Page:United States Statutes at Large Volume 48 Part 1.djvu/925

 73d CONGRESS. SESS. II. CH. 404. JUNE 6, 1934 . 899 limitation or prohibition of the registration or trading in any secur- ity within a specified period after the issuance or primary distribu- tion thereof ; (3) the listing or striking from listing of any security ; (4) hours of trading ; (5) the manner, method, and place of soliciting business ; (6) fictitious or numbered accounts ; (7) the time and method of making settlements, payments, and deliveries and of cl osing accoun ts ; (8 ) the report ing of trans action s on th e exch ange and upon tickers maintained by or with the consent of the exchange, including the method of reporting short sales, stopped sales, sales of securitie s of issu ers in de fault, ba nkruptcy or receiv ership, a nd sales involvi ng oth er spe cial c ircums tances ; (9) t he fix ing of reaso nable rates of commission, interest, listing, and other charges ; (10) mini- mum units of trading ; (11) odd-lot purchases and sales ; (12) minimum deposits on margin accounts ; and (13) similar matters. (c) The Commission is authorized and directed to make a study and investigation of the rules of national securities exchanges with respect to the classification of members, the methods of election of officer s and commit tees t o insu re a f air rep resent ation of the mem- bership, and the suspension, expulsion, and disciplining of members of such exchanges. The Commission shall report to the Congress on or before January 3, 1935, the results of its investigation, together with its recommendations. LIABILITIES OF CON TROLLING PERSONS SEC. 20. (a) Every person who, directly or indirectly, controls any person li able unde r any pro vision of this tit le or of any rule or regu- lation thereunder shall also be liable jointly and severally with and to the same extent as such controlled person to any person to whom such controlled person is liable, unless the controlling person acted in good f aith and did not d irectly o r indirec tly induc e the act or acts constituting the violation or cause of action. (b) It shall be unlawful for any person, directly or indirectly, to do any act or thing which it wo uld be unlawf ul for such person to do under the provisio ns of thi s title o r any rul e or regu lation th ereunder through or by means of any other person. (c) It sh all be un lawful fo r any dir ector or officer o f, or any owner of any of the securities issued by, any issuer of any security regis- tered on a national securities exchange, without just cause to hinder, delay, or obs truct the ma king o r fili ng of a ny doc ument, repor t, or information, required to be filed under this title or any rule or regulation thereunder. INVESTIGATIONS ; INJUNCTIONS AND PROSECUTION OF OrFENS ES SEC. 21 . (a) The Commission may, in its discretion, make such investigations as it deems necessary to determine whether any person has violated or is about to violate any provision of this title or any rule or regulation thereunder, and may require or permit any person to file with it a statement in writing, under oath or otherwise as the Commission shall determine, as to all the facts and circumstances concerning the matter to be investigated. The Commission is author- ized, i n its discre tion, to pub lish i nformat ion co ncerni ng any such violati ons, a nd to invest igate any fa cts, co nditio ns, pr actice s, or matters which it may deem necessary or proper to aid in the enforce- ment of the provisions of this title, in the prescribing of rules and regulations thereunder, or in securing information to serve as a basis for recommending further legislation concerning the matters to which this title relates. Commission directed to study rules of ex. changes, including dis. cipline. Report thereof to Congress. L iabil ity o f con trol- ling persons. Unlawful acts. Unreasonably delay. ing, etc., reports. I njunc tions and pros- ecutions . Investigations au- thorized . Evidence. P ublic ation of i nfor- mation discretionary.