Laws Relating to Securities Commission, Exchanges and Holding Companies ... - United States - Google Books

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20. Proxies; Voting Trusts; Circular Ownership.

(a) Provision regarding solicitation of proxies in contravention of

(b) Public offering of voting trust certificates prohibited.

(c) Cross and circular ownership of voting securities among invest-

ment companies restricted..

(d) Cross or circular ownership to be eliminated within certain

22. Distribution, Redemption, and Repurchase of Redeemable Securities.

(a) Rules may be adopted by registered securities associations regu-

lating trading and methods of pricing redeemable securities

(b) Rules may be adopted by registered securities associations regu-

lating the price at which members may purchase and sell

redeemable securities of an investment company in connection

with primary distributions__.

(c) Commission may issue rules and regulations regarding distri-

bution, repurchase, and redemption of redeemable securities.

(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__

(e) Investment company may not suspend the right of redemption

of redeemable security..

(f) Open-end company may not restrict transferability or nego-

tiability of redeemable security in contravention of rules____

(g) Consideration for which open-end company may issue securities_

23. Distribution and Repurchase of Securities; Closed-End Companies__

Consideration for which closed-end company may issue securities.

Price at which closed-end company may sell its securities_

Regulation of the purchase by a closed-end company of its

(a) Information and documents which may be filed in lieu of those

specified in schedule A of Securities Act of 1933__

(b) Copies of sales literature of certain types of companies to be filed

with Commission_.

24. Registration of Securities under Securities Act of 1933_

(c) Form of prospectus relating to periodic payment plan or face

amount certificates may be regulated and summaries of infor-

mation therein may be required..

(d) Exemptions provided by sections (3a) (8) and (11) of Securities

Act of 1933 inapplicable to investment company securities__

25. Plans of Reorganization__.

(a) Copy of solicitations relating to plans of reorganization to be

filed with Commission_.

(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___

(d) Section does not affect powers of courts and Commission under

Bankruptcy Act...

26. Unit Investment Trusts---

(a) Provisions restricting sale of securities unless issued under trust

indenture; trust indenture requirements..

(b) Amendment of trust indenture permitted by written contract.

(c) Commission authorized to seek liquidation of inactive invest-

ment trust in District Court____

27. Periodic Payment Plans..

(b) Sales load limitations for smaller companies may be relaxed by

Commission.......

(a) Limitations on sales load and fees in connection with sale of

periodic payment plan certificates- - - -

(0) 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)-

28. Face-Amount Certificate Companies---

(a) Minimum capitalization and certificate reserves required for

face-amount certificate company..

(b) Assets at least equal to capital and reserve requirements of

subsection (a) required to be in cash or qualified investments

(c) Commission shall by rule, regulation, or order, require deposit

and maintenance of qualified investments with qualified

(d) Limitations as to cash surrender value, advance payments,

loans and deferment of payments to certificate holder...

Certificate holder not to be liable for any unpaid amount_

Provisions as to receipt of paid-up certificate in lieu of cash sur-

render value and as to default and reinstatement_.

(g) Companies which have discontinued public offering of certifi-

cates prior to effective date of Act excepted.......

(h) Limitations upon payment of dividends by company which does

not meet certificate reserve requirements of this section____

29. Bankruptcy of Face-Amount Certificate Companies---

(a) Provisions amending section 67 of Bankruptcy Act; deposit of

property voidable; order of distribution provided: Court to

have summary jurisdiction__

(b) Provisions amending section 44 of Bankruptcy Act; appointment

of trustee by Court; notice to Commission__.

80. Periodic and Other Reports; Reports of Affiliated Persons...

(a) Annual reports filed with Commission_.

(b) Semiannual or quarterly reports filed with Commission; periodic

reports to stockholders to be filed...

(c) Reports in lieu of those required under the Securities Exchange

(d) Semiannual reports to stockholders.

Certification of financial statements.

Holders of 10 percent of any class of security of closed-end com-

pany, officers, directors, members of advisory board, invest-

ment advisers or affiliated persons thereof, regarding transac-

tion in securities of such company, subject to same duties

and liabilities imposed by section 16 of Securities Exchange

31. Accounts and Records..

(a) Commission authorized to require maintenance and preserva-

tion of certain accounts and records..

(b) Examination by Commission of accounts and records..

(c) Commission authorized to prescribe uniform accounting policies

and principles---

(d) Commission may by order exempt transactions from any rule

or regulation prescribed under subsection (c).

82. Accountants and Auditors..

(a) Accountant's certificate; selection of independent public ac-

countant; stockholders' ratification or rejection; termination

of employment...

(b) Board of directors or stockholders to select principal account-

(c) Commission authorized to require accountants and auditors to

retain reports, work-sheets, and other papers.

(a) Wilful destruction, mutilation, or alteration of certain accounts

and papers unlawful___

(b) Misrepresentation of a material fact or omission to state a

material fact in registration statement or any report filed

with Commission unlawful....

Bection
85. Unlawful Representations and Names...

