• （b） Unlawful for any person to "represent that he is sponsored, recommended or approved by United States or any agency = 253
• （c） No prohibition from truthfully stating that he or a security is registered under this or other Federal Acts = 253
• （d） Use of name declared by order of Commission to be misleading prohibited ； Commission may seek injunction = 253
• 36. Injunctions Against Gross Abuse = 253
• 37. Larceny and Embezzlement = 254
• 38. Rules, Regulations, and Orders ； General Powers of Commission = 254
• （a） Promulgation of rules and regulations = 254
• （b） Commission may authorize incorporation by reference of certain documents and reports = 254
• （c） Compliance in good faith with rules and regulations as a bar to liability = 254
• 39. Rules and Regulations ； Procedure for Issuance = 254
• 40. Orders ； Procedure for Issuance = 254
• （a） Notice and opportunity for hearing = 254
• （b） Verification of application and admissibility in evidence = 255
• （c） Admission of Interested parties in proceeding before Commission = 255
• 41. Hearings by Commission = 255
• 42. Enforcement of Title = 255
• （a） Investigations = 255
• （b） Power to administer oaths, subpena witnesses, compel attendance, take evidence, and require production of records = 255
• （c） Commission may invoke aid of courts of the United States = 255
• （d） Privilege against self­incrimination = 256
• （e） Injunctions ； criminal proceedings = 256
• 43. Court Review of Orders = 257
• （a） Petitions for review ； additional evidence ； review by Supreme Court of the United States = 257
• （b） Stay of Commission's order = 257
• 44. Jurisdiction of Offenses and Suits = 257
• 45. Information Filed With Commission = 258
• （a） Available to public ； application for nondisclosure ； restriction against disclosure or personal use by Commission or its employees = 258
• （b） Availability to public of photostatic copies = 258
• 46. Annual Reports of Commission ； Employees of the Commission = 258
• 47. Validity of Contracts = 259
• （a） Waiver of compliance with Act or rules and regulations void = 259
• （b） Contracts made in violation of Act or rules and regulations thereunder void = 259
• 48. Liability of Controlling Persons ； Preventing Compliance With Title = 259
• 49. Penalties = 259
• 50. Effect on Existing Law = 260
• 51. Separability of Provisions = 260
• 52. Short Title = 260
• 53. Effective Date = 260
• TITLE Ⅱ. INVESTMENT ADVISERS
• 201. Findings = 260
• 202. Definitions :
• （a） Definitions of specific terms = 261
• （1） Assignment = 261
• （2） Bank = 261
• （3） Broker = 261
• （4） Commission = 261
• （5） Company = 261
• （6） Convicted = 262
• （7） Dealer = 262
• （8） Director = 262
• （9） Exchange = 262
• （10） Interstate Commerce = 262
• （11） Investment adviser = 262
• （12） Investmentcompany = 262
• （13） Investment supervisory services = 263
• （14） Means or instrumentality of interstate commerce = 268
• （15） National securities exchange = 263
• （16） Person = 263
• （17） Security = 263
• （18） State = 263
• （19） Underwriter = 263
• （20） Acts to which reference Is made in this title = 263
• （b） Proisions to be deemed inapplicable to Federal or State instrumentalities unless specific reference is made = 263
• 203. Registration of Investment Advisers = 263
• （a） Unregistered investment advisers prohibited from using mails or any means or instrumentality of interstate commerce for such business = 263
• （b） Exemptions from subsection （a） = 264
• （c） Application for registration ； effective date ； amendments = 264
• （d） Denial, suspension, or revocation = 265
• （e） Proceeding to deny registration : postponement of effective date = 265
• （f） Registration of business successor = 265
• （g） Withdrawal ； cancelation = 265
• 204. Annual and Other Reports = 266
• 205. Investment Advisory Contracts = 266
• 206. Prohibited Transactions by Registered Investment Advisers = 266
• 207. Material Misstatements = 267
• 208. Unlawful Representations :
• （a） Unlawful to represent sponsorship, recommendation or approval by United States or any agency = 267
• （b） Statements which may be made regarding registration under Act or Securities Exchange Act = 267
• （c） Restrictions as to use of title "investment counsel = 267
• 209. Enforcement of Title = 267
• （a） Investigations = 267
• （b） Power to administer oaths, subpena witnesses, take evidence, and require production of records = 267
• （c） Commission may invoke aid of courts of the United States = 267
• （d） Privilege against self ­incrimination = 268
• （e） Injunctions ； criminal proceedings = 268
• 210. Publicity :
• （a） Availability of information to public ； application for nondisclosure = 268
• （b） Investigations = 269
• （c） Disclosure of information regarding identity, Investments, or affairs of clients by investment adviser not to be required except under certain conditions = 269
• 211. Rules, Regulations, and Orders = 269
• （a） Authority to make, issue, amend, and rescind rules, regulations, or orders = 269
• （b） Effective date of rules and regulations = 269
• （c） Notice and opportunity for hearing = 269
• （d） Compliance with rules and regulations in good faith as a bar to liability = 269
• 212. Hearings = 270
• 213. Court Review of Orders :
• （a） Petitions ； additional evidence ； review by Supreme Court of United States = 270
• （b） Proceedings under subsection （a） as a stay of Commission's order = 270
• 214. Jurisdiction of Offenses and Suite = 270
• 215. Validity of Contracts = 271
• （a） Waiver of compliance with Act or rules and regulations void = 271
• （b） Contracts made in violation of Act or rules and regulations void = 271
• 216. Annual Reports of Commission = 271
• 217. Penalties = 271
• 218. Employees of the Commission = 271
• 219. Separability of Provisions = 272
• 220. Short Title = 272
• 221. Effective Date = 272
• TITLE Ⅲ. AMENDMENT or SECURITIES ACT OF 1933
• 301. Section 8 （a） of the Securities Act of 1933, as amended, revised in accordance with language of this section = 272
• Public, No. 258 ­ 78th Cong., Chapter 101 ­ 2d Sess.
