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ADDITIONAL CONSUMER PROTECTION IN CORPORATE TAKEOVERS AND INCREASING THE SECURITIES ACT EXEMPTIONS FOR SMALL BUSINESSMEN
HEARING
BEFORE THE
SUBCOMMITTEE ON SECURITIES
OF THE
COMMITTEE ON BANKING AND CURRENCY
UNITED STATES SENATE
NINETY-FIRST CONGRESS
SECOND SESSION
ON
S. 336
A BILL TO AMEND SECTION 3(b) OF THE SECURITIES ACT
OF 1933 TO PERMIT THE EXEMPTION OF SECURITY ISSUES,
NOT EXCEEDING $500,000 IN AGGREGATE AMOUNT, FROM
THE PROVISIONS OF SUCH ACT
S. 3431
A BILL TO EXTEND THE COVERAGE OF SECTIONS 13(d),
14(d), AND 14(e) OF THE SECURITIES EXCHANGE ACT OF
1934 IN ORDER TO PROVIDE ADDITIONAL PROTECTION
FOR INVESTORS
MARCH 25, 1970
Printed for the use of the Committee on Banking and Currency
43-327
U.S. GOVERNMENT PRINTING OFFICE
WASHINGTON: 1970
JOHN SPARKMAN, Alabama, Chairman
Hamer H. Budge, chairman, Securities and Exchange Commission..
Phillip West, vice president; accompanied by Donald L. Calvin, vice
president, New York Stock Exchange
Richard B. Walbert, president, National Association of Securities Dealers;
accompanied by Lloyd J. Derrickson, general counsel...
Craig Severance, chairman, Investment Bankers Association; accompanied
by Otto Lowe, Jr., vice chairman, Federal Securities Acts Committee;
Gordon L. Calvert, executive director and general counsel..
Jordan Harlan Eskin, attorney at law, New York...-
8
101
110
114
123
ADDITIONAL STATEMENTS AND DATA
American Life Convention and Life Insurance Association of America,
statement submitted...
109
Barron's National Financial Weekly, reprint of article from..
148
Committee on Interstate and Foreign Commerce, House of Representa-
tives, letter from Jordan Harlan Eskin__
147
Healy, corporation commissioner, State of Oregon:
Letter to Hamer H. Budge, chairman, SEC..
Letter to Senator Packwood...
106
105
Investment Bankers Association of America, statement of Craig Severance,
chairman, Federal Securities Act Committee.
Manne, Professor Henry G., letter to Jordan Harlan Eskin...
Investment Company Institute, letter to Senator Williams from Robert L.
Augenblick, president__
107
134
National Association of Securities Dealers, Richard B. Walbert, president:
Letter to Senator Williams.
113
Statement before subcommittee_
New York Stock Exchange, statement of Phillip West, vice president_
New York Times, article from___.
153
Oregon Department of Commerce, letter to Senator Packwood, from Frank
J. Healy, corporation commissioner
Securities and Exchange Commission:
Budge, Hamer H., chairman:
Adoption of rules and regulations relating to assessable stock_ - -
Amendment to temporary rules under sections 13(d), 13(e), 14(d),
and 14(f)-
Adoption of amendments to temporary rules and regulations under
sections 13 (d) and (e), and 14(d)_.
42
87
41
Letter from Frank J. Healy, Corporation Commissioner of the
State of Oregon__
Statement before the subcommittee__
Comparison of disclosure requirements in a prospectus under the Securities Act of 1933 and an offering circular used in the regulation A exemption_...
Memorandum on S. 336.
Memorandum prepared by Division of Corporation Finance regarding
amending section 14(e) of the Securities Exchange Act of 1934.
3
346