Page:United States Statutes at Large Volume 49 Part 1.djvu/1422

 74 TH C ONGRESS. SESS. II. CH. 462. MAY 27, 1936 . and any other person having a bona-fide interest in such proceeding, shall upon application be entitled to be heard. "Any security for which unlisted trading privileges are continued or exte nded pur suant to this su bsection shall b e deemed to be r eg- istered on a national securities exchange within the meaning of this title . The powers and duties of the Commission under subsection (b) of section 19 of this title shall be applicable to the rules of an exchange in respect of any such security . The Commission ma y, by such ru les and regulati ons as i t deems necessar y or app ropriate in the public interest or f or the protect ion of invest ors, either u ncondi- tionally or upon specifi ed terms and c onditions, or for stated p eriods, exempt such securities from the operation of any provision of section 13, 14, or 16 of this title ." SEC. 2. Any application to continue unlisted trading privileges for any security heretofore filed by any exchange and approved by the C ommissio n pursua nt to cl ause (1) of subs ection ( f) of se ction 12 of the Securities Exchange Act of 1934 and rules and regulations thereunder shall be deemed to have been filed and approved pursuant to clause (1) of said subsection (f) as amended by section 1 of this Act. SEC. 3 . Section 15 of the Securities Exchange Act of 1934 is amended to read as follows : "SEC . 15 . (a) No broker or dealer (other than one whose business is exclusively intrastate) shall make use of the mails or of any means or instrume ntality of in terstate comme rce to effect any transact ion in, or to induce the purchase or sale of, any security (other than an exempted security or commercial paper, bankers' acceptances, or commercial bills) otherwise than on a national securities exchange, unless such bro ker or d ealer is registe red in a ccordanc e with s ub- section (b) of this section . "(b) A broker or dealer may be registered for the purposes of this section by filing with the Commission an application for regis- tration, which shall co ntain su ch infor mation i n such d etail as to such broker or dealer and any person directly or indirectly con- trolling or controlled by, or under direct or indirect common control with, such broker or dealer, as the Commission may by rules and regulations require as necessary or appropriate in the public interest or for the protection of investors. Except as hereinafter provided, such registration shall become effective thirty days after the receipt of such application by the Commission or within such shorter period of time as the Commission may determine. "An application for registration of a broker or dealer to be formed or organized may be made by a broker or dealer to which the broker or dealer to be formed or organized is to be the successor . Such application shall contain such information in such detail as to the applicant a nd as to the successor and any person di rectly or ind irectly controlling or controlled by, or under direct or indirect common control with, the applicant or the successor, as the Commission may by rules and regulations require as necessary or appropriate in the public interest or for the protection of investors . Except as herein- after provided, such registration shall become effective thirty days after the receipt of such application by the Commission or within such shorter period of time as the Commission may determine . Such registratio n shall termi nate on the fo rty-fifth day after the ef fective date thereof, unless prior thereto the successor shall, in accordance with such rules and regulations as the Commission may prescribe, adopt such ap plicatio n as its own. "If any amendment to any application for registration pursuant to this subsection is filed prior to the effective date thereof, such amendment shall be deemed to have been filed simultaneously with 104019•-36	87 137 7 Securities hereunder deemed registered. Commission's powers extended . Vol 48 p.898 . U.S. a., p. 538. Exemptions permit- ted . Vol.48,pp.894,895, 896 . Applications to con- tinue trading privileges for securi ty here tofore approved . Vol. 48, p. 894. Over-the-counter marke ts . Vol. 48, p. 895; U. S. C.,p.536. Use of the mail s etc. by unre giste red brolers, etc . Applications for regis- tration ; contents . Effective date . Applic ation b re brok - er or dealer to be formed or organized contents, etc. Effective date . Adoption of applica- tion by successor . Amendments to ap- plications.