74 STAT. 888. 15 USC 80b-12. ascertained during any such examination or investigation; and no member, officer, or employee of the Commission shall disclose to any person other than a member, officer, or employee of the Commission any information obtained as a result of any such examination or investigation except with the approval of the Commission. The provisions of this subsection shall not apply— "(1) in the case of any hearing which is public under the provisions of section 212; or "(2) in the case of a resolution or request from either House of Congress." SEC. 14. Subsection (a) of section 211 of the Investment Advisers 15 USC 80b-11. Act of 1940, as amended, is amended to read as follows: Rules and regulations. 15 USC 80b-17. Penalty. "(a) The Commission shall have authority from time to time to make, issue, amend, and rescind such rules and regulations and such orders as are necessary or appropriate to the exercise of the functions and powers conferred upon the Commission elsewhere in this title. For the purposes of its rules or regulations the Commission may classify persons and matters within its jurisdiction and prescribe different requirements for different classes of persons or matters." SEC. 15. Section 217 of the Investment Advisers Act of 1940, as amended, is amended to read as follows: "SEC. 217. Any person who willfully violates any provision of this title, or any rule, regulation, or order promulgated by the Commission under authority thereof, shall, upon conviction, be fined not more than $10,000, imprisoned for not more than two years, or both." SEC. 16. The Investment Advisers Act of 1940, as amended, is amended by adding the following new section: "STATE CONTROL OF INVESTMENT ADVISERS "SEC. 222. Nothing in this title shall affect the jurisdiction of the securities commissioner (or any agency or officer performing like functions) of any State over any security or any person insofar as it does not conflict with the provisions of this title or the rules and regulations thereunder." Approved September 13, 1960. Public Law 86-760 86th Congress, S. 3771 September 13, 1960 AN ACT To amend certain provisions of the Trust Indenture Act of 1939, as amended. 74 STAT, 902. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That subsection (c) Trust Indenof section 304 of the Trust Indenture Act of 1939, as amended, is ture Act of amended to read as follows: 1939, amendment. "(c) The Commission shall, on application by the issuer and after 53 Stat. 1153. opportunity for hearing thereon, by order exempt from any one or 15 USC 77ddd. more provisions of this title any security issued or proposed to be issued under any indenture under which, at the time such application is filed, securities referred to in paragraph (3) of subsection (a) of this section are outstanding or on January 1, 1959, such securities were outstanding, if and to the extent that the Commission finds that compliance with such provision or provisions, through the execution of a supplemental indenture or otherwise "(1) would require, by reason of the provisions of such indenture, or the provisions of any other indenture or agreement made prior to the enactment of this title, or the provisions of any applicable law, the consent of the holders of securities outstanding under any such indenture or agreement; or "(2) would impose an undue burden on this issuer, having due regard to the public interest and the interests of investors." Approved September 13, 1960. (303) Public Law 86-771 AN ACT 74 STAT. 913. To amend section 4(a) of the Securities Exchange Act of 1934, as amended. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the fourth sen- Securities Extence of subsection (a) of section 4 of the Securities Exchange Act of change Act, 1934, as amended (15 U.S.C. 78 (d)), is amended by adding", except amendment. that the chairman shall receive additional salary at the rate of $500 Ante, p. 408. a year" after "$20,000 a year". Approved September 13, 1960. (304) Public Law 87-196 87th Congress, H. J. Res. 438 Joint Resolution 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. 75 STAT. 465. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That section 19 of the Securities Securities Exchange Act of 1934 is amended by adding at the end and Exchange thereof a new subsection as follows: Commission. 48 Stat. 898. "(d) The Commission is authorized and directed to make a study Study. and investigation of the adequacy, for the protection of investors, 15 USC 78s. of the rules of national securities exchanges and national securities associations, including rules for the expulsion, suspension, or disciplining of a member for conduct inconsistent with just and equitable principles of trade. The Commission shall report to the Congress on or Report to before January 3, 1963, the results of its study and investigation, Congress. together with its recommendations, including such recommendations for legislation as it deems advisable. The Commission is authorized to appoint, without regard to the civil service laws, rules, and regulations, such personnel as the Commission deems advisable to carry out such study and investigation and to fix their respective rates of com pensation without regard to the Classification Act of 1949, as amended, 63 Stat. 954. but no such rate shall exceed $18,500 per annum. To carry out such 5 USC 1071 note. study and investigation there is hereby authorized to be appropriated Appropriation. the sum of $750,000." Approved September 5, 1961. (305) Public Law 87-561 July 27, 1962 An Act 76 STAT. 247. 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, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the second SEC. sentence of subsection (d) of section 19 of the Securities Exchange Special study Act of 1934 (15 U.S.C. 78s (d)) is amended by striking out "January reporting date, 3, 1963" and inserting "April 3, 1963" in lieu thereof. The last sen- postponement. tence of such subsection is amended by striking out "$750,000" and 75 Stat. 465. inserting "$950,000" in lieu thereof. Approved July 27, 1962. (306) 48 Stat. 898; |