(a) Unlawful to represent guarantee, sponsorship, recommendation,
or approval by United States or any agency in sale of any
security of investment company-----

(b) Unlawful for any person to represent that he is sponsored,
recommended or approved by United States or any agency..
(e) No prohibition from truthfully stating that he or a security
is registered under this or other Federal Acts....
(d) Use of name declared by order of Commission to be misleading
86. Injunctions Against Gross Abuse....
prohibited; Commission may seek injunction...

[graphic]

(b) Stay of Commission's order..

44. Jurisdiction of Offenses and Suits_

45. Information Filed With Commission..

(a) Available to public; application for nondisclosure; restriction

against disclosure or personal use by Commission or its em-

(b) Availability to public of photostatic copies.

46. Annual Reports of Commission; Employees of the Commission..

47. Validity of Contracts...

32 (a) Waiver of compliance with Act or rules and regulations void..

(b) Contracts made in violation of Act or rules and regulations

thereunder void...

48. Liability of Controlling Persons; Preventing Compliance With Title..

49. Penalties..

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202. Definitions:

Page

202. Definitions-Continued

(a) Definitions of specific terms-Continued

(10) Interstate Commerce..

(11) Investment adviser..

(12) Investment company--

(13) Investment supervisory services..

(14) Means or instrumentality of interstate commerce.------

(15) National securities exchange_

(19) Underwriter..

(20) Acts to which reference is made in this title.-

(b) Provisions to be deemed inapplicable to Federal or State
instrumentalities unless specific reference is made................

203. Registration of Investment Advisers..

(a) Unregistered investment advisers prohibited from using mails

or any means or instrumentality of interstate commerce for

such business___.

Exemptions from subsection (a)_

Application for registration; effective date; amendments.
Denial, suspension, or revocation___

Proceeding to deny registration: postponement of effective date.

(f) Registration of business successor..

(g) Withdrawal; cancelation_.

204. Annual and Other Reports____

205. Investment Advisory Contracts---

206. Prohibited Transactions by Registered Investment Advisers...

207. Material Misstatements...

208. Unlawful Representations:

(a) Unlawful to represent sponsorship, recommendation or ap-

proval by United States or any agency-

(b) Statements which may be made regarding registration under

Act or Securities Exchange Act.--

(c) Restrictions as to use of title "investment counsel".

(b) Power to administer oaths, subpena witnesses, take evidence,

and require production of records.

(c) Commission may invoke aid of courts of the United States..

(d) Privilege against self-incrimination_...

(e) Injunctions; criminal proceedings.

210. Publicity:

(a) Availability of information to public; application for nondis-

(b) Investigations - - -

211. Rules, Regulations, and Orders___

Disclosure of information regarding identity, investments, or

affairs of clients by investment adviser not to be required

except under certain conditions..

(a) Authority to make, issue, amend, and rescind rules, regulations,

(b) Effective date of rules and regulations.

(c) Notice and opportunity for hearing...

(d) Compliance with rules and regulations in good faith as a bar

212. Hearings----

218. Court Review of Orders:

(a) Petitions; additional evidence; review by Supreme Court of

United States___.

(b) Proceedings under subsection (a) as a stay of Commission's

814. Jurisdiction of Offenses and Suits..

215. Validity of Contracts_

(a) Waiver of compliance with Act or rules and regulations void.

(b) Contracts made in violation of Act or rules and regulations void_ _ _

301. Section 8 (a) of the Securities Act of 1933, as amended, revised in

accordance with language of this section__.

Public, No. 258-78th Cong., Chapter 101-2d Sess.

To amend section 31 of the Securities Exchange Act, 1934. Approved

This Act amends Securities Exchanges Act of 1934 relating to Registration Fees...

Public, No. 55-79th Cong., Chapter 122--1st Sess.

To amend section 3 (b) of Securities Act of 1933, as amended. Approved

This Act amends Securities Act of 1933, so as to permit exemption of se-

curity issues not exceeding $300,000 from the provisions of such Act___

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_.

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..

Public No. 374-86th Cong., 1st Sess.

To promote and preserve local management of savings and loans associa-

tions by protecting them against encroachment by holding companies___

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. (Pub-

lic Law No. 619, 86th Cong.).

Act of September 13, 1960. To amend certain provisions of the Invest-

ment Advisers Act of 1940, as amended. (Public Law No. 750, 86th

Act of September 13, 1960. To amend certain provisions of the Trust In-

denture Act of 1939, as amended. (Public Law No. 760, 86th Cong.) ---

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.) __

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.)

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 Con-

gress the results of its study and investigation pursuant to section 19

(d) of the Securities Exchange Act of 1934. (Public Law No. 561,

Act of August 20, 1962. To authorize the Securities and Exchange Com-

mission to delegate certain functions. (Public Law No. 592, 87th

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 dis-

closure requirements to the issuers of additional publicly traded securi-

ties, to provide for improved qualification and disciplinary procedures

for registered brokers and dealers. (Public Law No. 467, 88th Cong.)-

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.) -

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