Page:United States Statutes at Large Volume 109 Part 1.djvu/768

 109 STAT. 752 PUBLIC LAW 104-67—DEC. 22, 1995 if and to the extent that any such exemption is consistent with the public interest and the protection of investors, as determined by the Commission. "(h) EFFECT ON OTHER AUTHORITY OF COMMISSION.— Nothing in this section Hmits, either expressly or by implication, the authority of the Commission to exercise similar authority or to adopt similar rules and regulations with respect to forward-looking statements under any other statute under which the Commission exercises rulemaking authority. "(i) DEFINITIONS. —For purposes of this section, the following definitions shall apply: "(1) FORWARD-LOOKING STATEMENT. —The term 'forwardlooking statement' means— "(A) a statement containing a projection of revenues, income (including income loss), earnings (including earnings loss) per share, capital expenditures, dividends, capital structure, or other financial items; "(B) a statement of the plans and objectives of management for future operations, including plans or objectives relating to the products or services of the issuer; "(C) a statement of future economic performance, including any such statement contained in a discussion and analysis of financial condition by the management or in the results of operations included pursuant to the rules and regulations of the Commission; "(D) any statement of the assumptions underlying or relating to any statement described in subparagraph (A), (B), or (C); "(E) any report issued by an outside reviewer retained by an issuer, to the extent that the report assesses a forward-looking statement made by the issuer; or "(F) a statement containing a projection or estimate of such other items as may be specified by rule or regulation of the Commission. "(2) INVESTMENT COMPANY.— The term 'investment company' has the same meaning as in section 3(a) of the Investment Company Act of 1940. "(3) PENNY STOCK.— The term 'penny stock' has the same meaning as in section 3(a)(51) of the Securities Exchange Act of 1934, and the rules and regulations, or orders issued pursuant to that section. "(4) GOING PRIVATE TRANSACTION.— The term 'going private transaction' has the meaning given that term under the rules or regulations of the Commission issued pursuant to section 13(e) of the Securities Exchange Act of 1934. "(5) SECURITIES LAWS.— The term 'securities laws' has the same meaning as in section 3 of the Securities Exchange Act of 1934. "(6) PERSON ACTING ON BEHALF OF AN ISSUER. —The term 'person acting on behalf of an issuer' means an officer, director, or employee of the issuer. "(7) OTHER TERMS. — The terms 'blank check company', 'rollup transaction', 'partnership', 'limited liability company', 'executive officer of an entity' and 'direct participation investment program', have the meanings given those terms by rule or regulation of the Commission.".

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