Regulation of Sale of Securities: Hearing[s] Before a Subcommittee of the Committee on Banking and Currency, United States Senate, Seventy-fifth Congress, First Session, on S. 2344, a Bill to Provide for the Regulation of the Sale of Certain Securities in Interstate and Foreign Commerce, and the Trust Indentures Under which the Same are Issued, and for Other Purposes. June 9, 15, 22, and 29, 1937 |
From inside the book
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Page 16
... going into that matter . Mr. Douglas , a member of the Commission , is here , and he will go into it in detail . He conducted the investigation , and he and his assistants have been primarily re- sponsible for the drawing of this bill ...
... going into that matter . Mr. Douglas , a member of the Commission , is here , and he will go into it in detail . He conducted the investigation , and he and his assistants have been primarily re- sponsible for the drawing of this bill ...
Page 22
... going to ask very many . Some little while ago you spoke of trustees in some cases failing to register or record a mortgage . Commissioner DOUGLAS . I was speaking not so much of any preva- lent failure of trustees to do that , as of ...
... going to ask very many . Some little while ago you spoke of trustees in some cases failing to register or record a mortgage . Commissioner DOUGLAS . I was speaking not so much of any preva- lent failure of trustees to do that , as of ...
Page 38
... going too far to have power over that substitution ? It is a pretty high - handed thing , to take out a substitution of property without consulting the person who thought he was secured all the time . The CHAIRMAN . There ought to be ...
... going too far to have power over that substitution ? It is a pretty high - handed thing , to take out a substitution of property without consulting the person who thought he was secured all the time . The CHAIRMAN . There ought to be ...
Page 43
... going to be selling the securities through his underwriter . He is the person who files the registration statement under the Securities Act . So he is the person who files the application . The applicant is not the trustee ; it is the ...
... going to be selling the securities through his underwriter . He is the person who files the registration statement under the Securities Act . So he is the person who files the application . The applicant is not the trustee ; it is the ...
Page 49
... going to say that you are giving a monopoly to the banks and other institutions ? Commissioner DOUGLAS . I hardly think so , in view of the fact that , by and large , banks as well as other institutions throughout the country will ...
... going to say that you are giving a monopoly to the banks and other institutions ? Commissioner DOUGLAS . I hardly think so , in view of the fact that , by and large , banks as well as other institutions throughout the country will ...
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Common terms and phrases
act as trustee action adequate Alben W amendment American Bankers Association application bank Bankers Barkley bill bondholders bonds BUTTENWIESER CANRIGHT centum CHAIRMAN clause collateral Commission deems Commissioner DOUGLAS committee print conflict of interest conflicting interest corporate trustees court creditor debenture director duties enforcement Exchange Commission exemption exercise Federal Reserve System filed inden indenture security holders indenture trustee interest or participation interests of investors investment issuer legislation liability loans mortgage necessary or appropriate negative pledge negligence obligations obligor paragraph paying agent payment permitted person POSNER prescribe prior to default prospective trustee protection of investors public interest qualified shall contain reasonable reorganization Report respect responsible rules and regulations Securities Act Securities and Exchange securities issued Senator BARKLEY Senator HUGHES Senator TOWNSEND situation statement subsection substitution term thereof thereunder tion trust companies trust indenture trustee's trusteeship underwriter UNTERMYER voting securities
Popular passages
Page 86 - Act of 1933. (b) The Treasury Department, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Reserve Banks, and the Federal Deposit Insurance Corporation...
Page 13 - System, notwithstanding that such rule or regulation may, after such act or omission, be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.
Page 14 - Commission under authority thereof, or any person who willfully, in a registration statement filed under this title, makes any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, shall upon conviction be fined not more than $10,000 or imprisoned not more than five years, or both.
Page 11 - Such information, in such detail, as to the issuer and any person directly or indirectly controlling or controlled by, or under direct or indirect common control with...
Page 209 - Commission deems relevant or material to the inquiry. Such attendance of witnesses and the production of any such records may be required from any place in the United States or any State at any designated place of hearing.
Page 5 - The Information contained In or filed with any registration statement shall be made available to the public under such regulations as the Commission may prescribe...
Page 197 - underwriter" means any person who has purchased from an issuer with a view to, or offers or sells for an issuer in connection with, the distribution of any security, or participates or has a direct or indirect participation in any such undertaking, or participates or has a participation in the direct or indirect underwriting of any such undertaking...
Page 200 - If it appears to the Commission at any time that the registration statement includes any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading...
Page 15 - If any provision of this Act or the application of such provision to any person or circumstance shall be held invalid, the remainder of the Act and the application of such provision to persons or circumstances other than those as to which it is held invalid shall not be affected thereby.
Page 4 - The Commission may from time to time by its rules and regulations and subject to such terms and conditions as may be prescribed therein...