104 STAT. 2722 PUBLIC LAW 101-550—NOV. 15, 1990 SEC. 402. DEFINITION. Section 303(8) of the Trust Indenture Act of 1939 (15 U.S.C. 77ccc(8)) is amended by inserting "section 305 or" after "provided for in". SEC. 403. EXEMPTION FROM QUALIFICATION. Section 304 of the Trust Indenture Act of 1939 (15 U.S.C. 77ddd) is amended— (1) in subsection (a)— (A) by striking paragraph (3) and inserting "(3)."; and (B) in paragraph (4)(A), by striking ", as heretofore amended/; and (2) by striking subsection (d) and inserting the following: "(d) The Commission may, by rules or regulations upon its own motion, or by order on application by an interested person, exempt conditionally or unconditionally any person, registration statement, indenture, security or transaction, or any class or classes of persons, registration statements, indentures, securities, or transactions, from any one or more of the provisions of this title, if and to the extent that such exemption is necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by this title. The Commission shall by rules and regulations determine the procedures under which an exemption under this subsection shall be granted, and may, in its sole discretion, decline to entertain any application for an order of exemption under this subsection.". SEC. 404. SECURITIES REQUIRED TO BE REGISTERED UNDER THE SECURI- TIES ACT. Section 305 of the Trust Indenture Act of 1939 (15 U.S.C. 77eee) is amended— (1) in subsection (a)(l), by striking "or has a conflicting interest as defined in subsection (b) of section 310"; (2) in subsection (b)— (A) by striking "The Commission shall issue" and inserting "(1) Except as may be permitted by paragraph (2) of this subsection, the Commission shall issue"; (B) by redesignating paragraph (1) as subparagraph (A); (C) by inserting "or at the end thereof;
- (D) by striking paragraph (2);
(E) redesignating paragraph (3) as subparagraph (B); (F) in such subparagraph (B), by striking or has any conflicting interest as defined in subsection (b) of section 310"; and (G) by adding at the end of subsection (b) the following new paragraph: "(2) In the case of securities registered under the Securities Act of 1933, which securities are eligible to be issued, offered, or sold on a delayed basis by or on behalf of the registrant, the Commission shall not be required to issue an order pursuant to paragraph (1) of subsection (b) of section 305 for failure to designate a trustee eligible to act under subsection (a) of section 310 if, in accordance with such rules and regulations as may be prescribed by the Commission, the issuer of such securities files an application for the purpose of determining such trustee's eligibility under subsection (a) of section 310. The Commission shall issue an order prior to the effective date of such application refusing to permit the application to become
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