Page:United States Statutes at Large Volume 108 Part 5.djvu/592

 108 STAT. 4082 PUBLIC LAW 103-389 —OCT. 22, 1994 or appropriate for the maintenance of fair and orderly markets, the protection of investors and the public interest, or otherwise in furtherance of the purposes of this title. "(E) No extension of imlisted trading privileges to securities described in subparagraph (A)(u) may occur except pursuant to a rule, regulation, or order of the Commission approving such extension or extensions. In promulgating such rule or regulation or in issuing such order, the Commission— "(i) shall find that such extension or extensions of unlisted trading privileges is consistent with the maintenance of fair and orderly markets, the protection of investors and the public interest, and otherwise in furtherance of the purposes of this title; "(ii) shall take account of the public trading activity in such securities, the character of such trading, the impact of such extension on the existing markets for such securities, and the desirability of removing impediments to and the progress that has been made toward the development of a national market system; and "(ui) shall not permit a national securities exchange to extend unMsted trading privileges to such securities if any rule of such national securities exchange would unreasonably impair the ability of a dealer to soUcit or effect transactions in such securities for its own account, or would imreasonably restrict competition among dealers in such securities or between such dealers acting in me capacity of market makers who are speciahsts and such dealers who are not specialists. "(F) An exchange may continue to extend unlisted trading privileges in accordance with this paragraph only if the exchange and the subject security continue to satisfy the requirements for eligibihty under this paragraph, including any rules and regulations issued by the Commission pursuant to tins paragraph, except that unHsted trading privileges may continue with regard to securities which had been admitted on such exchange prior to July 1, 1964, notwithstanding the failure to satisfy such requirements. If unlisted trading privileges in a security are discontinued pursuant to this subparagraph, the exchange snail cease trading in that security, unless the exchange and the subject security thereafter satisfy the requirements of this paragraph and the rules issued hereunder. "(G) For purposes of this paragraph— "(i) a security is the subject of an initial public offering if— "(I) the offering of the subject security is registered under the Securities Act of 1933; and "(II) the issuer of the security, immediately prior to fiMng the registration statement with respect to the offering, was not subject to the reporting requirements of section 13 or 15(d) of this title; and "(ii) an initial public offering of such security commences at the opening of trading on the day on which such security commences trading on the national securities exchange with which such security is registered. "(2)(A) At any time within 60 days of commencement of trading on an exchange of a security pursuant to unlisted trading privileges, the Commission may summarily suspend such unlisted trading privileges on the exchange. Such suspension shall not be reviewable under section 25 of this title and shall not be deemed to be a

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