Page:United States Statutes at Large Volume 89.djvu/181

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PUBLIC LAW 94-000—MMMM. DD, 1975

PUBLIC LAW 94-29—JUNE 4, 1975 stantially similar to that called for by this subsection shall cooperate with the Commission in the performance of its responsibilities under the preceding sentence. A n institutional investment manager which is a bank, the deposits of which a r e insured in accordance with the Federal Deposit Insurance Act, shall file with the appropriate regulatory agency a copy of every report filed with the Commission pursuant to this subsection. " (5)(A) For purposes of this subsection the term 'institutional investment manager' includes any person, other than a natural person, investing in or buying and selling securities for its own account, and any person exercising investment discretion with respect to the account of any other person. " (B) The Commission shall adopt such rules as it deems necessary or appropriate to prevent duplicative reporting pursuant to this subsection by two or more institutional investment managers exercising investment discretion with respect to the same amount.". SEC. 11. Section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o) is amended as follows: (1) The title thereof is amended to read: "REGISTRATION AND REGULATION OF BROKERS AND DEALERS".

89 STAT. 121

Copies of reports, filing.

12 USC 1811 note. "Institution investment manager."


Registration and regulation of brokers and dealers.

(2) Subsections (a) and (b) thereof are amended to read as follows: " (a)(1) I t shall be unlawful for any broker or dealer which is either a person other than a natural person or a natural person not associated with a broker or dealer which is a person other than a natural person (other than such a broker or dealer whose business is exclusively intrastate and who does not make use of any facility of a national securities exchange) to make use of the mails or any means or ins*:rumentality of interstate commerce to effect any transactions in, or to induce or attempt to induce the purchase or sale of, any security (other than an exempted security or commercial paper, bankers' acceptances, or commercial bills) unless such broker o r dealer is registered in accordance with subsection (b) of this section. " (2) The Commission, by rule or order, as it deems consistent with Exemption. the public interest and the protection of investors, may conditionally or unconditionally exempt from paragraph (1) of this subsection any broker or dealer or class of brokers or dealers specified in such rule or order. " (b)(1) A broker or dealer may be registered by filing with the Commission an application for registration in such form and containing such information and documents concerning such broker or dealer and any persons associated with such broker or dealer as the Commission, by rule, may prescribe as necessary o r appropriate i n the public interest or for the protection of investors. W i t h i n forty-five days of the date of the filing of such application (or within such longer period as to which the applicant consents), the Commission shall— " (A) by order g r a n t registration, o r " (B) institute proceedings to determine whether registration should be denied. Such proceedings shall include notice of the grounds for denial under consideration and opportunity for hearing and shall be concluded within one hundred twenty days of the date of the filing of the application for registration. A t the conclusion of such proceedings, the Commission, by order, shall g r a n t or deny such registration. The Commission may extend the time for conclusion of such proceedings for u p to ninety days if it finds good cause for such extension and publishes its reasons for so finding or for such longer period as to which the applicant consents. The Commission shall g r a n t such registration if the Commission finds that the requirements of this section are satisfied. The Commis-