Page:United States Statutes at Large Volume 49 Part 1.djvu/1424

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74TH C ONGRESS. SESS. II. CH. 462. MAY 27, 1936.

1379 "(d) Each registration statement hereafter filed pursuant to the meegistration s tate- Securities Act of 1933, as amended, shall contain an undertaking by su Un dertakinghb is- the issuer of the issue of securities to which the registration state- odic information, etc, ment relat es to file with the Commission , in accor dance with such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of inves- tors, such supplemen tary and p eriodic in formation, documents , and reports as may be required pursuant to section 13 of this title in Vol. 48, p. 894. respect of a security listed and registered on a national securities exchange ; but such * undertaking shall become operative only if the 'When operative . aggregate offering price of such issue of securities, plus the aggre- gate value of a ll other securi ties of such is suer of the sam e class (as hereinafte r defined) outstandi ng, comput ed upon th e basis of such offering price, amounts to $2,000,000 or more. The issuer shall file Dutre to file informa- t ion susp ende d un der su ch supplementary and periodic information, documents, and d esi gnat ed circ um- reports pursuant to such undertaking, except that the duty to file stances` shall be automatically suspended if and so long as (1) such issue of securities is listed and registered on a national securities exchange, or (2) by reason of the listing and registration of any other security of such issuer on a national securities exchange, such issuer is required to file pursuant to section 13 of this title information, doc- uments, and reports substantially equivalent to such as would be required if such issue of securities were listed and registered on a national securities exchange, or (3) the aggregate value of all out- stan ding securities of the class t o which such is sue belongs is reduced to less than $1,000,000, computed upon the basis of the offering price of the last issue of securities of said class offered to the public . For "Class" construed . the purposes of this subsection, the term `class' shall be construed to i nclude all secu rities of an is suer which are of substantiall y simi- lar character and the holders of which enjoy substantially similar rights and privileges . Nothing in this subsection shall apply to g Securities of foreign securities issued by a foreign government or political subdivision thereof or to any other security which the Commission may by rules cuotheer exempted se- and regulations exempt as not comprehended within the purposes of this subsection ." SnC. 4 . Subsection (a) of section 17 of such Act is amended by Broker's accounts striking out "every broker or dealer making or creating a market and records recor ds s`~8s7 . for both the purchase and sale of securities through the use of the mai ls or of a ny means or instrum entality o f intersta te commerc e", and inserting in lieu thereof "every broker or dealer registered pur- suant to section 15 of this title" . SEC . 5 . Subsection (a) of section 18 of such Act is amended by me leadingstate- inserting immediately before the comma following "any rule or reg- vol .4s, p.897 . ulati on thereun der" the f ollowing : "o r a ny undertaking contained in a registration statement as provided in subsection (d) of section 15 of this title". SEC . 6 . Subsection (c) of section 20 of such Act is amended by fig nreas o naabl re delay - inserting immediately before the period the following : "or any vo1 .4a,p .sss, und erta kin contained in aa regi stration s tatement a s provided in subs ecti on g (d) of section 15 of this title" . SEC. 7. Subsection (f) of section 21 of such Act is amended by mad

of writs of inserting immediately before the period the following : "or with voL48,p .s o1 . any unde rtaking co ntained in a registr ation stat ement as p rovided in subsection (d) of section 15 of this title" . SEC. 8. Subsection (a) of section 23 of such Act is amended to read as follows "(a) The Commission and the Board of Governors of the Federal tio Rules and regula- Reserve Sy stem shall each have power to make such rules and regu- vol . 48, p .W 1. lations as may be necessary for the execution of the functions vested