• To amend section 31 of the Securities Exchange Act, 1934. Approved March 17, 1934
• This Act amends Securities Exchanges Act of 1934 relating to Registration Fees = 273
• Public, No. 55 ­ 79th Cong., Chapter 122 ­ 1st Sess.
• To amend section 3 （b） of Securities Act of 1933, as amended. Approved May 15, 1945
• This Act amends Securities Act of 1933, so as to permit exemption of security issues not exceeding $300,000 from the provisions of such Act = 273
• Public No. 577 ­ 83d Cong., Chapter 677 ­ 2d Sess.
• To amend certain provisions of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the Trust Indenture Act of 1939, and the Investment Company Act of 1940 = 274
• Public No. 511 ­ 84th Cong., Chapter 240 ­ 2d Sess.
• To define bank holding companies, control their future expansion, and require divestment of their nonbanking interests = 281
• Public No. 374­86th Cong., 1st Sess.
• To promote and preserve local management of savings and loans associations by protecting them against encroachment by holding companies = 295
• Act of July 12, 1960. To make uniform provisions of law with respect to the terms of office of the members of certain regulatory agencies. （Public Law No. 619, 86th Cong.） = 298
• Act of September 13, 1960. To amend certain provisions of the Investment Advisers Act of 1940, as amended. （Public Law No. 750, 86th Cong.） = 299
• Act of September 13. 1960. To amend certain provisions of the Trust Indenture Act of 1939, as amended. （Public Law No. 760. 86th Cong.） = 303
• Act of September 13, 1960. To amend section 4 （a） of the Securities Exchange Act of 1934, as amended. （Public Law No. 771, 86th Cong.） = 304
• Act of September 5, 1961. To amend the Securities Exchange Act of 1934 so as to authorize and direct the Securities and Exchange Commission to conduct a study and investigation of the adequacy, for the protection of investors, of the rules of national securities exchanges and national securities associations. （Public Law No. 196, 87th Cong.） = 305
• Act of July 27, 1962. To postpone by three months the date on or before which the Securities and Exchange Commission shall report to the Congress the results of its study and investigation pursuant to section 19 （d） of the Securities Exchange Act of 1934. （Public Law No. 561, 87th Cong.） = 306
• Act of August 20, 1962. To authorize the Securities and Exchange Commission to delegate certain functions. （Public Law No. 592, 87th Coug.） = 307
• Act of August 20, 1964. To amend the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, to extend disclosure requirements to the issuers of additional publicly traded securities, to provide for improved qualification and disciplinary procedures for registered brokers and dealers. （Public Law No. 467, S8th Cong.） = 309
• Act of August 22, 1964. To amend section 341 of the Internal Revenue Code of 1954, relating to collapsible corporations and to amend section 543（a） （2） of such code, relating to the inclusion of rents in' personal holding company income. （Public Law No. 484, 88th Cong.） = 326
• Act of October 22, 1965. To amend the Securities Act of 1933 with respect to certain registration fees. （Pub. Law No. 289, 89th Cong.） = 329
• Act of July 1, 1966. To amend the Bank Holding Company Act of 1956. （Pub. Law No. 485, 89th Cong.） = 330
• Act of July 29, 1968. To amend the Securities Exchange Act of 1934 to permit regulation of the amount of credit that may be extended and maintained with respect to securities that are not registered on a national securities exchange. （Pub. Law No. 437, 90th Cong.） = 338
• Act of July 29, 1968. To amend the Securities Exchange Act of 1934 to authorize an investigation of the effect on the securities markets of the operation of institutional investors. （Pub. Law No. 438, 90th Cong.） = 339
• Act of July 29,1968. Providing for full disclosure of corporate equity ownership of securities under the Securities Exchange Act of 1934. （Pub. Law No. 439, 90th Cong.） = 341
• Act of October 20, 1969. To amend section 19（e） of the Securities Exchange Act of 1934. （Pub. Law No. 94, 91st Cong.） = 346
• Act of September 25,1970. To amend section 19 （e） of the Securities Exchange Act of 1934. （Pub. Law No. 410, 91st Cong.） = 347
• Act of December 22, 1970. To amend sections 13（d）, 13（e）, 14（d）. and 14（e） of the Securities Exchange Act of 1934 in order to provide additional protection for investors. （Pub. Law No. 567,91st Cong.） = 348
• Act of December 30, 1970. "Securities Investor Protection Act of 1970."（Pub. Law No. 598, 91st Cong.） = 351